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FCU - Fission Uranium News Story

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Market Cap £228.4m
Enterprise Value £216.7m
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Position in Universe 497th / 2701

Fission Uranium Corp. Announces $30 Million Bought Deal Public Offering of Units

Mon 3rd May, 2021 12:05pm
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KELOWNA, British Columbia, May 03, 2021 (GLOBE NEWSWIRE) -- FISSION URANIUM
CORP. ("FISSION" or the "Company") is pleased to announce that it has entered
into an agreement with Eight Capital and Sprott Capital Partners LP, as
co-lead underwriters on behalf of a syndicate of underwriters (collectively,
the “Underwriters”), pursuant to which the Underwriters have agreed to
buy, on a bought deal basis, 50,000,000 units (the “Units”) of the
Company, at a price of $0.60 per Unit (the “Offering Price”) for gross
proceeds of $30 million (the “Offering”).

Each Unit will be comprised of one common share of the Company (a
“Share”), ‎‎and one half of one common share ‎purchase warrant of
the Company (each full warrant, a “Warrant”). Each Warrant will
‎‎entitle the holder thereof to acquire one Share at an exercise price of
$0.85 at any time on or before that date which is 36 months after the Closing
Date (as defined herein).

The Company has granted the Underwriters an option, exercisable at the
Offering Price for a period of 30 days following the closing of the Offering,
to purchase up to an additional 15% of the Units to cover over-allotments, if
any, and for market stabilization purposes.

The Company intends to use the net proceeds of the Offering to fund the
further development of the Triple R deposit in Saskatchewan, to repay certain
amounts owing under the credit facility among the Company, Sprott Resources
Lending Corp. and Sprott Private Resource Lending II (Collector), LP, and for
working capital and general corporate purposes.

The Units will be offered pursuant to a base shelf prospectus dated December
7, 2020 and a prospectus supplement to be filed in all provinces of Canada
with the exception of Quebec. The Units may also be offered in the United
States on a private placement basis pursuant to applicable exemptions from the
registration requirements of the United States Securities Act of 1933, as
amended (the “1933 Act”) and applicable state securities laws, and in
other offshore jurisdictions provided that no prospectus filing or comparable
obligation arises.

The closing date of the Offering is scheduled to be on or about May 11, 2021
(the “Closing Date”), and is subject to certain conditions including, but
not limited to, the receipt of all necessary approvals, including the approval
of the Toronto Stock Exchange.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy any securities in the United States or any other jurisdiction. No
securities may be offered or sold in the United States or in any other
jurisdiction in which such offer or sale would be unlawful prior to
registration under the U.S. Securities Act of 1933 or an exemption therefrom
or qualification under the securities laws of such other jurisdiction or an
exemption therefrom.

About Fission Uranium Corp.

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 TSX Exchange under the symbol "FCU" and trade on the OTCQX
marketplace in the U.S. under the symbol "FCUUF."

 ON BEHALF OF THE BOARD                Investor Relations      
 "Ross McElroy"                        TF: 877-868-8140        
 Ross McElroy, President and CEO  

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 include statements relating to the closing of the
Offering, the use of proceeds, the receipt of regulatory and other approvals,
and other matters relating to the Offering. Forward looking statements 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 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 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.

GlobeNewswire, Inc. 2021
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