Friday, 6 July 2012

Fission Energy closes Pitchstone Exploration acquisition

Fission Energy (CVE:FIS) has completed its acquisition of Pitchstone Exploration (CVE:PXP), the company said on Thursday.
Under the deal’s terms, Pitchstone stakeholders will get 0.2145 shares of Fission for each common share owned of Pitchstone.
Based on roughly 45.2 million Pitchstone shares outstanding, Fission issued around 9.7 million shares, which represents 8.4 per cent of the company.
Pitchstone, which has now become a subsidiary of Fission, has seen its stock halted on the TSX Venture Exchange and is in the process of delisting its shares.
Fission said Pitchstone's outstanding options and warrants will be converted into Fission options and warrants on the same basis as Pitchstone's common shares.

Pitchstone is also a uranium explorer focused in three districts in Canada and Namibia. The company's property portfolio features 13 projects in the eastern Athabasca Basin of Saskatchewan, five of which are 100 percent owned.
Fission Energy has properties in Saskatchewan's Athabasca Basin, Quebec, and the Macusani District in Peru.
In 2010, the company made a significant high grade uranium discovery at its Waterbury Lake property in the Athabasca Basin, immediately next to Rio Tinto's (NYSE:RIO) Roughrider deposit.
And last year, Fission made a high grade boulder field discovery at its Patterson Lake South property. The company said last week that 19.5 metres of anomalous radioactivity was drilled during a winter program at Patterson Lake South.

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