Under the terms of the subscription agreement, Fission Uranium will purchase 22,000,000 common shares of Fission 3.0 at a price of C$0.14 for C$3,080,000.
Fission Uranium chairman and CEO Dev Randhawa said: "With the spot price of uranium up 35% in the last six months, the large number of reactors under construction worldwide and news out of Japan pointing to reactors restarting early summer, there are strong indications that uranium has turned.
"The timing is therefore ideal for acquiring an interest in high-quality assets such as Fission 3’s Athabasca Basin portfolio."
Subject to certain conditions, including approval of the TSX Venture Exchange, the transaction is expected to be concluded on 24 February.
Fission 3.0 plans to use the proceeds to fund exploration on some of its most prospective projects.
Fission 3.0 COO and chief geologist Ross McElroy said: "As a strong project generator, Fission 3 will continue to seek joint venture partnerships on a project by project basis – as with PLN, Clearwater West and most recently, Key Lake."
