Denison Mines Corp. (DML: TSX) (DNN: NYSE American) is pleased to announce that it has completed its previously announced private placement offering of common shares issued on a “flow-through” basis pursuant to the Income Tax Act (Canada).
The Company issued 6,934,500 Flow-Through Shares, at a price of CAD$0.68 per Flow-Through Share, for total gross proceeds of approximately CAD$4,715,000, which includes the exercise, in full, of the over-allotment option of an additional 904,500 Flow-Through Shares.
The Flow-Through Shares were issued through a syndicate of underwriters led by Cantor Fitzgerald Canada Corporation as sole bookrunner and including Haywood Securities Inc., TD Securities Inc., and BMO Nesbitt Burns Inc. The Flow-Through Shares are subject to a four-month hold period, which will expire on April 7, 2020.
The Company has agreed to use the gross proceeds from the sale of the Flow-Through Shares for “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” (within the meaning of the Income Tax Act (Canada)) and anticipates using the gross proceeds for expenses related to the Company’s uranium mining exploration projects in Saskatchewan on or prior to December 31, 2020 for renunciation to subscribers of Flow-Through Shares effective on or prior to December 31, 2019.
Denison 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, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. 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 66.51% interest in the J Zone and Huskie deposits on the Waterbury Lake property. The Midwest, J Zone and Huskie deposits are located within 20 kilometres 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 DES division, which manages Denison’s Elliot Lake reclamation projects and provides post-closure mine and maintenance services to industry and government clients.
Denison is also the manager of Uranium Participation Corporation, a publicly traded company listed on the TSX under the symbol ‘U’, which invests in uranium oxide in concentrates (‘U3O8‘) and uranium hexafluoride (‘UF6‘).
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