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".
