Chinese Company Invests $82 Million in Kelowna Based Company

Just days after winning an international award recognizing the company’s success, a Kelowna mining company has landed a deal with a Chinese firm.

China’s CGN Mining Company has purchased a nearly 20 per cent stake in Kelowna based company Fission Uranium Corp. According to Fission, this marks the first time a Chinese company has invested directly into a Canadian uranium company.

The deal will see CGN Mining invest more than $82 million.

"This is an historic moment for Canada's uranium industry. We are thrilled that CGN Mining has chosen to invest in Fission, PLS and the Triple R deposit,” said Dev Randhawa, Chairman and CEO of Fission Uranium. “CGN Mining's understanding of the uranium business is superb and we are excited at the opportunity to work with them. CGN Mining's knowledge and expertise will be invaluable as we progress PLS and add to shareholder value."

The controlling shareholder of CGN Mining is China Uranium Development Company Limited, a fully-owned subsidiary of China General Nuclear Power Corporation, which is a leading global clean energy corporation in China.

Once the deal is finalized, CGN Mining will have the right to nominate two of nine representatives to the Board of Fission. The offer is expected to close on January 29^th, 2016.

Fission Uranium is a Kelowna based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property. Fission Uranium also owns the Triple R Deposit at PLS, the largest undeveloped uranium deposit in Canada's Athabasca Basin.