Fission Uranium to Purchase Shares of Fission 3.0

Fission Uranium Corp. (TSX:FCU,OTCQX:FCUUF,FWB:2Fu) announced it will acquire approximately 12 percent of purchased shares from Fission 3.0 Corp. (TSXV:FUU). According to the subscription agreement, it will purchase 22,000,000 common shares of Fission 3.0 at the price of C$0.14 per share for a total of $3,080,000.

As quoted in the company news:

The Purchased Shares will have a hold period of four months and one day from closing. The Purchased Shares represent approximately 12% of Fission 3′s issued and outstanding share capital. The Transaction is currently anticipated to close on February 24, 2015 and is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange.

Dev Randhawa, chairman and CEO of Fission Uranium, commented:

With the spot price of uranium up 35% in the last six months, the large number of reactors under construction worldwide and news out of Japan pointing to reactors restarting early summer, there are strong indications that uranium has turned. The timing is therefore ideal for acquiring an interest in high-quality assets such as Fission 3′s Athabasca Basin portfolio.

Click here to read the full Fission Uranium Corp.  (TSX:FCU,OTCQX:FCUUF,FWB:2Fu) press release.