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Fission Uranium to go hostile with Alpha Minerals

Staff writer |
Fission Uranium Corp. said it will consider making a hostile bid for Alpha Minerals which didn't respond to an offer of about C$171 million ($162 million) last week.

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"Fission Uranium Corp. believes that shareholders of Alpha Minerals Inc. should be made aware that, on August 23, 2013, Fission made the following proposal to acquire all of the issued and outstanding common shares of Alpha by way of share transaction to Alpha's Board of Directors.

"An Alpha shareholder would receive, in exchange for each of their Alpha Shares, 5.3 common shares of Fission, representing a price of $7.26 per Alpha Share based on Fission's closing price on the TSX Venture Exchange on August 23, 2013; and Alpha would have the opportunity to appoint two members to the Board of Directors of Fission.

"Our Proposal expired at 5:00 p.m. (Toronto time) on August 25, 2013 and to this point Alpha has not engaged with us in meaningful discussions. Fission wants Alpha's shareholders to be aware that the Proposal was made. If Alpha continues to refuse to engage with Fission on the Proposal, Fission will consider making a formal offer directly to Alpha's shareholders," said the company in its press release.

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