CGN Mining Company Limited completes strategic investment in Fission Uranium Corp.

On January 26, 2016, Fission Uranium Corp. (Fission) and CGN Mining Company Limited (CGN Mining) completed a strategic investment whereby CGN Mining purchased, on a private placement basis, an aggregate of 96,736,540 common shares of Fission (the Common Shares) at a price of $0.85 per Common Share for a total subscription price of $82,226,059 (the Transaction). 

The Common Shares were issued pursuant to a subscription agreement (the Subscription Agreement) entered into between Fission and CGN Mining on January 11, 2016. Upon completion of the Transaction, CGN Mining now holds approximately 19.99 per cent of Fission’s issued and outstanding common shares. 

Concurrent to the signing of the Subscription Agreement, on January 11, 2016, Fission and CGN Mining also entered into an offtake agreement pursuant to which, upon completion of the Transaction, CGN Mining will purchase uranium production from Fission’s Patterson South Lake Property after commencement of commercial production. 

Fission was represented by Blake, Cassels & Graydon LLP with a team that included Bob Wooder, Steve McKoen, Jason Gudofsky, Kevin Zimka, Jamie Kariya, Garrett Lee and Kirsten Snell. 

CGN Mining was represented by McCarthy Tétrault LLP with a team that included Joyce Lee, Terry Gao, Mike Bennett, Chris Langdon, Cam Belsher, TJ Kang, Oliver Borgers, Tim McCafferty, Kim Howard, Selina Lee-Andersen, Xin Gao and Fleur Heck.