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$ DNN. Denison Announces Agreement to Acquire 50% of JCU (Canada) Exploration Company, Limited from UEX Corporation for $20.5 Millio... June 15 2021 - 7:00 AM
TORONTO, June 15, 2021 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is pleased to announce that it has entered into a binding agreement (the "Agreement") to acquire 50% ownership of JCU (Canada) Exploration Company, Limited ("JCU") from UEX Corporation ("UEX"), for cash consideration of $20.5 million, following UEX's expected acquisition of JCU from Overseas Uranium Resources Development Co., Ltd. ("OURD"). View PDF Version
UEX has entered into an amended purchase agreement with OURD ("OURD Agreement") to acquire 100% ownership of JCU, a wholly owned subsidiary of OURD, for cash consideration of $41 million (see UEX press release dated June 15, 2021).
JCU holds a portfolio of twelve uranium project joint venture interests in Canada, including a 10% interest in Denison's 90% owned Wheeler River project, a 30.099% interest in the Millennium project (Cameco Corporation 69.901%), a 33.8123% interest in the Kiggavik project (Orano Canada Inc. 66.1877%), and a 34.4508% interest in the Christie Lake project (UEX 65.5492%).
David Cates, President and CEO, stated: "Denison welcomes this new partnership with UEX. We are pleased with the acquisition terms for this unique and valuable portfolio of strategic Canadian uranium interests, which have been meticulously accumulated by JCU over prior decades. Following this acquisition, Denison will not only increase its indirect ownership of the Company's flagship Wheeler River project, but will also expand its asset base to include additional important Canadian uranium development projects such as Millennium and Kiggavik."
The key terms of the Agreement are outlined below:
Denison agrees to provide UEX with an interest-free three-month term loan of up to $41 million (the "Term Loan") to facilitate UEX's payment of the $41 million purchase price to OURD for the purchase of 100% of the shares of JCU pursuant to the OURD Agreement.
$20.5 million of the amount drawn under the Term Loan will be deemed repaid to Denison by UEX on the transfer of 50% of the JCU shares to Denison immediately following the closing of the OURD Agreement and the acquisition of the JCU shares by UEX.
UEX may extend the Term Loan by an additional three months, in which case interest will be charged at a rate of 4% from the date of the initial advance under the Term Loan until maturity.
All of the shares of JCU owned by UEX will be held by Denison as security against the Term Loan pursuant to a pledge agreement until the Term Loan is repaid in full.
The Term Loan is subject to certain customary terms and conditions and contains standard events of default that protect Denison.
Denison and UEX agree to enter into a shareholders' agreement governing the relationship of Denison and UEX with respect to the future management of JCU ("Shareholders' Agreement").
The Shareholders' Agreement shall include various provisions regarding future funding and dilution, as well as resolution of deadlock situations and protections of minority interests in relation to specific business matters that will require 66.67% or unanimous support from then JCU shareholders.
The Agreement is subject to certain conditions precedent, including the completion of the acquisition of the JCU shares by UEX, pursuant to the OURD Agreement.
Should the OURD Agreement be terminated, each of Denison and UEX have agreed to provide the other party with the opportunity to participate on a 50/50 basis in subsequent offers made in relation to an alternative acquisition of JCU.
UEX and Denison have certain termination rights, including those in Favour of Denison if the OURD Agreement is not completed by September 30, 2021.
The OURD Agreement, and the completion of the JCU acquisition by UEX pursuant thereto, remains subject to approval at a meeting of the shareholders of OURD, which is expected to occur in Tokyo on June 18, 2021. If the shareholders of OURD approve the OURD Agreement, the transaction is expected to close on or before August 3, 2021.
Denison's previously announced offer to acquire 100% of JCU from OURD (see press release dated May 4, 2021) has been withdrawn.
Haywood Securities Inc. and RCI Capital Group are acting as financial advisors, and Blake, Cassels & Graydon LLP is acting as legal counsel to Denison.
About Denison
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 that is contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest Main and Midwest A deposits, and a 66.90% interest in the Heldreth Tue. ("THT," formerly J Zone) and Huskie deposits on the Waterbury Lake property. Each of Midwest Main, Midwest A, THT and Huskie are located within 20 kilometers of the McClean Lake mill.
Denison is also 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 care and maintenance services to a variety of industry and government clients.
Follow Denison on Twitter @DenisonMinesCo
$ DNN. Looking forward to see how it trades Monday as I have been tied up with others lately and haven't had the time to watch trades. $DNN
$ DNN. Trades showing the selling at a little more than the buys but not enough to affect anything much looks like. $DNN
https://ih.advfn.com/stock-market/AMEX/denison-mines-DNN/trades
$ DNN. The board seems very quiet for the past few days. Looking forward to seeing the Company as a larger Company. $DNN
$ DNN. Has been holding its own very good considering it is spending a lot of funds. $DNN
DNN HAS A HUGE AMOUNT OF SHORT INTEREST AND A TON OF FTD'S.
They have not get what they want, but I think it is a first step and not bad at all.
Filing - this makes it official.
Form 6-K DENISON MINES CORP. For: Jun 15
10K WIZARD 10:23 AM ET 6/15/2021
http://archive.fast-edgar.com/20210615/AVBZPQ2CZ222BZZZ222Q2ZZ9A4MCZS22ZL32
Filed on: June 15, 2021
DNN $1.35 News out
DENISON ANNOUNCES AGREEMENT TO ACQUIRE 50% OF
JCU (CANADA) EXPLORATION COMPANY, LIMITED
FROM UEX CORPORATION FOR $20.5 MILLION
glta
For what? What did you hear?
Not for long imo
You are welcome. I will be putting more in the iBox over the next few days. Looks like DNN is taking a breather.
Didn’t know that thank u
DML and DNN usually track pretty close together. But the exchange rate makes the prices look different. 1 C$ = .83 cents U.S. give or take.
DML is the Toronto Stock Exchange ticker symbol for Denison. DNN is the NYSE ticker symbol. Same company. Same CEO.
https://www.google.com/search?q=tsx+dml&oq=tsx+dml&aqs=chrome..69i57j0i22i30l2.4128j0j7&sourceid=chrome&ie=UTF-8
This video is for DML not DNN just so ya know
Solid day, great close, holding well in after-hours. Beginning to look forward into the July 16 options with $2.50 calls having the largest open interest.
Denison has several sites such as Wheeler that can produce at low cost, high profitability compared to its peers.
Denison Mines: Low-Cost Uranium The Key To Upside
https://seekingalpha.com/article/4427450-denison-mines-stock-dnn-low-cost-uranium-key-to-upside
Short-term resistance smashed - remember this an NYSE stock, with a full slate of options at .25 strike price increments. 1.50 call options with Jun 14 expiration went up 240% to .20 yesterday. This bodes well for a massive week next week.
Uranium prices head for a melt-up as COVID pandemic caused mine closures. We will have a window of opportunity as Denison is closer to production than most junior exploratory companies.
https://moneyweek.com/investments/commodities/industrial-metals/602982/how-to-profit-as-uranium-prices-head-for-a-melt-up
The link to Denison in the iBox is does not work.
Try https://www.denisonmines.com/
* * $DNN Video Chart 05-27-2021 * *
Link to Video - click here to watch the technical chart video
* * $DNN Video Chart 05-05-2021 * *
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Price has reach $1.22 resistance line. Next level $1.35 breakout and then whatever Mr. Market is willing to offer. With all positive #uranium news it is just a matter of time and most likely this week. RSI and Stock in an upward momentum. looking great
* * $DNN Video Chart 05-03-2021 * *
Link to Video - click here to watch the technical chart video
Yeah he's a dick weed no doubt.
Couldn't agree more!!
He asked me what kind of drugs I was on when I said I couldn't get his video to open. What a wanker! Actually more of an
a$$ hole.
* * $DNN Video Chart 04-20-2021 * *
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* * $DNN Video Chart 04-19-2021 * *
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* * $DNN Video Chart 04-14-2021 * *
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* * $DNN Video Chart 04-12-2021 * *
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* * $DNN Video Chart 04-06-2021 * *
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$DNN is headed up after announcing agreements with English River First Nation surrounding exploration and mining. https://cnafinance.com/dnn-stock-heres-why-denison-mines-is-up/
* * $DNN Video Chart 04-05-2021 * *
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* * $DNN Video Chart 04-01-2021 * *
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* * $DNN Video Chart 03-31-2021 * *
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* * $DNN Video Chart 03-22-2021 * *
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I bought 28300 shares today...Lets Go !!!!
Well you highly favored to win as long as we do not go recession mode.
Added some today
* * $DNN Video Chart 03-16-2021 * *
Link to Video - click here to watch the technical chart video
My picks did well today.
DNN looking good.
Check out my pitched stocks with ZOM being the champion.
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