Fission Energy to launch $10 mln bought deal financing

Fission Energy Corp. (CVE:FIS), a junior mineral explorer, reported Thursday that it has agreed to a $10 million bought deal private placement financing, from which proceeds will be used to fund exploration on its Canadian properties.
The miner said a syndicate of underwriters led by Dundee Securities has agreed to buy 11.8 million flow-through shares at a price of $0.85 each.
In connection to the offering, Fission will pay a cash commission fee equal to six percent of the gross proceeds raised and that number of non-transferable broker warrants equal to 6.0% of the number of flow-through shares sold.
Each broker warrant will be exercisable into one common share of Fission for a period of 24 months from the closing date for 85 cents per share.
The offering is slated to close on November 17, and the securities issued are subject to a four month hold period.
The gross proceeds will be used to fund exploration of the company’s Canadian-based projects, it said.
Fission Energy’s exploration focus is Saskatchewan’s Athabasca Basin, with its Waterbury Lake joint venture property located next to takeover target Hathor Exploration's Roughrider deposit. The majority of the company’s properties were acquired by staking in 2003 and 2004.