Fission Uranium Announces $25.0 Million Bought Deal

KELOWNA, BRITISH COLUMBIA--(Marketwired - March 10, 2014) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Fission Uranium Corp. (TSXVENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or the "Company") is pleased to announce that it has entered into a letter of engagement with Dundee Securities Ltd. (the "Lead Underwriter") on behalf of a syndicate of underwriters including Cantor Fitzgerald Canada Corporation, Macquarie Capital Markets Canada Ltd., Raymond James Ltd., TD Securities Inc., Clarus Securities Inc. and Cormark Securities Inc. (the "Underwriters") under which the Underwriters have agreed to purchase 15,625,000 special warrants (the "Special Warrants"), by way of a private placement on a "bought deal" basis, subject to all required regulatory approvals, at a price per Special Warrant of $1.60, for total gross proceeds of $25,000,000 (the "Offering").

The Underwriters have been granted the option to purchase up to an additional 15% of the Offering, exercisable in whole or in part at any time up to 48 hours prior to the Closing Date (the "Option").

Each Special Warrant will be exercisable one common share (a "Common Share") in the capital of the Company by the holders thereof at any time after the Closing Date for no additional consideration and all unexercised Special Warrants will be deemed to be exercised at 4:00 pm (Toronto time) on the earlier of: a) the date that is four months and one day following Closing, and b) the first business day after a receipt is issued for a final prospectus (the "Final Prospectus") by the securities regulatory authorities where the Special Warrants are sold, qualifying the Common Shares to be issued upon exercise.

The Company shall use its reasonable best efforts to obtain such receipt for the Final Prospectus within 30 calendar days following the Closing.

The net proceeds from the Special Warrants will be used for exploration and development and for working capital and general corporate purposes.

In connection with the Offering, the Underwriters will receive a cash commission equal to 5.0% of the gross proceeds raised under the Offering (inclusive of the Option) and that number of non-transferable broker warrants equal to 5.0% of the number of Special Warrants sold (inclusive of the Option). Each broker warrant will be exercisable into one Common Share of the Company for a period of 24 months from the Closing Date at a price of $1.60 per Common Share.

The Closing Date of the Offering is scheduled on or about April 1, 2014. All securities issued will be subject to a statutory hold period expiring on the earlier of: (a) the date that is four months and one day following the Closing Date, and (b) the first business day after a receipt is issued for a Final Prospectus by the securities regulatory authorities. The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.

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 and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture 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, President and COO

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 regarding the future operating or financial performance of Fission and Fission Uranium 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: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com http://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 and Fission Uranium disclaim 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Fission Uranium Corp.
Rich Matthews
Investor Relations
TF: 877-868-8140
rich@fissionuranium.com
www.fissionuranium.com