Uranium exploration companies Fission Uranium and Alpha Minerals have received shareholder approval for a plan to merge interests in a Patterson Lake South property. The said transaction will allow Fission to retain a 100% interest in the said property, according to Junior Mining Network.

In addition, both firms have agreed to spin out all of their other non-core assets into new exploration companies. Both firms will also receive USD3 million in funding for future explorations, the report said.

Under the terms of the said deal, Alpha shareholders will be given 5.725 Fission common shares. They will also receive a cash payment of USD0.0001 and one-half share of the new spinout firm Alpha Exploration for every full Alpha share they currently hold, the report explained.

Meanwhile, Fission shareholders will be given one additional share of Fission and one full share of the spinout firm Fission 3.0 for every Fission share they currently hold, the report stated.

Upon completion of the deal, Fission Uranium will emerge as the resulting entity. The firm will continue trading on the TSX Venture under the ticker symbol FCU. The company will have around USD25 million in treasury, Junior Mining Network reported.