Fission Energy Corp. and Pitchstone Exploration Ltd. announced the completion of the sale of Pitchstone to Fission by way of a plan of arrangement under the Business Corporations Act (British Columbia).
Pursuant to the Transaction, each Pitchstone shareholder is entitled to receive 0.2145 common shares of Fission (the "Common Shares") for each common share of Pitchstone held. Based on 45,208,185 Pitchstone shares outstanding, Fission issued 9,697,159 Common Shares to complete the Transaction, representing approximately 8.4% of Fission's issued and outstanding Common Shares as of the effective date of the Transaction. Pitchstone's outstanding options and warrants will be converted into Fission options and warrants on the same basis as Pitchstone's common shares.
As a result of the Transaction, Pitchstone has become a wholly-owned subsidiary of Fission. Trading of the Pitchstone shares has been halted on the TSX-V and Pitchstone will take steps to delist its shares from the TSX-V and cease to become a reporting issuer in all jurisdictions in Canada where it currently has reporting issuer obligations.