The proposed transaction is subject to regulatory and shareholder approvals.įission Uranium chairman & CEO Dev Randhawa said: "This merger will create the uranium industry’s leading exploration and development company at a time when the sector is poised for growth."ĭenison Mines executive chairman Ron Hochstein said: "The continued exploration success at our Phoenix deposit and Gryphon discovery, in combination with the discovery and exploration success of the world class Triple R deposit puts the combined company in an incredibly strong strategic position, with the most significant development portfolio in the world."ĭenison Mines has interests in exploration and development projects in Canada, Zambia, Mali, Namibia and Mongolia. The two junior uranium companies announced Tuesday morning that a majority of Fission shares were voted in favour of the merger, but the total fell short of the required two-thirds needed to close the deal. The new company will consolidate Fission’s 100% owned PLS Project and Denison’s 60% owned Wheeler River Project and Denison’s interests in the Midwest, McClean Lake, Waterbury Lake, Mann Lake, and Wolly projects, as well as Denison’s strategic 22.5% ownership interest in the McClean Lake Mill.įission shareholders will receive 1.26 shares of Denison for each share they hold plus C$0.0001 per share in cash. Fission Uranium Corp, Denison Mines Corp terminate merger agreement. The existing shareholders of Denison Mines and Fission Uranium will equally own the new company. The transaction will see the creation of a new company, to be named Denison Energy, with an expected market value of about C$900m. Denison Mines and Fission Uranium have signed a binding letter agreement to combine their respective businesses.
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