TSX VENTURE SYMBOL: FUU
OTCQB SYMBOL: FISOF
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION
DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES./
KELOWNA, BC, Aug. 18, 2020
/CNW/ - Fission 3.0 Corp. (the "Company") (TSX-V: FUU) is
pleased to announce that it has closed its previously announced
private placement (see news release dated July 22, 2020) (the "Private Placement"),
consisting of 20,000,000 units (each a "Unit") at a price of
$0.05 per Unit for total gross
proceeds of $1,000,000.
Each Unit is comprised of one common share and one common share
purchase warrant (each, a "Warrant"). Each Warrant is
exercisable to purchase one common share of the Company at a price
of $0.06 per share for a period of 24
months from the date of closing of the Private Placement.
The net proceeds from the Private Placement will be used
for future exploration work on the Company's projects, corporate
development, and general corporate and working capital
purposes.
Ross McElroy, COO, and Chief
Geologist for Fission 3.0, commented,
"Fission 3's award winning
technical group has assembled an impressive portfolio of properties
in Saskatchewan's Athabasca Basin, home of the world's highest
grade uranium deposits.
The properties were staked
based on their potential to host large, shallow depth and
high-grade uranium, similar in nature to that which led the team to
discover the Triple R deposit on Fission Uranium's PLS
project."
In connection with the closing of the Private Placement, the
Company paid aggregate cash finder's fees of $11,650.
A portion of the Private Placement constitutes a "related party
transaction" within the meaning of Multilateral Instrument 61-101
- Protection of Minority Security Holders in Special
Transactions ("MI 61-101") as 2,140,000 Units were
issued to certain insiders of the Company pursuant to the Private
Placement. The issuance of the securities to the insiders are
exempt from the formal valuation and minority shareholder approval
requirements under MI 61-101 pursuant to subsections 5.5(b) and
5.7(1)(a) as the Company's common shares are not listed on a
specified market and the fair market value of these securities will
not exceed 25% of the Company's market capitalization.
All securities issued pursuant to the Private Placement are
subject to a four month hold period from the closing date in
accordance with applicable securities laws.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company
specializing in the strategic acquisition, exploration and
development of uranium properties and is headquartered in
Kelowna, British Columbia. Common
Shares are listed on the TSX Venture Exchange under the symbol
"FUU".
ON BEHALF OF THE BOARD
"Dev
Randhawa"
Dev Randhawa, CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful, including any of the
securities in the United States of
America. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any state securities laws and
may not be offered or sold within the
United States or to, or for account or benefit of, U.S.
Persons (as defined in Regulation S under the 1933 Act) unless
registered under the 1933 Act and applicable state securities laws,
or an exemption from such registration requirements is
available.
Cautionary Statement Regarding Forward Looking
Information
This news release contains "forward–looking information or
statements" within the meaning of applicable securities laws,
which may include, without limitation, the Company's plans for
its properties/projects, use of funds from the Private Placement,
other statements relating to the technical, financial and business
prospects of the Company, and other matters. All statements in this
news release, other than statements of historical facts, that
address events or developments that the Company expects to occur,
are forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Such statements and
information are based on numerous assumptions regarding present and
future business strategies and the environment in which the Company
will operate in the future, including the price of uranium, the
ability to achieve its goals, that general business and economic
conditions will not change in a material adverse manner, that
financing will be available if and when needed and on reasonable
terms. Such forward-looking information reflects the Company's
views with respect to future events and is subject to risks,
uncertainties and assumptions, including the risks and
uncertainties relating to the interpretation of exploration
results, risks related to the inherent uncertainty of exploration
and cost estimates and the potential for unexpected costs and
expenses and those other risks filed under the Company's profile on
SEDAR at www.sedar.com. Factors that could cause actual results to
differ materially from those in forward looking statements include,
but are not limited to, continued availability of capital and
financing and general economic, market or business conditions,
adverse weather conditions, failure to maintain all necessary
government permits, approvals and authorizations, the impact of
Covid-19 or other viruses and diseases on the Company's ability to
operate, failure to maintain community acceptance (including First
Nations), increase in costs, litigation, and failure of
counterparties to perform their contractual obligations. The
Company does not undertake to update forward–looking statements or
forward–looking information, except as required by law.
SOURCE Fission 3.0 Corp.