/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION
DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES/
TORONTO, Feb. 19, 2021 /CNW/ - Denison Mines Corp.
("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is
pleased to announce that it has closed its previously announced
bought deal public offering of units (the "Offering"). View PDF
version
The Company issued 31,593,950 units of the Company at
US$0.91 per unit for aggregate gross
proceeds of approximately US$28.75
million, which includes 4,120,950 units with the full
exercise of the underwriters' over-allotment option.
Each unit consists of one common share and one-half of one
transferable common share purchase warrant of the Company.
Each full warrant is exercisable to acquire one Company common
share at an exercise price of US$2.00
for 24 months after issuance. The warrants are not listed.
The Offering was completed through a syndicate of underwriters
co-led by Cantor Fitzgerald Canada Corporation and Haywood
Securities Inc., as joint bookrunners, and including Canaccord
Genuity Corp., Scotia Capital Inc. and TD Securities Inc.
Proceeds of the Offering are anticipated to be used to fund
evaluation and environmental assessment activities in support of
the advancement of the proposed Phoenix in-situ recovery uranium mining
operation ("Phoenix") on Denison's Wheeler River Uranium Project,
as well as for general working capital purposes. Subject to a
decision to advance to a formal Feasibility Study ("FS") for
Phoenix, the proceeds from the
Offering and current working capital are expected, based on current
estimates, to be sufficient to complete such FS process.
The Offering was made by way of a prospectus supplement dated
February 16, 2021 (the "Prospectus
Supplement") to the Company's existing Canadian short form base
shelf prospectus dated June 2, 2020
(the "Base Shelf Prospectus"). The Prospectus Supplement has been
filed with the securities commissions in each of the provinces and
territories of Canada, except Quebec and is available on the SEDAR website
maintained by the Canadian Securities Administrators at
www.sedar.com.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy securities, nor will there be
any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
The securities offered have not been approved or disapproved by any
regulatory authority, nor has any such authority passed upon by the
accuracy or adequacy of the Prospectus Supplement or the Base Shelf
Prospectus.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities laws and may not be offered or sold within
the United States or to or for the
account or benefit of a U.S. person (as defined in Regulation S
under the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
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, which is currently processing ore from the Cigar
Lake mine under a toll milling agreement, plus a 25.17% interest in
the Midwest 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, Midwest A, THT and
Huskie are located within 20 kilometres of the McClean Lake
mill.
Denison is 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.
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').
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 use of proceeds from sales from the
Offering, and Denison's expectations regarding its joint venture
ownership interests and the continuity of its agreements with 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, if market conditions remain volatile and/or COVID-19
mitigation measures result in more social and economic disruptions,
Denison may not use the proceeds of the Offering as herein
described or at all or pursue its evaluation and environmental
assessment activities or other intended purposes of the proceeds of
the Offering, which could have significant impacts on Denison. In
addition, the currently anticipated evaluation and environmental
assessment activities may not be maintained after further testing
or Denison may decide or otherwise be required to alter or
discontinue testing, evaluation and development work, if it is
unable to maintain or otherwise secure the necessary approvals or
resources (such as testing facilities, capital funding, etc.) and
the Company may not be able to, or may choose not to, proceed to a
FS for Phoenix. 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 Denison's Annual Information Form dated
March 13, 2020 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.
SOURCE Denison Mines Corp.