TORONTO, April 9, 2020 /PRNewswire/ - Denison
Mines Corp. ("Denison" or the "Company") (DML: TSX, DNN:
NYSE American) is pleased to announce that today it has closed its
previously announced public offering (the "Offering") of common
shares of the Company (the "Common Shares"). View PDF version.
The Company issued 28,750,000 Common Shares, at a price of
USD$0.20 per Common Share, for total
gross proceeds of USD$5,750,000,
which includes the exercise in full of the over-allotment option of
3,750,000 Common Shares.
David Cates, Denison's President
& CEO, commented, "We are pleased with the market's response
to the Offering. The exercise of the full over-allotment, and
the Company's ability to complete a significant equity financing in
the current market, speaks to the support that Denison has earned
over the last several years from its investors. The offering
was backed by several existing shareholders, including uranium
focused investment firms, insiders, and the Lundin family."
The Offering was completed through a syndicate of underwriters
co-led by Cantor Fitzgerald Canada Corporation, as sole
bookrunner, and Haywood Securities Inc., and included BMO
Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc.,
Canaccord Genuity Corp. and Raymond James Ltd. (collectively the
"Underwriters") pursuant to an underwriting agreement between the
Company and the Underwriters dated March 26,
2020.
Proceeds of the Offering are anticipated to be used to fund
Denison's business activities planned for the remainder of 2020 and
into 2021, as well as for general working capital purposes, as more
fully described in the Company's final short form prospectus.
The Common Shares were qualified for issuance pursuant to a
final short form prospectus in all provinces of Canada (other than Quebec), and in the
United States pursuant to a related registration statement
on Form F-10, as amended (SEC File No. 333-237381), filed with the
United States Securities and Exchange Commission (the "SEC") under
the Canada/U.S.
multi-jurisdictional disclosure system. The final short form
prospectus is available on SEDAR at www.sedar.com and the
registration statement, including the U.S. form of the final short
form prospectus, is available on the SEC's website at www.sec.gov.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
Common Shares in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of that jurisdiction. The Common Shares
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 or the registration statement.
About Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca
Basin region of northern Saskatchewan,
Canada. Denison's Athabasca
Basin exploration portfolio consists of numerous projects covering
approximately 280,000 hectares. The Company's flagship project is
the 90% owned Wheeler River Uranium Project. Denison's interests in
the Athabasca Basin 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 66.57% interest in the J
Zone and Huskie deposits on the Waterbury Lake property. Each of
Midwest, Midwest A, J Zone 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 Corp., a
publicly traded company which invests in uranium oxide and uranium
hexafluoride.
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 proposed use of
proceeds of the Offering; evaluation and development plans and
objectives; 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, if market conditions remain volatile and/or COVID-19
mitigation measures result in more social and economic disruptions,
Denison may not be able to complete its operational plans as
currently anticipated, which could have significant impacts on
Denison and its ability to continue as a going concern.
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 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.
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SOURCE Denison Mines Corp.