Denison now possess a 90 percent interest in the Wheeler River project which is approximately 35 km north of the largest uranium mine in the province, McArthur River.
Uranium explorer Denison Mines (TSX:DML,NYSEAMERICAN:DNN) has announced the completion of its transaction with Cameco (TSX:CCO,NYSE:CCJ) to acquire a majority stake in the Wheeler River uranium project in Saskatchewan.
Denison now possess a 90 percent interest in the project.
As quoted from the press release:
Denison’s joint venture partner in the project, JCU (Canada) Exploration Company Limited, waived its right of first refusal to pro rata participation in the Transaction, and retained its 10 percent participating interest in the project.
Denison acquired Cameco’s approximately 24 percent interest in the Wheeler River Joint Venture, in exchange for the issuance of 24,615,000 common shares of Denison, representing approximately 4.2 percent of the company’s issued and outstanding common shares.