TSX: FCUOTCQX: FCUUFFSE: 2FU

Fission Announces Financial Results for 2019

March 25, 2020

TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
FRANKFURT SYMBOL: 2FU

KELOWNA,BC, March 25, 2020 /CNW/ - FISSION URANIUM CORP.("Fission" or "the Company") today announced its unaudited financial results for the year ended December 31, 2019. All figures are in Canadian dollars unless otherwise stated.

The Company has made this announcement due to filing requirements of CGN Mining Company Limited and will SEDAR file its full financial statements and MD&A on March 30, 2020.

Statements of financial position

   
 

December 31

December 31

 

2019

2018

 

$

$

Assets

   

Current assets

   

Cash and cash equivalents

4,785,701

10,943,396

Short-term investments

22,764

10,500,984

Amounts receivable

119,971

311,230

Prepaid expenses

75,381

87,453

 

5,003,817

21,843,063

Non-current assets

   

Investment in Fission 3.0 Corp.

559,661

1,113,774

Property and equipment

117,937

195,188

Right-of-use assets

230,423

-

Exploration and evaluation assets

316,812,426

305,379,601

 

317,720,447

306,688,563

Total Assets

322,724,264

328,531,626

Liabilities

   

Current liabilities

   

Accounts payable and accrued liabilities

320,946

1,094,156

Lease obligations - current portion

99,390

-

 

420,336

1,094,156

Non-current liabilities

   

Deferred gain on short-term investments

185,339

291,247

Lease obligations

137,124

-

 

322,463

291,247

Total Liabilities

742,799

1,385,403

Shareholders' Equity

   

Share capital

413,615,850

413,399,850

Other capital reserves

26,717,159

26,698,159

Deficit

(118,351,544)

(112,951,786)

 

321,981,465

327,146,223

Total Liabilities and Shareholders' Equity

322,724,264

328,531,626

 

Statements of loss and comprehensive loss

   
 

Year Ended

Year Ended

 

December 31

December 31

 

2019

2018

 

$

$

Expenses

   

Business development

353,752

528,242

Consulting and directors fees

1,509,717

1,530,370

Depreciation

189,913

100,331

Office and administration

643,050

822,205

Professional fees

355,701

279,445

Public relations and communications

623,873

713,374

Share-based compensation expense

17,223

297,263

Trade shows and conferences

308,803

387,366

Wages and benefits

724,553

807,422

 

4,726,585

5,466,018

Other items - income/(expense)

   

Foreign exchange loss

(7,758)

(3,253)

Interest and miscellaneous income

277,424

613,831

Interest - lease obligations

(15,719)

-

Loss on disposal of property

   

and equipment

(695)

(359)

Share of loss from equity investment

   

in Fission 3.0 Corp.

(190,256)

(168,424)

Investment in Fission 3.0 Corp.

   

write-down

(363,857)

(1,164,525)

Dilution gain on investment

   

in Fission 3.0 Corp.

-

29,412

Gain/(loss) on short-term investments

(372,312)

209,737

 

(673,173)

(483,581)

Loss before income taxes

(5,399,758)

(5,949,599)

Deferred income tax recovery

-

762,109

Net loss and comprehensive loss

   

for the year

(5,399,758)

(5,187,490)

Basic and diluted loss per common share

(0.01)

(0.01)

Weighted average number of common

   

shares outstanding

486,178,313

485,759,052

 

Statements of changes in equity

         

Total

 

Share capital

Other capital

 

shareholders'

 

Shares

Amount

reserves

Deficit

equity

   

$

$

$

$

Balance, January 1, 2018

485,651,038

413,155,475

26,307,729

(107,764,296)

331,698,908

           

Director remuneration shares issued

363,604

244,375

-

-

244,375

Share-based compensation

-

-

390,430

-

390,430

Net loss and comprehensive loss

-

-

-

(5,187,490)

(5,187,490)

Balance, December 31, 2018

486,014,642

413,399,850

26,698,159

(112,951,786)

327,146,223

           

Director remuneration shares issued

605,448

216,000

-

-

216,000

Share-based compensation

-

-

19,000

-

19,000

Net loss and comprehensive loss

-

-

-

(5,399,758)

(5,399,758)

Balance, December 31, 2019

486,620,090

413,615,850

26,717,159

(118,351,544)

321,981,465

 

Statements of cash flows

   
 

Year Ended

Year Ended

 

December 31

December 31

 

2019

2018

 

$

$

Operating activities

   

Net loss and comprehensive loss

(5,399,758)

(5,187,490)

Items not involving cash:

   

Depreciation

189,913

100,331

Share-based compensation

17,223

297,263

Loss on disposal of property

   

and equipment

695

359

Director remuneration shares issued

216,000

244,375

Share of loss from equity investment

   

in Fission 3.0 Corp.

190,256

168,424

Investment in Fission 3.0 Corp.

   

write-down

363,857

1,164,525

Dilution gain on investment

   

in Fission 3.0 Corp.

-

(29,412)

(Gain)/loss on short-term investments

372,312

(209,737)

Deferred income tax recovery

-

(762,109)

 

(4,049,502)

(4,213,471)

Changes in non-cash working capital items:

   

(Increase)/decrease in amounts receivable

170,131

(86,067)

Decrease in prepaid expenses

12,072

65,273

Decrease in accounts payable

   

and accrued liabilities

(69,481)

(115,288)

Cash flow used in operating activities

(3,936,780)

(4,349,553)

Investing activities

   

Proceeds on redemption of short-term

   

investments

10,000,000

-

Property and equipment additions

(12,420)

(11,831)

Purchase of units of Fission 3.0 Corp.

-

(400,000)

Exploration and evaluation asset additions

(12,113,649)

(15,031,135)

Cash flow used in investing activities

(2,126,069)

(15,442,966)

Financing activities

   

Lease obligation payments

(94,846)

-

Cash flow used in financing activities

(94,846)

-

Decrease in cash and cash equivalents

   

during the year

(6,157,695)

(19,792,519)

Cash and cash equivalents, beginning of year

10,943,396

30,735,915

Cash and cash equivalents, end of year

4,785,701

10,943,396

 

About Fission Uranium Corp.

Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property - host to the class-leading Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. Fission's common shares are listed on the TSX Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF."

ON BEHALF OF THE BOARD

"Paul Charlish"

Paul Charlish,
Chief Financial Officer & Corporate Secretary

Cautionary Statement:

Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission and Fission Uranium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Fission Uranium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

 

SOURCE Fission Uranium Corp.

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