CGN Mining Company Limited: Acquisition of Common Shares of Fission Uranium Corp.
WANCHAI, HONG KONG--(Marketwired - Jan. 26, 2016) - CGN Mining Company Limited ("CGN") announced that on January 26, 2016, CGN has acquired 96,736,540 common shares (the "Shares") of Fission Uranium Corp. ("Fission"), constituting approximately 19.99% of the issued and outstanding shares of Fission (based on an issued and outstanding of 483,924,661 common shares). The Shares were acquired by way of private placement at a price of $0.85 per Share, for an aggregate price of $82,226,059.00. The securities of Fission were acquired for investment purposes. CGN may increase or decrease its ownership of securities of Fission for strategic reasons or depending upon future market conditions.
Pursuant to the subscription agreement between Fission and CGN dated January 11, 2016 (the "Subscription Agreement"), CGN is entitled to nominate up to two directors to Fission's board of directors. Upon closing of the transaction, Fission has increased the size of the board from 7 to 9 directors, and has appointed two individuals designated by CGN to Fission's board of directors. Pursuant to the Subscription Agreement, CGN will have certain anti-dilution rights in future equity financings of Fission.
FOR FURTHER INFORMATION, OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED BY CGN UNDER APPLICABLE SECURITIES LEGISLATION, PLEASE SEE THE CONTACT INFORMATION BELOW.
CGN Mining Company Limited