/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, March 3, 2021 /CNW/ - Denison Mines Corp.
("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is
pleased to announce that it has closed its bought deal private
placement of common shares that qualify as "flow-through shares"
for purposes of the Income Tax Act (Canada) (the "Flow-Through Shares"),
previously announced on February 11,
2021. View PDF version
Denison issued 5,926,000 Flow-Through Shares at a price of
$1.35 per Flow-Through Share, for
total gross proceeds of approximately $8
million (the "Offering"). Cantor Fitzgerald Canada
Corporation and Haywood Securities Inc. acted as co-lead
underwriters and joint bookrunners for the Offering.
David Cates, President and CEO of
Denison, commented, "Our 2020 exploration program at Wheeler
River resulted in the discovery of new high-grade uranium
mineralization along the K-West conductive trend, and returned the
best mineralized drill hole completed to date at Zone C of the
Phoenix deposit. Both
results point to the value of continued exploration in proximity to
Phoenix – with the potential for
the discovery and delineation of an ISR amenable uranium deposit
that could become a satellite operation for the Company's planned
ISR processing plant at Wheeler River."
The Company has agreed to use the gross proceeds from the sale
of the Flow-Through Shares for "Canadian exploration expenses"
(within the meaning of the Income Tax Act (Canada)), related to the Company's Canadian
uranium mining exploration projects in Saskatchewan. The Company has also agreed to
renounce such Canadian exploration expenses with an effective date
of no later than December 31,
2021.
The Flow-Through Shares issued in connection with the Offering
are subject to a statutory hold period in accordance with
applicable Canadian securities legislation.
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 and
uranium hexafluoride.
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, the potential for the discovery and delineation of an ISR
amenable uranium deposit at Wheeler River that could become a
satellite operation for the Company's planned ISR processing
plant, 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 exploration, evaluation and
environmental assessment activities or the intended purposes of the
proceeds of the Offering, which could have significant impacts on
Denison. 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.