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Denison Announces Successful Procurement of 2.5 Million Lbs U3O8 as Part of Project Finance Initiative
Denison Announces Successful Procurement of 2.5 Million Lbs U3O8 as Part of Project Finan...
About this update from Denison Mines Corp.
[{"type":"text","content":"\n \n \n \n Denison Announces Successful Procurement of 2.5 Million Lbs U3O8 as Part of Project Finance Initiative\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n \n \n \n TORONTO\n \n ,\n \n April 1, 2021\n \n /CNW/ -\n \n Denison Mines Corp\n \n . (\"Denison\" or the \"Company\") (TSX: DML) (NYSE American: DNN) is pleased to announce that it has successfully secured 2.5 million pounds of uranium concentrates (\"Uranium\" or \"U\n \n 3\n \n O\n \n 8\n \n \"), at a weighted average price of\n \n USD$29.61\n \n per pound U\n \n 3\n \n O\n \n 8\n \n and a total cost of approximately\n \n USD$74 million\n \n , as part of its previously announced project financing initiative in support of the future advancement and/or construction of the Company's flagship 90% owned Wheeler River Uranium Project (\"Wheeler River\" or the \"Project\"). All purchases were made in the uranium spot market, with delivery dates ranging from\n \n April 2021\n \n to\n \n October 2021\n \n .\n \n View PDF version\n \n .\n \n \n The purchased Uranium is expected to strengthen the Company's balance sheet and enhance its ability to access future project financing, with the potential collateralization of the Uranium holdings.  In addition, the purchased Uranium could provide the Company with increased flexibility to negotiate long-term Uranium supply arrangements with future customers.  If a future decision is made to advance Wheeler River into construction, the Company could eventually market its physical Uranium investments to its future customers along with the mine production from Wheeler River.\n \n \n \n David Cates\n \n , President and CEO of Denison, commented,\n \n \n \"We're pleased with the result of our recent uranium procurement process – having secured a significant quantity of material, to meet our target of 2.5 million pounds U\n \n 3\n \n O\n \n 8\n \n , at an average price of\n \n USD$29.61\n \n per pound.  This material was secured amidst a tightening market, which has seen the spot price of uranium rise app...