British Columbia-based uranium explorer Fission Energy (CVE:FIS)(OTC:FSSIF) said Tuesday it has exercised its back-in option to acquire an additional 10% limited partnership (LP) interest in the Waterbury Lake venture, for a total 60% stake.
In 2008, Fission signed an earn-in deal with a consortium of Korea-based companies, led by Korea Electric Cower Power Corp, 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 right to earn up to a 50% interest in the project by spending C$14 million in exploration expenditures over a three year period, and by completing a private placement for 1.0 million Fission Energy shares 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 re-purchase a 10% interest for C$6 million.
