and a nominal cash payment of $0.0001 per common share of Fission Uranium Corp held (the 'Transaction'). under the symbol "FCUUF." Fission announced on Jthat it had entered into an agreement whereby shareholders of Fission will receive, subject to the terms and conditions of the agreement, 1.26 common shares of Denison Mines Corp. Common Shares are listed on the TSX Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property - host to the world-class Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. As seating is limited, please RSVP to Amanda Strong by email at or by phone at (604) 689-7842.įission Uranium Corp. The event will begin at 4:30 p.m.Īll shareholders of Denison and Fission are welcome to attend the town hall meeting. The meeting will be held on Octoat 4:30 p.m. ("Denison") (DML: TSX, DNN: NYSE MKT), where Denison and Fission shareholders will have the opportunity to meet Lukas Lundin, Dev Randhawa and David Cates and ask questions regarding the proposed merger between Denison and Fission. (" Fission" or " the Company") (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) is pleased to announce that it will co-host a presentation and town hall meeting with Denison Mines Corp. Randhawa said he sees no point in sitting down with the dissidents before then.KELOWNA, BRITISH COLUMBIA-(Marketwired - Sep 30, 2015) - FISSION URANIUM CORP. If so, the company's next annual general meeting, which has to take place before the end of the year, could yield more drama. He hopes that FCU Oversight can become a unified voice for shareholders who are dissatisfied with the company's direction. Gifford, the dissident shareholder, believes that the company is worth $3 a share and said it would have taken an all-cash bid of that size to satisfy investors.
"I'm not sure if a higher price would have made them happier." "Our retail base is very passionate about this project," he said.
He does not believe Denison will make a new offer. He said the failed merger deal would have offered an excellent chance for Fission shareholders to acquire an interest in Denison's assets at attractive prices.
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In an interview, he said the company has continued drilling the Patterson Lake South site through the summer and intends to keep on working to assess the full size of the deposit. "Nothing changes" as a result of the vote, asserted Mr. They were successful: While more than half of Fission shareholders voted in favour of the deal, the total fell short of the required two-thirds majority. TORONTO Mining tycoon Lukas Lundin has joined an effort to convince Fission Uranium Corp.s skeptical retail shareholders that they should approve a friendly. Gifford, a semi-retired entrepreneur, connected with other skeptics on an investing bulletin board and formed FCU Oversight to push for rejection of the merger. "For the company to suggest it was willing to sell itself for under $2 … was a case of, what are you guys talking about?" has proposed to buy up the shares of its Patterson Lake South joint venture partner, Alpha Minerals. "Everybody thought, and was led to believe, that we were on the way to a $3 or $4 valuation based on what we knew about this monster deposit," said Jim Gifford, a dissident shareholder. KELOWNA, British Columbia Fission Uranium Corp. However, it fell far short of what many Fission investors believed the company was worth, based on management's enthusiasm and analysts' targets. FCU-TSX FCUUF-OTCQX 2FU-FSE signed an agreement with Eight Capital and Sprott Capital Partners LP, as co-lead underwriters. It was a premium to Fission's share price, which was then just below a dollar.
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Fission shareholders would have received 1.26 Denison shares for each of their Fission shares plus a fraction of a penny.Īt the prices prevailing at the time, the offer worked out to about $1.11 a share. He also called it the "world's best undeveloped uranium asset."įission's dissident shareholders objected to what they saw as a bargain-basement price for that deposit in the merger agreement unveiled in July.
It also highlights the alluring potential of Saskatchewan's Athabasca Basin, an area where both Fission and Denison have found uranium deposits.įission's Patterson Lake South project, in particular, is regarded as an unusually rich and accessible find – "the uranium sector's crown jewel of exploration and development," in the words of Fission chief executive officer Dev Randhawa in a blog post this summer. Their defeat of the Fission-Denison marriage, which had been backed by the management of both companies, was an unusual case of little guys asserting their viewpoint against the wishes of institutional investors. Small investors in the downtrodden sector believe in its potential for big payoffs when – and if – the market for uranium improves.
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