(TSX:FCU) (OTCQX:FCUUF) (FRANKFURT:2FU)
TORONTO, Dec. 2, 2015 /CNW/- FCU OverSight Canada Inc. ("OverSight") announced today Jim Gifford has withdrawn his nominees (the "Nominees") from consideration for election to the board of directors (the "Board") of Fission Uranium Corp. (TSX: FCU) ("Fission" or the "Company") at the upcoming annual meeting of shareholders of Fission to be held on December 15, 2015 (the "Meeting").
Citing the recently increased change-of-control payouts among the "No Wins" for shareholders, OverSight has chosen to withdraw Nominees. When Mr. Gifford submitted his list of Nominees as required by Fission's last minute adoption of an Advanced Notice Policy, Fission had not yet made public the fact that replacing a majority of the board would trigger recently increased change-of-control payouts. In the event even four of the OverSight Nominees were elected, shareholders could be on the hook for millions of dollars. This was a difficult decision because there are many other matters that are of concern to OverSight, including the spectre of a split board which it deemed untenable.
Jim Gifford, OEO of OverSight said "I would like to thank the Nominees for choosing to stand for election. They all have valuable experience and skill sets that would have contributed greatly to the Company."
On behalf of OverSight, Mr. Gifford said further "We've had a number of telephone conversations and meetings, up to and including Monday, in Vancouver, Kelowna, and Toronto. I would like to thank Mr. Randhawa for facilitating the conversations, and other members of the Fission Board for being involved. But at this time we just don't see the current operations of Fission, and its future, in the same way."
"We have heard from many Fission shareholders, and the theme is consistent. They are looking for significant change. Given this, we conclude that Fission shareholders have only one choice: go with the status quo, or opt for change by voting Withhold to force the current directors to resign."
OverSight recommends that Fission shareholders exercise their right to vote WITHHOLD on ALL of management's nominees, sending a clear message of dissatisfaction with the status quo. For the reasoning behind this recommendation, OverSight invites all shareholders to view its materials on SEDAR.com and on FCUOverSight.ca and watch for updates.
FCU OVERSIGHT CANADA INC. is a private Canadian corporation that was created for the purpose of assisting all shareholders of the Company to have their collective voices heard.
SOURCE FCU OverSight Canada Inc.
For further information: FCU OverSight Canada Inc. www.fcuoversight.ca @fcuoversight [email protected]