Fission Uranium Announces $50.0 Million ATM Financing

Fission Uranium (TSX: FCU) is looking to capitalize on the recent interest in the uranium sector from investors. The company late last night announced that it will be conducting an at-the-market financing.

The financing, which is to be facilitated by Canaccord Genuity, will see the company sell up to $50.0 million worth of its common shares on the Toronto Stock Exchange. The ATM financing is to be effective through to December 10, 2023, unless fulfilled prior to that date.

Proceeds from the financing are to be used for the further development of the firms Triple R Deposit, found within Northern Saskatchewan. Proceeds are also to be used for working capital and general corporate purposes.

The financing announcement was included in a release last night by the company wherein they provided an update on the ongoing feasibility study for the PLS property in the Athabasca Basin. The company is currently working towards the completion of engineering studies and planning of the mine design.

“Fission’s feasibility study for PLS – our high-grade, near surface uranium project in Saskatchewan, Canada, is developing at a rapid pace. [..] As part of our strategy, and in line with the sea change in the uranium sector and our robust, sustained liquidity, we are also launching an ATM program to be able to further enhance and secure our project advancement,” commented CEO Ross McElroy on the announcement.

The company previously announced earlier this month that it is debt free, and holds a cash position of $40.0 million following a US$7.0 million debt repayment.

The firms feasibility study is expected to be completed before the send of 2022.

Fission Uranium last traded at $0.90 on the TSX.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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Author: Jay Lutz