“This won’t be the first deal that doesn’t happen that might make sense,” he said in an interview.įission shares rallied seven per cent on Tuesday to close at 74 cents. TORONTO Mining tycoon Lukas Lundin has joined an effort to convince Fission Uranium Corp.s skeptical retail shareholders that they should approve a friendly. They each have cash and plenty of work to do on their separate projects.ĭenison CEO David Cates said he was disappointed, but that the company’s long-term strategy hasn’t changed. His son, Adam, proposed the deal and worked hard to put it together.īoth companies stressed they will be fine without this merger. Lundin said it would create the “go-to name” in the industry once uranium prices recover. Fission is a natural candidate to be taken over, most probably in a 3-way merger with Nexgen and a much larger uranium whale, possibly Cameco which will do the. “It’s really a credit to the retail shareholders of Fission who made it their business to dig in and understand The deal would have combined two of the best undeveloped uranium assets in Saskatchewan’s Athabasca Basin (Fission’s PLS project and Denison’s Wheeler River project). “We are, of course, pleased with the result,” said Jim Gifford, a retail shareholder who created the “FCU Oversight” group to mobilize support against the merger. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100 interest in the Moore Uranium Project which is located 15. It was a very unusual move on his part, and it ultimately wasn’t successful. Last week, he travelled to Toronto to addressįission’s retail investors in person and try to convince them that the merger was in their best interests. Denison is one of mining kingpin Lukas Lundin’s companies. They thought the bid did not offer nearly enough value for Fission’s Patterson Lake South (PLS) project, which is one of the best uranium discoveries in Saskatchewan in decades. They got together and voiced their displeasure online. But retail investors own roughly 80 per cent of the stock, and many of them were fiercely opposed. Toronto-based Denison wanted to buy Kelowna, B.C.-based Fission for $321 million in stock.įission’s institutional shareholders were strongly supportive of the deal. The two junior uranium miners announced Tuesday that more than half of Fission’s shares were voted in favour of the friendly transaction, but the number fell short of the two-thirds majority needed to close the deal. “What I learned is that our shareholders are very passionate people,” Fission chief executive Dev Randhawa said in an interview. or to deal in with the proposed transaction are estimated uranium thus acquired. and Fission Uranium Corp., a rare case in which the retail crowd got their way over large institutional investors. Vermont Yankee Nuclear Power Corporation ( ' Ver- It is stated that the. Retail investors from Canada and around the world have blocked the proposed merger of Denison Mines Corp. Manage Print Subscription / Tax Receipt.Ashby Law Corporation and in the US by Davis Wright Tremaine LLP with a team of Andrew Bond and Christopher Thorson (corporate/securities) and Pamela Charles (tax).Īlpha was represented by Miller Thomson LLP with a team of Greg Smith, Kevin Sorochan, Peter McArthur, Derek Cougal and Britt Redenbach (corporate/securities) Lyne Gaulin (tax) and Gordon Plottel and Jeffrey Thom (litigation) in the US by Eric Stiff (securities) of Locke Lord LLP and the Alpha special committee was represented by Cyndi Laval of Gowling Lafleur Henderson LLP. October 15, 2013, Brades to Acquire 50 of Fission Uraniums Clearwater Project with 5M Earn-In Agreement. Concurrent with the closing the transaction, Alpha was delisted from the TSX Venture Exchange.įission was represented in Canada by Blake, Cassels & Graydon LLP with a team of Bob Wooder, Steve McKoen, Andrew Hennigar, Tara Amiri-Khaledi, David Bowles, Michael Li and Jennifer Marshall (corporate/securities), and Kevin Zimka (tax) and Melanie Gaston (litigation) by David Ashby of David G. Closes Arrangement with Fission Uranium Corp.

for each Alpha share held while holders of Fission shares received one common share of Fission 3.0 Corp. Holders of Alpha shares also received one-half of one common share of Alpha Exploration Inc. Pursuant to the transaction, each Alpha share was exchanged for 5.725 common shares of Fission (Fission share) and a nominal cash payment of $0.0001 for an aggregate purchase price of approximately $168 million.

completed their previously announced plans of arrangement whereby Fission acquired all of the issued and outstanding common shares of Alpha (Alpha shares) with each of Fission and Alpha spinning out their respective non-Patterson Lake South project-related assets into two newly-formed, publicly-traded exploration companies, Fission 3.0 Corp., and Alpha Exploration Inc.

Fission uranium corp merger