Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

November 15, 2007 14:10 ET

Fission Energy Closes $11.1 Million Private Placement Financing

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Fission Energy Corp. ("Fission", or the "Company") (TSX VENTURE:FIS) is pleased to announce that, further to its press release dated October 30, 2007, it has closed its private placement of common shares and flow-through shares. Cormark Securities ("Cormark") acted as the lead agent, on behalf of a syndicate of Agents, including Raymond James Ltd. (the "Agents") in the private placement.

Fission issued 6,572,000 common shares at a price $0.70 per share, and 8,415,000 flow-through shares at a price of $0.82 per share, for aggregate gross proceeds of $11,500,700.00. The flow-through shares will qualify as flow-through shares for the purposes of the Income Tax Act (Canada). The Agents exercised their option to increase the offering by an additional 15% of flow-through shares and an additional 15% of common shares.

As consideration for acting as agents, the Agents received a total cash commission of $537,610 plus expenses and 700,600 broker warrants. Each broker warrant entitles the holder to purchase one common share of the Company at a price of $0.70 for a period of 18 months following the closing of the private placement.

The flow-through shares and common shares will be subject to resale restrictions until March 16, 2008.

The Company plans to use the proceeds from the sale of the flow-through shares on expenditures which will constitute Canadian Exploration Expenses (as defined in the Income Tax Act (Canada)) and the net proceeds from the sale of the common shares to advance development of the Company's properties and for general working capital.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The Flow-Through Shares and Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This press release contains "forward-looking information" that is based on Fission's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission's development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Fission's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Fission disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

ON BEHALF OF THE BOARD

Dev Randhawa, Chairman & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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