Denison Announces Expiry of Offer to Acquire UEX

Denison Mines logo (CNW Group/Denison Mines Corp.)

Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) announces that its confidential offer to acquire UEX Corporation ("UEX") dated July 22, 2022 (the "Acquisition Proposal") has expired. View PDF version

Despite Denison's Acquisition Proposal representing a premium to the 10-day and 20-day volume weighted average price implied by both the original agreement between UEX and Uranium Energy Corp. ("UEC") dated June 13, 2022 (the "Previous UEC Offer") and the amended agreement with UEC dated August 5, 2022 (the "Amended UEC Offer"), the board of directors of UEX has concluded that Denison's Acquisition Proposal was matched by the Amended UEC Offer.

Denison also notes that recent trading prices were affected by UEC's July 28, 2022 public disclosure of the Denison Acquisition Proposal, which was delivered confidentially to UEX under an existing non-disclosure agreement between Denison and UEX.

David Cates , President & CEO of Denison, commented: "   In   preparing our   now   expired   Acquisition Proposal,   Denison assessed the performance of UEX   's   share price under the Previous UEC Offer and   saw an opportunity to   present a   n alternat   i   ve proposal, which was determined by the UEX board to be a Superior Proposal on July   28th   .   While   it is puzzling   that   the UEX board   was not compelled by   the premium offer made by Denison   , we are nevertheless happy to see exploration assets in the Athabasca Basin so coveted by other industry participants. Just last year   ,   Denison purchased 50% of JCU ( Canada ) Exploration Company, Limited ("JCU") for $20.5 million . Given that we view the other 50% of JCU as   UEX's most valuable   asset   , we are pleased to now see UEX transact   at a valuation   greater than   $   300   million.

Denison remains wholly focused on the   advancement   of the Wheeler River Project, the largest undeveloped uranium project in the infrastructure-rich   e   astern portion of the Athabasca Basin region of   n   orthern Saskatchewan .   Following   favorable metallurgical testing results   announced   last week and a   nother   major milestone we will be announcing later this morning, we are more confident than ever that Wheeler River is the premier uranium development project in the   e   astern Athabasca Basin   and that Denison is   uniquely positioned to offer   investors exposure to   new sources of high-grade and low-cost   Canadian uranium production in the years ahead.   "

About Denison

Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada . The Company has an effective 95% interest in its flagship 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 . A Pre-Feasibility Study was completed for Wheeler River in late 2018, considering the potential economic merit of developing Phoenix as an ISR operation and the Gryphon deposit as a conventional underground mining operation.

Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture, which includes several uranium deposits and the McClean Lake uranium mill, which 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 Tthe Heldeth Túé ("THT", formerly J Zone) and Huskie deposits on the Waterbury Lake property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Denison's exploration portfolio includes further interests in properties covering approximately 300,000 hectares in the Athabasca Basin region.

Through its 50% ownership of JCU, Denison holds additional interests in various uranium project joint ventures in Canada , including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%) and Christie Lake (JCU, 34.4508%).

Denison is also engaged in post-closure mine care and maintenance services through its Closed Mines group (formerly Denison Environmental Services), which manages Denison's reclaimed mine sites in the Elliot Lake region and provides related services to certain third-party projects.

Follow Denison on Twitter: @DenisonMinesCo

Cautionary Statement Regarding Forward-Looking   Statements

Certain information contained in this news release constitutes 'forward-looking information'   , within the meaning of the applicable United States and Canadian legislation, concerning the business, operations and financial performance and condition of Denison.  Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'potential', 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will   '   '   be taken', 'occur' or 'be achieved'.

In particular, this news release contains forward-looking information pertaining to the following: expectations with respect to the   proposal for a transaction with UEX   ;   expectations regarding the Company's exploration   and   evaluation   programs   and potential for project development   , particularly with respect to Wheeler River   ;   and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners and third parties.

Forward-   looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, the modelling and assumptions upon which the work plans for exploration and/or the Wheeler River Project are based may not be maintained after further work is completed.  In addition, Denison may decide or otherwise be required to discontinue exploration, testing, evaluation and development work if it is unable to maintain or otherwise secure the necessary resources (such as testing facilities, capital funding, regulatory approvals, etc.).  Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 25, 2022   ,   or subsequent quarterly financial reports under the heading 'Risk Factors'. These factors are not, and should not be construed as being exhaustive.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.

Denison Announces Expiry of Offer to Acquire UEX (CNW Group/Denison Mines Corp.)

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/denison-announces-expiry-of-offer-to-acquire-uex-301601196.html

SOURCE Denison Mines Corp.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/August2022/08/c7365.html

News Provided by Canada Newswire via QuoteMedia

DML:CA,DNN
The Conversation (0)
Denison Announces Completion of Conceptual Mining Study Evaluating ISR for Midwest and Plans to Advance Efforts in 2023

Denison Announces Completion of Conceptual Mining Study Evaluating ISR for Midwest and Plans to Advance Efforts in 2023

Denison Mines logo (CNW Group/Denison Mines Corp.)

Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is pleased to announce the successful completion of an internal conceptual mining study (the "Concept Study") examining the potential application of the In-Situ Recovery ("ISR") mining method at the Company's 25.17% owned Midwest project ("Midwest"). The Concept Study was prepared by Denison during 2022 and was formally issued to the Midwest Joint Venture ("MWJV") in early 2023. Based on the positive results of the Concept Study, the MWJV has now provided Denison with approval to complete additional ISR-related evaluation work for Midwest in 2023. View PDF version .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Denison Reports Financial and Operational Results for 2022, Including Significant De-Risking and Regulatory Milestones

Denison Reports Financial and Operational Results for 2022, Including Significant De-Risking and Regulatory Milestones

Denison Mines logo (CNW Group/Denison Mines Corp.)

Denison Mines Corp. ('Denison' or the 'Company') (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the year ended December 31, 2022 . Both documents will be available on the Company's website at www.denisonmines.com , SEDAR (at www.sedar.com ) and EDGAR (at www.sec.govedgar.shtml ). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. View PDF version .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Nuclear Fuels CEO and President Greg Huffman.

Nuclear Fuels Aims to Boost US Domestic Uranium Supply Chain, CEO Greg Huffman says

Issues facing the global uranium supply chain have created a significant opportunity for emerging explorers and producers to leverage the growing demand for nuclear energy and build more secure and stable domestic supply chains.

In an interview with the Investing News Network, Nuclear Fuels (CSE:NF) CEO and President Greg Huffman said his company is strategically positioned to supply growing US uranium demand by advancing its uranium projects in Wyoming.

“We have massive, massive increases in terms of expected demand for uranium,” he said. “What we at Nuclear Fuels are focused on is being able to come up with new sources of domestic US uranium to help supply that increase in demand for nuclear power.”

Keep reading...Show less

Laramide's 2024 Drill Program Continues to Return Strong Results at the Westmoreland Project in Queensland, Australia, including Notable Gold Mineralisation

Highlights:

  • Results continue to demonstrate the potential to link the Huarabagoo and Junnagunna uranium deposits
    • HJ24DD017 – 25.00m @ 393.64 ppm (0.04%) U 3 O 8 from 15.00m ,
      • including 1.00m @ 1,015.29 ppm (0.10%) U 3 O 8 from 28.00m
      • and 1.00m @ 2,128.46 ppm (0.21%) U 3 O 8 from 34.00m
    • HJ24DD019 – 6.00m @ 1,177.43 ppm (0.12%) U 3 O 8 from 87.00m ,
      • including 4.00m @ 1,520.58 ppm (0.15%) U 3 O 8 from 89.00m
  • Uranium mineralisation at Huarabagoo continues to deliver impressive results including:
    • HB24DD010 – 15.60m @ 2,237.03 ppm (0.22%) U 3 O 8 and 0.53 g/t Au from 68.40m ,
      • including 1.00m @ 2,264.06 ppm (0.23%) U 3 O 8 and 0.23 g/t Au from 70.00m
      • and 7.00m @ 4311.16 ppm (0.43%) U 3 O 8 and 0.10 g/t Au from 76.00m
      • with highest intercept result of 1.00m @ 1.42% U 3 O 8 and 0.01 g/t Au from 80.00m
  • Broad zones of gold mineralisation were also intercepted with grades up to 24.2g/t Au
    • HB24DD008 – 19.00m @ 620.58 ppm (0.06%) U 3 O 8 and 1.95 g/t Au from 48.00m ,
      • including 2.00m @ 1,720.45 ppm (0.17%) U 3 O 8 and 1.64 g/t Au from 57.00m
      • and 2.00m @ 2,202.16 ppm (0.22%) U 3 O 8 and 12.39 g/t Au from 64.00m
      • with highest intercept result of 1.00m @ 2,299.44 ppm (0.22%) U 3 O 8 and 24.20g/t Au from 65.00m
    • HB24DD006 – 8.00m @ 1,449.86 ppm (0.14%) U 3 O 8 & 0.22 g/t Au from 36.00m ,
      • including 1.70m @ 6,208.83 ppm (0.62%) U 3 O 8 & 0.78 g/t Au from 37.60m .
  • New Exploration Permit (EPM 28807) granted adjacent to Westmoreland Project adding 327km   2 of highly prospective tenure in NW Queensland

Laramide Resources Ltd. ( "Laramide" or the "Company" ) (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant assets in the United States and Australia is pleased to announce another batch of assay results from the 2024 drilling campaign completed at the Westmoreland Uranium Project in Queensland, Australia ( "Westmoreland" ) and the receipt of a permit for exploration for a large land package immediately east of and adjacent to the current Westmoreland land tenure.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Nuclear reactors at dusk.

NexGen Signs First Uranium Contracts, Will Sell 5 Million Pounds to US Utilities

NexGen Energy (TSX:NXE,NYSE:NXE,ASX:NXG) said on Wednesday (December 4) that it has set up its first uranium sales agreements with several leading US nuclear utility companies.

These contracts, starting in 2029, cover the delivery of 5 million pounds of uranium over a five year period and employ market-related pricing mechanisms to optimize returns by leveraging future uranium prices.

The uranium will be sourced from NexGen’s Rook I Project in Saskatchewan, Canada, which the company believes is positioned to become one of the largest uranium-mining operations globally.

Keep reading...Show less

Laramide Resources closes option agreement on exploration opportunity in Kazakhstan's prolific Chu-Sarysu Basin

Highlights:

  • Laramide has completed the agreement terms for the opportunity to explore 22 subsoil use license applications covering approximately 5,500 km 2 comprising the Chu-Sarysu Project located in the Suzak District of the South Kazakhstan Oblast, Republic of Kazakhstan .
  • The prospective land package covers an area which is proximal to some of Kazatomprom's largest uranium deposits and operational mines, including Cameco's JV project, Inkai, and Orano's JV project, Muyunkum-Tortkuduk.
  • The Chu-Sarysu Project area includes a number of mapped, paleo-channel roll-fronts, associated with uranium deposits and amenable to ISR mining.
  • Laramide will operate and fund the exploration program towards the discovery of a viable uranium resource.

Laramide Resources Ltd. ( "Laramide" or the "Company" ) (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant assets in the United States and Australia is pleased to announce the successful closing of a three-year option agreement (the " Option Agreement "), with an option to extend for an additional year, with Aral Resources Ltd. (" Aral "), a Kazakh company registered with the Astana International Financial Center and the shareholders of Aral (the " Optionors "). Aral has secured 22 mineral licenses covering nearly 5,500 square kilometres of the Chu-Sarysu sedimentary basin of Kazakhstan (collectively, the " Chu-Sarysu Project ").

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×