Business
Fission 3.0 Corp. Closes C$8.0 Million Financing to Drill 20 Holes on PLN
Kelowna, British Columbia--(Newsfile Corp. - December 21, 2022) - Fission 3.0 Corp.  (TSXV:...
About this update from F3 Uranium Corp
[{"type":"text","content":"Fission 3.0 Corp. Closes C$8.0 Million Financing to Drill 20 Holes on PLNKelowna, British Columbia--(Newsfile Corp. - December 21, 2022) - Fission 3.0 Corp. (TSXV: FUU) (OTCQB: FISOF) (\"Fission 3.0\" or the \"Company\") is pleased to announce the closing of its previously announced brokered private placement (the \"Offering\") led by Red Cloud Securities Inc. on behalf of a syndicate of investment dealers that included Haywood Securities Inc. and Sprott Capital Partners (collectively, the \"Dealers\"). Under the Offering, the company sold 19,047,619 charitable flow-through common shares of the Company (each, a \"FT Share\") at a price of C$0.42 per FT Share for gross proceeds of C$8,000,000, which includes the full exercise of the Dealers' over-allotment option. The Offering was originally announced on December 5, 2022 as a \"bought-deal\" private placement for gross proceeds of C$5.0 million, but was subsequently upsized (see the Company's December 5, 2022 press release) due to strong investor demand.A total of 11,904,762 FT Shares were sold by way of the \"listed issuer\" exemption under National Instrument 45-106 - Prospectus Exemptions in all the provinces of Canada with the exception of Quebec (the \"Selling Jurisdictions\") and are freely tradeable pursuant to applicable Canadian securities legislation. The remaining 7,142,857 FT Shares that were sold under the Offering were offered by way of the \"accredited investor\" and minimum amount investment\" exemptions under National Instrument 45-106 - Prospectus Exemptions in the Selling Jurisdictions and are subject to a four-month hold period ending on April 22, 2023.The proceeds of the Offering will be used by the Company to fund exploration of the Company's projects in the Athabasca Basin, specifically with respect to the drilling of 20 holes on its Patterson Lake North Property (\"PLN\"). The gross proceeds from the Offering will be used for \"Canadian Exploration Expenses\" (within the meaning of the Income Tax Act (Canada)) (the \"Qualifying Expenditures\"), which will be renounced with an effective date no later than December 31, 2022 to the purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify ea...