Fission Energy has signed an arrangement agreement to acquire all of the issued and outstanding shares of Canada-based Pitchstone Exploration.
Under the terms of the deal, Fission will issue 0.2145 common shares for each common share of Pitchstone.
Based on 45,208,185 Pitchstone shares outstanding, Fission will issue 9,697,156 common shares representing about 8.5% of its issued and outstanding common shares.
As a part of the deal, Pitchstone has agreed to a C$250,000 termination fee under certain circumstances, including acceptance of a superior proposal.
Pitchstone options and warrants will be converted to Fission options and warrants on the same basis as the common shares.
Pitchstone Exploration is focused on uranium exploration in the Athabasca Basin of northern Saskatchewan and in Namibia.
It has 13 projects in the eastern Athabasca Basin of Saskatchewan, five of which are 100% owned and two as joint venture projects in Namibia.
Canada-based Fission is an exploration and development company with properties in Saskatchewan's Athabasca Basin, Quebec, and the Macusani District in Peru.
Image: Pitchstone Exploration is focused on uranium exploration in the Athabasca Basin. Photo:Svdmolen.