F3 Uranium Corp. (TSXV: FUU | OTCQB: FUUFF) has secured a significant $15 million strategic investment from Denison Mines Corp. (TSX: DML | NYSE American: DNN) through the acquisition of unsecured convertible debentures. These debentures can be converted into F3 common shares at a conversion price of $0.56 per share, representing a 30% premium over F3’s recent five-day average stock price. Upon conversion, Denison is set to own approximately 6% of F3’s outstanding shares.

Dev Randhawa, F3’s CEO, expressed enthusiasm for Denison’s involvement, citing their leadership in the uranium industry and their diverse assets in the Athabasca Basin, where F3 is actively developing the Patterson Lake North (PLN) property.

Denison’s President and CEO, David Cates, commended F3’s impressive exploration track record, particularly their discovery of the JR Zone on the PLN property, which is considered one of the top new uranium finds globally. Denison is eager to support further assessment of the PLN property through this investment.

The debentures will carry a 9% coupon, payable quarterly over a 5-year term, and offer conversion into common shares. F3 has the discretion to pay up to one-third of the interest in common shares based on the trading price. The company can also redeem the debentures under specific conditions, including a change of control.

The proceeds from the debentures will primarily fund exploration and development of the PLN property, as well as general working capital needs.

The transaction is expected to close around October 18, 2023, subject to regulatory approvals. Legal counsel includes Blake, Cassels & Graydon LLP for F3 and Osler, Hoskin & Harcourt LLP for Denison, with Haywood Securities Inc. advising F3 and Canaccord Genuity Corp. advising Denison.

F3’s PLN project, spanning 4,078 hectares, is strategically located near other high-grade uranium deposits in the Athabasca Basin, making it a significant area for uranium development in northern Saskatchewan. Raymond Ashley, P.Geo., President & COO of F3, has verified the technical information in compliance with Canadian regulatory requirements.

F3 Uranium Corp. is actively advancing uranium projects in the Athabasca Basin and holds a portfolio of 16 projects in this high-grade uranium discovery region. Their focus includes the newly discovered high-grade JR Zone on the PLN Property, aligning with Saskatchewan’s potential to become a major uranium production hub.

In this InvestorIntel interview during PDAC 2022, host Tracy Weslosky talks with Fission 3.0 Corp.‘s (TSXV: FUU | OTCQB: FISOF) Chairman and CEO Dev Randhawa about its uranium projects in the Athabasca Basin and the search for a domestic supply.

In the interview, which can also be viewed in full on the InvestorIntel YouTube channel (click here), Dev says that the uranium “fundamentals are better than ever” he has seen in his 30-year career, with traditional skeptics such as the American Democrats and green energy advocates now embracing nuclear energy as a carbon-neutral fuel.

Making the case for securing a domestic supply of uranium in light of Russian uncertainties, Dev said that “you have to keep in mind in America every fifth household is literally fueled by uranium – without nuclear power they can’t turn the lights on. Every tenth household is powered by Russian uranium.”

Dev also talks about Fission 3.0’s strengths as a North American uranium explorer, including a treasury with $14 million in cash, strong management and project locations near other large uranium discoveries, including Arrow, Triple R and Hurricane.

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About Fission 3.0 Corp.

Fission 3 is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of world’s largest high grade uranium discoveries. Fission 3 currently has 16 projects in the Athabasca Basin. Several of Fission 3’s projects are near large uranium discoveries, including, Arrow, Triple R and Hurricane deposits. Fission 3 is currently planning a winter exploration/drill program on its PLN project.

To know more about Fission 3.0 Corp., click here

Disclaimer: Fission 3.0 Corp. is an advertorial member of InvestorIntel Corp.

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