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Fission Energy Corp. Completes $13 Million Bought Deal Private Placement

KELOWNA, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2010) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS - News) is pleased to announce that, further to its press releases dated November 10, 2010 and November 11, 2010, the Company has now completed the previously announced private placement of 7,500,000 units (the "Units") of the Company at a price of $0.80 per Unit and 6,667,000 flow-through common shares (the "Flow-Through Common Shares") at a price of $0.90 per Flow-Through Common Share for total gross proceeds of $12,000,300 (the "Private Placement"). The Private Placement was conducted on a bought deal basis by a syndicate of underwriters led by Dundee Securities Corporation and including M Partners Inc., Raymond James Ltd., Fort House Inc. and Jennings Capital Inc. (the "Underwriters"). The Underwriters also fully exercised an over-allotment option granted by the Company to acquire an additional 750,000 Units at a price of $0.80 per Unit and 666,700 Flow-Through Shares at a price of $0.90 per Flow-Through Share for additional gross proceeds of $1,200,030 bringing the total gross proceeds under the Private Placement to $13,200,330.Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at $1.00 per common share for a twenty-four month period expiring December 2, 2012. In the event that the Company's common shares trade at a closing price on the TSX Venture Exchange of greater than $1.60 per common share for a period of 20 consecutive trading days at any time after four months and one day after the closing of the Private Placement, the Company may accelerate the expiry date of the warrants by giving notice to the holders thereof and in such cases the warrants will expire on the 30th day after the date on which such notice is given by the Company.The proceeds of the Private Placement will be used to advance the development of the Company's properties, for potential acquisitions and for general working capital. The gross proceeds from the Flow-Through Common Shares must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by December 31, 2011, to be renounced effective December 31, 2010.In connection with the Private Placement, the Underwriters received a cash commission equal to 6.0% of the gross proceeds raised under the Private Placement and that number of non-transferable broker warrants equal to 6.0% of the number of Units and Flow-Through Shares sold. Each broker warrant is exercisable into one common share of the Company for a period of 24 months form the closing of the Private Placement at a price of $1.00 per common share.All securities issued pursuant to the Private Placement are subject to a four month hold period expiring on April 3, 2011.FISSION ENERGY CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. FISSION ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS".These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements.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 the disclosed use of proceeds. 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, except as required by law.ON BEHALF OF THE BOARDDev Randhawa, Chairman & CEOThe TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.