Fission Announces the Closing of a $10 Million Credit Facility with Sprott

FISSION URANIUM CORP. ("Fission" or "the Company") is pleased to announce the closing of a US$10 million senior secured credit facility (the "Facility") with Sprott Resource Lending II (Collector) L.P. ("Sprott") subject to the terms and conditions set forth in the credit agreement (the "Credit Agreement"). Fission will use the proceeds from the Facility to fund development of the Patterson Lake South uranium project (the "Project") and for general working capital purposes. In connection with the Facility, Fission has agreed to issue 20,666,667 common share purchase warrants ("Warrants") to Sprott and its affiliates. A summary of the key terms of the Facility and Warrants are as follows:

Senior secured 4-year loan Facility available by way of one advance in the gross amount of US$10 million ;

4-year term with no obligation to make any principal repayments on the Facility until April 7, 2024 (the "Maturity Date");

Fission may extend the term of the Facility by one year, subject to certain terms and conditions contained in the Credit Agreement

Interest rate of 10% per annum compounded and payable monthly, with the option to pay a portion of the interest due under the Facility by way of common shares of Fission, subject to certain limitations set out in the Credit Agreement;

Fission may voluntarily repay the Facility in whole or in part anytime before the Maturity Date, provided that Fission pay Sprott an amount equal to a minimum of 24 months interest; and

The Facility is secured against all present and after acquired personal property of Fission with a first priority of encumbrance over the Project by way of customary security documents.

For further details on the Facility, please refer to the Credit Agreement which will be filed on the Company's SEDAR profile at www.sedar.com.

The Warrants

Fission has agreed to issue 20,666,667 Warrants to Sprott at an exercise price equivalent to C$0.17 ;

The Warrants will entitle the holder to purchase one common share for a period of 4 years from the date of issuance;

The holder may exercise all or a portion of the Warrants within the 4-year period. Failing such exercise, any unexercised Warrants will expire; and

The Warrants are fully transferable and assignable and contain customary anti-dilution and adjustment provisions.

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