KELOWNA, BRITISH COLUMBIA--(Marketwired - Dec 9, 2013) - FISSION 3.0 CORP. ("Fission 3.0" or the "Company") is pleased to announce that the Company has completed a plan of arrangement (the "Arrangement") under Section 192 of the Canada Business Corporations Act involving Fission Uranium Corp. ("Fission") pursuant to which the Company acquired, among other things, certain mineral exploration properties located in Canada and Peru that were previously held by Fission, including the Patterson Lake North Property located in Saskatchewan, Canada and approximately $3 million in cash. Pursuant to the Arrangement, each Fission shareholder received: (i) one new common share of Fission post-Arrangement; and (ii) one common share of the Company (a "Fission 3.0 Share").
Dev Randhawa, Chairman and CEO of Fission Uranium, commented,
"We are very pleased with this new spin-out, the 3rd version of Fission this year. Fission 3.0 has a strong portfolio of projects in the Athabasca Basin and Macusani, Peru, an industry-leading technical and management team and the patent-pending "System And Method For Aerial Surveying Or Mapping Of Radioactive Deposits."
On November 28, 2013, Fission shareholders and optionholders overwhelmingly voted in favour of the special resolution approving the Arrangement. The Arrangement received final approval of the Court of Queen's Bench of Alberta on November 29, 2013 and final approval of the TSX Venture Exchange ("TSX-V") on December 6, 2013.
In accordance with the applicable rules of the TSX-V, "due bill" trading procedures will be applied in connection with the distribution of the Fission 3.0 Shares to the Fission shareholders in the period from December 4, 2013 up to and including December 9, 2013. Fission shares will begin trading on an "ex-distribution" basis at the open of markets on December 10, 2013 and the Fission 3.0 Shares will commence trading on the TSX-V at the open of markets on Tuesday, December 10, 2013 under the symbol "FUU".
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common shares are expected to be listed on the TSX Venture Exchange under the symbol "FUU".
ON BEHALF OF THE BOARD OF FISSION 3.0 CORP.
Dev Randhawa, Chairman & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release include the anticipated listing of Fission 3.0 Shares and the anticipated dates with respect to the "due bill" procedure which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: uncertainties as to the timing of the Arrangement and satisfaction of the conditions thereto, market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.