Fission Energy Corp.
TSX VENTURE : FIS
OTCQX : FSSIF

Fission Energy Corp.

October 27, 2011 08:55 ET

Fission Energy Announces Increase in Bought Private Placement to $10.0 Million

KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 27, 2011) -

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

Fission Energy Corp. (TSX VENTURE:FIS)(OTCQX:FSSIF) (the "Company") is pleased to announce that it has entered into a revised letter of engagement with Dundee Securities Ltd. (the "Lead Underwriter") on behalf of a syndicate of underwriters including National Bank Financial Inc., Raymond James Ltd. and Versant Partners Inc. (the "Underwriters") under which the Underwriters have agreed to purchase on a bought deal private placement basis 11,800,000 flow-through common shares (the "Flow-Through Shares") at a price of $0.85 per Flow-Through Share for total gross proceeds of $10,030,000 (the "Offering").

In connection with the Offering, the Underwriters will receive a cash commission equal to 6.0% of the gross proceeds raised under the Offering and that number of non-transferable broker warrants equal to 6.0% of the number of Flow-Through Shares sold. 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 $0.85 per common share.

The Closing Date of the Offering is scheduled on or about November 17, 2011. All securities issued will be subject to a four month hold period. The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.

The gross proceeds of the offering will be used for exploration of the Company's Canadian-based projects.

ON BEHALF OF THE BOARD

Ross McElroy, President & COO

This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.

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

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