WILL DENNISON MINING BUY FISSION URANIUM FULL
The company also holds CGN's 49% equity in the Semizbai uranium joint venture in Kazakhstan.įission took full ownership of the Patterson Lake prospects in the western Athabasca Basin following its spin-out from Fission Energy in 2013. Its controlling shareholder is China General Nuclear Corporation (CGN) subsidiary China Uranium Development Corporation. The number of directors will increase from seven to nine upon closing of the transaction.Ī separate offtake agreement will entitle CGN Mining to purchase of 20% of Fission's annual uranium production with an option for an additional 15%, at a 5% discount from average spot market prices at the time of delivery.ĬGN Mining is incorporated in the Cayman Islands and listed on the Hong Kong stock exchange. On completion of the transaction, CGN Mining will become Fission's largest shareholder and will be entitled to nominate up to two directors to Fission's board.
The transaction is scheduled to close on or about 29 January. Under the agreement, CGN Mining will make a CAD 82 million ($58 million) strategic investment in Fission Uranium. Today's share subscription agreement announcement follows on a binding letter of intent signed by the two companies in December 2015.
CGN Mining and Fission Uranium Corporation have entered into agreements that will see CGN Mining take a 19.9% share in the Canada-based resource company and purchase up to 35% of annual production from the Patterson Lake South project.ĭrilling at Patterson Lake South in winter 2014 (Image: G Lockhart/Fission)
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