CGN invests in Fission Uranium Corp
January 26, 2016
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 C$0.85 per Common Share for a total subscription price of C$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% 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.
CGN Mining Company Ltd., through subsidiaries, operates businesses related to nuclear energy. The Company supplies nuclear fuel, produces nuclear energy, and constructs plants for renewable energy such as wind power, hydroelectric and solar energy.
McCarthy Tetrault advised CGN with a team that was led by Joyce Lee (Mining and M&A) and included Terry Gao, Christopher Langdon and Cameron Belsher (Mining and M&A), Michael Bennett (Energy & M&A), TJ Kang (Tax), Oliver Borgers (Competition), Kim Howard and Selina Lee-Andersen (Environmental), Xin Gao and Fleur Heck (M&A), and Madeleine Hawkins (Real Property and Planning).