Fission Energy to Acquire Pitchstone Exploration Ltd by Mid-Summer

Fission Energy Corp.(TSXV:FIS) announced that is has entered into an agreement to acquire all outstanding shares of Pitchstone Exploration Ltd.. The Company expects to close the transaction by mid July, 2012.

As quoted in the press release:

Fission has agreed to issue 0.2145 common shares of the Company (“Common Shares”) for each common share of Pitchstone. Based on 45,208,185 Pitchstone shares outstanding, Fission will issue 9,697,156 Common Shares to complete the transaction, representing approximately 8.5% of Fission’s issued and outstanding Common Shares as of the date hereof. Pitchstone has further agreed to a C$250,000 termination fee that is payable upon the occurrence of certain events, including if Pitchstone enters into a superior proposal.

Click here to read the Fission Energy Corp. (TSXV:FIS) press release