Energy

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

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 Tthe Heldeth Túé ("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 kilometres 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

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 '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', 'be achieved' or 'has the potential to'.

In particular, this news release contains forward-looking information pertaining to the following: the terms of the Agreement and the OURD Agreement, including the conditions and other rights and obligations of the parties and the expectation that UEX, OURD and Denison will be able to complete the transactions described herein and therein; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners.

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 conditions to the transactions, including the approval of OURD shareholders, may not be satisfied or the parties may negotiate terms materially different than disclosed herein. Denison believes that the expectations reflected in this forward-looking information are reasonable and 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 the Annual Information Form dated March 26, 2021 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 Agreement To Acquire 50% Of JCU (Canada) Exploration Company, Limited From UEX Corporation for $20.5 Million (CNW Group/Denison Mines Corp.)

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SOURCE Denison Mines Corp.

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UEX Corporation Securityholders Approve Arrangement with Uranium Energy Corp.

(TheNewswire)

UEX Corporation

Saskatoon, Saskatchewan TheNewswire - August 16, 2022 UEX Corporation (TSX:UEX ) ( OTC:UEXCF) (" UEX " or the " Company ") is pleased to confirm that securityholders of UEX approved,  at the special meeting of UEX securityholders held earlier today (the " Meeting "), the special resolution (the " Arrangement Resolution ") in respect of a statutory plan of arrangement (the " Arrangement ") under the Canada Business Corporations Act (the " CBCA ") pursuant to which UEC 2022 Acquisition Corp., a wholly-owned subsidiary of Uranium Energy Corp. (" UEC ") will acquire all of the issued and outstanding common shares of UEX (" UEX Shares ") and in return, shareholders of UEX (" UEX Shareholders ") will receive, for each UEX Share held, 0.09 of one common share of UEC.

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UEX Announces Further Amended Arrangement Agreement with Uranium Energy Corp.

(TheNewswire)

UEX Corporation

Recommends Vote i n Favour o f UEC Arrangement

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Uranium Energy Corp and UEX Corporation Agree to Amendment to the Arrangement Agreement; Special Meeting of UEX Securityholders will Remain on Monday, August 15, 2022

(TheNewswire)

UEX Corporation

UEC Pro Forma Ownership Changes to 85.7% Compared to Previously Disclosed at 85.8% on Basic Share Basis

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Top Stories This Week: Gold Hits US$1,800, UEC and Denison Fight for UEX

Top Stories This Week: Gold Hits US$1,800, UEC and Denison Fight for UEXyoutu.be

The gold price was relatively steady this week. It pushed briefly past the US$1,800 per ounce mark midway through the period before falling back, but was ultimately able to close just above that level.

In focus is the latest US inflation data, which shows that the Consumer Price Index was flat month-on-month in July after rising 1.3 percent in June. It was up 8.5 percent year-on-year compared to June's 9.1 percent increase.

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Global Atomic Announces Q2 2022 Results

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today its operating and financial results for the three and six months ended June 30, 2022 .

HIGHLIGHTS

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Global Atomic Concludes Negotiations with the Government of Niger, forms Dasa Project Operating Company and appoints Board of Directors and Senior Management

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (Frankfurt: G12), is pleased to announce the incorporation of Société Minière DASA S.A. or "SOMIDA", the Company's Niger mining subsidiary under which the Dasa Uranium Project will operate. SOMIDA will be governed by a Board of Directors comprised of six representatives from the Company and three representatives of the Government of Niger .

Global Atomic Corporation Logo (CNW Group/Global Atomic Corporation)

HIGHLIGHTS:
  • Share ownership of SOMIDA will be 80% Global Atomic and 20% Government of Niger , including the 10% carried interest provided under the Niger Mining Code
  • The Niger Government will own 20% of the shares of SOMIDA and receive dividend income when paid
  • The Niger Government is obligated to contribute 10% of all capital and operating costs over the life of the mine
  • Moussa Souley, the former Managing Director of Orano's COMINAK Mine, has been appointed Managing Director of SOMIDA
  • Robert Parr , Mining Engineer, MBA, has been appointed Project Manager for Dasa

"Global Atomic Corporation would like to thank His Excellency, President Mohamed Bazoum and Madame Hadizatou Ousseini Yacouba, Minister of Mines of the Republic of Niger , for their support of the Dasa Project. We look forward to a long-term partnership in the development and operation of our outstanding new uranium mine which will benefit all Nigeriens", said Stephen G. Roman , Global Atomic's President & CEO.

"The Niger Government's decision to acquire and fund an additional 10% interest in the Dasa Project reflects their confidence in the quality of the deposit and longevity of the mine.  Uranium mining plays an important social-economic role in Niger , providing steady long-term employment and associated economic benefits including royalty payments, tax revenue at the local, regional and national levels, foreign exchange earnings and funds for regional development and local communities."

"This agreement demonstrates the Niger Government's commitment to support the Dasa Project, which will be viewed positively by our Banking Syndicate, who are currently conducting their Due Diligence review. We are now constructing the Dasa mining camp to house employees during construction and early-stage mine development. The Mine Site infrastructure is currently well advanced, with completion timed to coincide with commencement of mining operations and the collaring of the Portal, scheduled for November, 2022."

About Moussa Souley

Moussa Souley, is a Nigerien mining engineer, who from 2016 to 2021 was the Managing Director of the COMINAK Underground Mine a subsidiary of the French nuclear energy company Orano Group, located 100 kms north of the Dasa Project.  The Cominak Mine employed over 1,000 people and shut down after 50 years of mining in March 2021 .

Starting in December 2002 , Mr. Souley held several management positions with Orano (previously AREVA) in Niger and France.  Prior to that Mr. Souley worked as a mining engineer for Noranda in Canada , where he also studied mining and mineral processing engineering and received his Masters Degree in Mineral Economics from the University of Montreal .  Mr. Souley has also lectured and designed workshops at the Engineering School of Mines, Industry and Geology in Niamey, Niger .  Mr Souley speaks French and English.

About Robert Parr

Robert Parr is a mining engineer with more than 25 years' operational and technical experience across both underground and open pit operating environments.  He brings valuable and extensive experience from the significant time he has spent on Australian and international projects ( Africa , South America , Asia and Scandinavia).  Mr. Parr has recently held the roles of Chief Operating Officer for both a leading African mining contractor (SFTP Mining) and a large Colombian gold miner ( Caldas Gold ).  Prior to that he was the Project Director for constructing Sissingue Gold Mine in Ivory Coast .  He also has mine construction experience with Ranger Uranium (Rio Tinto, Australia ), Hecla Mining (San Isidora, Venezuela ), Barrick Gold (Bulyanhulu, Tanzania ) and Porgera Joint Venture (Barrick, Nui Guini ).  Mr. Parr speaks native English, conversational French and Spanish, and beginner Arabic.  He is a member of AusIMM and qualifies as a Competent Person for evaluating mining reserves.

About Global Atomic

Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The Company's Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration.  With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger , the Dasa Project is fully permitted for commercial production.  The Phase 1 Dasa Feasibility Study filed December 2021 represents approximately 20% of the current resource and estimates 45.4 million pounds U 3 O 8 production over a 12-year period to commence by the end of 2024.  Mine excavation began in Q1 2022.

Global Atomics' Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates a modern zinc production plant, located in Iskenderun, Turkey . The plant recovers zinc from Electric Arc Furnace Dust ("EAFD") to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. ("Befesa") listed on the Frankfurt exchange under 'BFSA', holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .

The information in this release may contain forward-looking information under applicable securities laws.  Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks.  Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and  phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved".  All information contained in this news release, other than statements of current or historical fact, is forward-looking information.  Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made.  Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance upon forward-looking statements.  Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law.  Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

SOURCE Global Atomic Corporation

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