Fission Closes C$34.5 Million Bought Deal Offering

- May 11th, 2021

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES TSX SYMBOL: FCU OTCQX SYMBOL: FCUUF FRANKFURT SYMBOL: 2FU Fission Uranium Corp. is pleased to announce that it has closed its previously announced bought deal financing consisting of 57,500,000 units at a price of C$0.60 per Unit …

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES /

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

Fission Uranium Corp. (“FISSION” or the “Company”) is pleased to announce that it has closed its previously announced bought deal financing consisting of 57,500,000 units (the ” Unit s “) at a price of C$0.60 per Unit for gross proceeds of C$34.5 million inclusive of the full exercise of the over-allotment option held by the Underwriters (the ” Offering “).

Eight Capital and Sprott Capital Partners LP acted as co-lead underwriters on behalf of a syndicate of underwriters including Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and H.C. Wainwright & Co., LLC (collectively, the ” Underwriters “).

Each Unit consisted of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a ” Warrant “). Each Warrant shall entitle the holder to purchase one common share of the Company (each, a ” Warrant Share “) at a price of C$0.85 at any time on or before 5:00 pm on May 11 , 2024.

The Company intends to use the net proceeds of the Offering to fund the further development of the Triple R deposit in Saskatchewan and for working capital and general corporate purposes.

The Offering was completed pursuant to a prospectus supplement to the Company’s base shelf prospectus dated December 7, 2020 .

The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the ” U.S. Securities Act “) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States , nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Fission Uranium

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 Toronto Stock Exchange under the symbol “FCU” and trade on the OTCQX marketplace in the U.S. under the symbol “FCUUF.”

ON BEHALF OF THE BOARD

Ross McElroy

Ross McElroy , Chief Executive Officer

Forward-Looking Statements

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 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: risks related to the Offering, risks related to any offering under the base shelf prospectus, risks related to Fission’s limited business history, risks related to the nature of mineral exploration and development, discrepancies between actual and estimated mineral resources, risks related to uranium market price volatility, risks related to the market value of the common shares of Fission, risks related to market conditions, risks related to the novel coronavirus (COVID-19) pandemic, including disruptions to the Company’s business and operational plans, risks related to the global economic uncertainty as a result of the novel coronavirus (COVID-19) pandemic 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 disclaims 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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