Mr. Craig Parry reports

ISOENERGY CLOSES BOUGHT DEAL PRIVATE PLACEMENT OF FT SHARES FOR C$3.50 MILLION AND ANNOUNCES INCREASE TO NON-BROKERED PORTION OF THE PRIVATE PLACEMENT

IsoEnergy Ltd. has closed its previously announced bought deal private placement pursuant to an agreement with PI Financial Corp. for gross proceeds of approximately $3.5-million. Due to investor demand, the company is increasing the size of its non-brokered private placement previously announced on Nov. 12, 2019.

Brokered financing

Under the terms of the offering, the company issued 7,778,000 flow-through (FT) common shares of the company at a price of 45 cents per FT share for gross proceeds of $3,500,100.

The gross proceeds from the sale of the FT shares will be used to incur Canadian exploration expenses (as such term is defined in the Income Tax Act (Canada)). The qualifying expenditures will be renounced to the subscribers of FT shares with an effective date no later than Dec. 31, 2019, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of the FT shares.

In consideration for its services, the underwriter received a cash commission equal to 6.0 per cent of the gross proceeds of the brokered financing and 466,680 broker warrants, with each such broker warrant entitling the holder to purchase one common share of the company at a price of 45 cents per common share for a period of 24 months from the date of issuance.

Non-brokered financing

The company originally planned to raise gross proceeds of $2.65-million pursuant to the non-brokered financing and the company will be increasing that total by up to $572,744, which will consist of up to 1,431,858 additional units at of price of 40 cents per unit, to raise gross proceeds of up to $3,222,744.

The units comprise one common share of the company and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to acquire one common share of the company at a price of 60 cents per common share for a period of 24 months following the date of issuance. The gross proceeds from the sale of units will be used for exploration on the company's projects and general corporate purposes. No commission is payable under the non-brokered financing.

Certain insiders of the company are expected to participate in the non-brokered financing. Pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, a purchase by the purchasing insiders would be a related party transaction. The company expects to be exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the non-brokered financing in reliance on sections 5.5(a) and 5.7(a), respectively, of MI 61-101, as neither the fair market value of the securities received by such parties nor the proceeds for such securities received by the company will be 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101.

The non-brokered financing is expected to be completed on or about Dec. 6, 2019, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

All securities issued under the brokered financing and the non-brokered financing are subject to a statutory hold period in Canada expiring four months and one day from the date of issuance. All dollar amounts expressed in Canadian dollars unless otherwise stated.

We seek Safe Harbor.