Both companies have a strong drive to cooperate and achieve the synergy which will result in sustained, mutual benefit. Xing Jianhua, CFO of CGN Mining, said, “ CGN Mining and Fission Uranium have worked hard together to forge this partnership.
CGN Mining’s knowledge and expertise will be invaluable as we progress PLS and add to shareholder value. CGN Mining’s understanding of the uranium business is superb and we are excited at the opportunity to work with them. We are thrilled that CGN Mining has chosen to invest in Fission, PLS and the Triple R deposit. It is the first time a Chinese company has invested directly in a Canadian uranium company.
#Fission uranium website plus#
The subscription shares may not be traded for a period of four months plus one day from the closing of the offering.įission Uranium has defined substantial uranium resources at its Patterson Lake South (PLS) uranium property – host to the world-class Triple R uranium deposit – located in the Athabasca Basin of northern Saskatchewan.įission and CGN Mining have also agreed to proceed towards entering into an offtake agreement pursuant to which CGN Mining will agree to purchase uranium production from the company’s PLS property.ĭev Randhawa, Chairman and CEO, of Fission Uranium, said, “ This is an historic moment for Canada’s uranium industry. The subscription shares will be issued pursuant to a subscription agreement between Fission and CGN Mining at a price of CDN $0.85 per subscription share on a private placement basis. Pursuant to the agreement, Fission and CGN Mining have agreed to proceed towards a CDN $82,226,059 private placement in which CGN Mining would make a strategic investment in Fission which will result in CGN Mining owning approximately 96,736,540 common shares of thec plus an additional number of common shares equal to 19.99% of the number of common shares issued by Fission prior to the closing of the offering pursuant to the exercise of outstanding convertible securities of Fission ( subscription shares). has entered into a binding letter of intent ( LOI) with CGN Mining Company Limited. Developing technology to harness nuclear fusion as a source of energy for heat and electricity generation is the subject of ongoing research, but whether or not it will be a commercially viable technology is not yet clear because of the difficulty in controlling a fusion reaction.Fission Uranium Corp. Fusion is the source of energy in the sun and stars. Nuclear energy can also be released in nuclear fusion, where atoms are combined or fused together to form a larger atom. This reaction is controlled in nuclear power plant reactors to produce a desired amount of heat. This process is called a nuclear chain reaction. These neutrons continue to collide with other uranium atoms, and the process repeats itself over and over again. More neutrons are also released when a uranium atom splits. During nuclear fission, a neutron collides with a uranium atom and splits it, releasing a large amount of energy in the form of heat and radiation. All nuclear power plants use nuclear fission, and most nuclear power plants use uranium atoms. In nuclear fission, atoms are split apart, which releases energy.
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