Mr. Ross McElroy reports

FISSION ANNOUNCES C$6.0 MILLION BOUGHT DEAL PUBLIC OFFERING

Fission Uranium Corp. has entered into an agreement with Red Cloud Securities Inc. to act as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters, pursuant to which the underwriters shall purchase for resale 14,634,146 flow-through units of the company at a price of 41 cents per flow-through unit on a bought deal basis for gross proceeds of $6-million.

Each flow-through unit shall consist of one common share of the company to be issued as flow-through shares within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share of the company at a price of 50 cents at any time on or before that date which is 24 months after the closing date of the offering.

The company has granted the underwriters an overallotment option, exercisable at any time up to 30 days from and including the closing date, to purchase for resale up to 2,195,122 additional flow-through units at the offering price to raise additional gross proceeds of up to $900,000.

Proceeds from the sale of flow-through shares will be used to incur Canadian exploration expenses as defined in Subsection 66.1(6) of the Income Tax Act and flow-through mining expenditures as defined in Subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than Dec. 31, 2020, in the aggregate amount of not less than the total amount of gross proceeds raised from the sale of flow-through shares.

The flow-through units will be offered pursuant to a base shelf prospectus dated Dec. 7, 2020, and a prospectus supplement to be filed in all provinces of Canada. The offering is scheduled to close on or about Dec. 21, 2020, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the listing and trading of the flow-through shares on the Toronto Stock Exchange.

About Fission Uranium Corp.

Fission Uranium 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, B.C. Fission's common shares are listed on the Toronto Stock Exchange under the symbol FCU and trade on the OTCQX marketplace in the United States under the symbol FCUUF.

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