Fission Uranium Increases Bought Deal to $17.4 Million

Fission Uranium Corp. (TSX:FCU) announced it has entered into a revised letter of engagement with Dundee Securities Ltd. on behalf of a syndicate of underwrites that include BMO Capital Markets, Macquarie Capital Markets Canada Ltd., Raymond James Ltd. and TD Securities Inc. The company sent out another press release earlier today outlining a bought deal for $15 million, which has since been revised to the amounts as follows. The underwrites have agreed to purchase 11,600,000 flow-through common shares of the company on a bought deal basis at a price of $1.50 per flow-through share for total gross proceeds of $17,400,000.

As quoted in the press release:

The Underwriters have been granted the option to purchase up to an additional 15 percent of the Offering, exercisable in whole or in part at any time up to 30 days from to the closing of the Offering.

The Company intends to use the gross proceeds of the Offering for “Canadian exploration expenses” that are “flow through mining expenditures” (within the meaning of the Income Tax Act (Canada)) related to the Company’s Canadian uranium mining exploration projects. The Company will agree to renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2015.

Click here to read the full Fission Uranium Corp. (TSX:FCU) press release.