UPDATE 1-Priszm fund extends franchise agreement

* Priszm extends franchises on a number of stores

* To spend between C$15 mln and C$16.5 mln in 2010

* To close 16 stores in 2010 (Adds details)

TORONTO, Nov 26 (Reuters) - Priszm Income Fund QSR_u.TO said on Thursday that it extended a number of franchise agreements with Yum Brands Restaurants International (YUM.N) for its Canadian restaurants.

The fund, which owns and operates more than 400 fast food restaurants in Canada including KFC, Taco Bell and Pizza Hut, said it reached an agreement with Yum on the renewal terms for 10-year franchise contracts of 75 restaurants.

Priszm said the terms of the agreement end in 2020 and the renewal of these restaurants will require a capital investment of between C$15 million and C$16.5 million in 2010.

The fund also said it planned to close 16 underperforming stores before the end of 2010. ($1=$1.05 Canadian) (Reporting by Scott Anderson; Editing by John Picinich) ((scott.anderson@reuters.com; +1 416 941 8106; Reuters Messaging: scott.anderson.reuters.com@reuters.net))