CGN Mining to invest $59 million in Fission Uranium

The China General Nuclear Mining Company (CGN Mining) recently agreed to invest approximately $59 million in Fission Uranium, the companies said.

The investment involves the purchase of approximately 19.99 percent of Fission’s common shares. CGN Mining also said it will purchase uranium production at the Patterson Lake South (PLS) property and its Triple R uranium deposit in Canada's Athabasca Basin District. This agreement is pending approval from the Hong Kong Stock Exchange and the Chinese government.

"This is an historic moment for Canada's uranium industry. It is the first time a Chinese company has invested directly in a Canadian uranium company,” Fission Chairman and CEO Dev Randhawa said. “We are thrilled that CGN Mining has chosen to invest in Fission, PLS and the Triple R deposit. CGN Mining's understanding of the uranium business is superb, and we are excited at the opportunity to work with them. CGN Mining's knowledge and expertise will be invaluable as we progress PLS and add to shareholder value."

Fission is focused on the exploration and development of the PLS mining project. CGN Mining specializes in the trading of natural uranium supplies. The transaction is expected to close by Jan. 29, 2016.