TORONTO, Oct. 14, 2020 /CNW/ - Denison Mines Corp.
("Denison" or the "Company") (TSX: DML) (NYSE American: DNN)
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 51,347,321 Common Shares, at a price of
US$0.37 per Common Share, for total
gross proceeds of approximately US$19.0
million, which includes 4,347,321 Common Shares with the
exercise, in part, of the over-allotment option.
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.
(collectively the "Underwriters") pursuant to an underwriting
agreement between the Company and the Underwriters dated
October 8, 2020.
Proceeds of the Offering are anticipated to be used to fund
evaluation and environmental assessment activities on Denison's
Wheeler River project, as well as for general working capital
purposes.
The Common Shares were qualified for issuance pursuant to a
prospectus supplement (the "Prospectus Supplement") to the
Company's existing Canadian short form base shelf prospectus (the
"Base Shelf Prospectus") and U.S. registration statement on Form
F-10, as amended (File No. 333-238108) (the "Registration
Statement"), each dated June 2, 2020.
The Registration Statement was declared effective by the United
States Securities and Exchange Commission (the "SEC") on
June 3, 2020. The Prospectus
Supplement has been filed with the securities commissions in each
of the provinces and territories of Canada, except Quebec, and with the SEC. The Canadian
Prospectus Supplement (together with the related Canadian Base
Shelf Prospectus) is available on the SEDAR website maintained by
the Canadian Securities Administrators at www.sedar.com. The U.S.
Prospectus Supplement (together with the related U.S. Base Shelf
Prospectus) is available on the SEC's website at www.sec.gov.
Alternatively, the Prospectus Supplement and related Base Shelf
Prospectus may be obtained upon request by contacting the Company
or Cantor Fitzgerald Canada Corporation in Canada, attention:
Equity Capital Markets, 181 University Avenue, Suite
1500, Toronto, ON, M5H 3M7, email: ecmcanada@cantor.com;
Cantor Fitzgerald & Co., Attention: Equity Capital Markets, 499
Park Avenue, 6th Floor, New York, New York, 10022 or by email at
prospectus@cantor.com or Haywood Securities Inc., attention: Equity
Capital Markets, 200 Burrard Street, Suite 700, Vancouver, BC, V6C 3L6, email:
ecm@haywood.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 being 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, the Base
Shelf Prospectus or the Registration Statement.
About Denison
Denison Mines Corp. was formed under the laws of Ontario and is a reporting issuer in all
Canadian provinces and territories. Denison's common shares are
listed on the Toronto Stock Exchange (the 'TSX') under the symbol
'DML' and on the NYSE American exchange under the symbol 'DNN'.
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. 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 deposits
and a 66.71% interest in the J Zone and Huskie deposits on the
Waterbury Lake property. The Midwest, J Zone and Huskie deposits
are located within 20 kilometers of the McClean Lake mill. In
addition, Denison has an extensive portfolio of exploration
projects in the Athabasca Basin
region.
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 and maintenance services to a variety of industry
and government clients.
Denison is also the manager of Uranium Participation Corporation
('UPC'), a publicly traded company listed on the TSX under the
symbol 'U', which invests in uranium oxide in concentrates
('U3O8') and uranium hexafluoride
('UF6').
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 on the terms
herein described. 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.). 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.
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SOURCE Denison Mines Corp.