In This Article:
TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
FRANKFURT SYMBOL: 2FU
/NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES/
KELOWNA, BC, Oct. 8, 2024 /CNW/ - FISSION URANIUM CORP. (TSX: FCU) (OTCQX: FCUUF) ("Fission" or the "Company") is pleased to announce today that it has obtained a final order (the "Final Order") from the Supreme Court of British Columbia (the "Court") approving the previously announced plan of arrangement (the "Arrangement") with Paladin Energy Limited ("Paladin").
However, notwithstanding receipt of the Final Order, completion of the Arrangement remains uncertain due to the requirement to obtain Investment Canada Act ("ICA") clearance.
As announced on October 1, 2024, Fission received a notice from the Minister of Innovation, Science and Industry (the "Minister") ordering a national security review of the Arrangement under section 25.3 of the ICA. Fission is continuing to engage with the Minister as part of the section 25.3 process under the ICA. In light of the national security review of the Arrangement, there can be no certainty that Fission will be able to obtain ICA clearance in a timely manner or at all. Failure to obtain ICA clearance would prevent the Arrangement from being successfully completed.
Additional information regarding the terms of the Arrangement are set out in the Company's management information circular dated July 22, 2024 which is available under Fission's profile at www.sedarplus.ca and on the Company's website at www.fissionuranium.com/investors/#sgmMaterials.
About Fission
Fission Uranium Corp. is an award-winning Canadian uranium project developer and 100% owner of the Patterson Lake South uranium property – a proposed high-grade uranium mine and mill in Canada's Athabasca Basin region. Fission's common shares are listed on the TSX Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF" and on the Frankfurt Stock Exchange under the symbol "2FU".
Cautionary Note Regarding Forward Looking Statements
This announcement contains certain "forward looking statements" within the meaning of Australian securities laws and "forward looking information" within the meaning of Canadian securities laws (collectively referred to as "forward looking statements"). All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward looking statements. Forward looking statements involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the mining industry, many of which are outside the control of, change without notice, and may be unknown to Paladin or Fission. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licences, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for amongst other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rates, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks.