The agreement involves acquisition of all shares of Alpha by Fission as well as spinning out of non-Patterson Lake South assets of Alpha to Alpha Exploration.
The arrangement is subject to TSX Venture Exchange approval, which is scheduled to occur on 06 December 2013.
Following completion of the arrangement, Fission will own all of shares of Alpha while Alpha shares will be de-listed from trading on the TSX-V.
Under the arrangement, Alpha Exploration will be spun out and shall receive Alpha Minerals assets, other than its joint venture interest in the PLS property, and approximately $3m in cash.
Subsequently, Alpha’s current directors and officers will also form the board and management of Alpha Exploration and will guide the exploration and development of the inherited portfolio of mineral properties located in Ontario (Mikwam), Saskatchewan (Hook, Cluff Lake-ACME, Cluff Lake-Logan, and Cluff Lake-Rio Tinto) and British Columbia (Donna).
Additionally, the board and management will review new opportunities under the normal course of business, whether by staking, acquisition or joint venture.
