TORONTO: Denison Mines Corp., a uranium exploration and development company, has closed its previously announced public offering of common shares of the Company.
The Company issued 51.347 million Common Shares, at a price of US$0.37 per Common Share, for total gross proceeds of approximately US$19 million, which includes 4.347 million Common Shares with the exercise, in part, of the over-allotment option.
The Offering was completed through a syndicate of underwriters co-led by Cantor Fitzgerald Canada Corporation and Haywood Securities Inc., as joint bookrunners, and including Canaccord Genuity Corp., Scotia Capital Inc. and TD Securities Inc. pursuant to an underwriting agreement between the Company and the Underwriters dated October 8, 2020.
Proceeds of the Offering are anticipated to be used to fund evaluation and environmental assessment activities on Denison’s Wheeler River project, as well as for general working capital purposes.
Denison Mines Corp. was formed under the laws of Ontario and is a reporting issuer in all Canadian provinces and territories. Denison’s common shares are listed on the Toronto Stock Exchange (TSX) under the symbol ‘DML’ and on the NYSE American exchange under the symbol ‘DNN’.
Denison Mines Corp is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada.
The Company’s flagship project is the 90% owned Wheeler River Uranium Project. Denison’s interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture (MLJV), which includes several uranium deposits and the McClean Lake uranium mill, which is currently processing ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest deposits and a 66.71% interest in the J Zone and Huskie deposits on the Waterbury Lake property.
The Midwest, J Zone and Huskie deposits are located within 20 kilometers of the McClean Lake mill. In addition, Denison has an extensive portfolio of exploration projects in the Athabasca Basin region.
Denison is engaged in mine decommissioning and environmental services through its Closed Mines group (formerly Denison Environmental Services), which manages Denison’s Elliot Lake reclamation projects and provides post-closure mine and maintenance services to a variety of industry and government clients.
Denison is also the manager of Uranium Participation Corporation (UPC), a publicly traded company listed on the TSX under the symbol ‘U’, which invests in uranium oxide in concentrates (U3O8) and uranium hexafluoride (UF6).