In 2008, Fission signed an earn-in deal with a consortium of Korea-based companies, led by Korea Electric Cower Power, to jointly develop the Waterbury Lake property, located in the eastern part of Saskatchewan’s Athabasca Basin.
The consortium, known as the Korea Waterbury Uranium LP, was granted the exclusive right to earn up to a 50% interest in the project by incurring C$14m in exploration expenditures over a three year period and by completing a private placement for 1,000,000 common shares of Fission Energy at a price of C$1.00 per share.
Fission retained a 2% NSR royalty in the project, in addition to a ‘back-in provision’ allowing the company to reacquire a 10% interest for C$6m.
On 16 August 2010, the parties entered into the agreement, which now supersedes the original earn-in agreement.
