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Denison Delivers Offer to Acquire 100% Ownership of JCU (Canada) Exploration Company, Limited
Denison Delivers Offer to Acquire 100% Ownership of JCU (Canada) Exploration Company, Lim...
About this update from Denison Mines Corp.
[{"type":"text","content":"\n \n \n \n Denison Delivers Offer to Acquire 100% Ownership of JCU (Canada) Exploration Company, Limited\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 May 4, 2021\n \n /CNW/ -\n \n Denison Mines Corp.\n \n (\"Denison\" or the \"Company\") (TSX: DML) (NYSE American: DNN) announces that it has delivered a binding offer (the \"Denison Offer\") to Overseas Uranium Resources Development Co., Ltd. (\"OURD\") to acquire 100% ownership of OURD's wholly-owned subsidiary, JCU (\n \n Canada\n \n ) Exploration Company, Limited (\"JCU\").\n \n PDF Version\n \n \n \n JCU holds a portfolio of uranium project joint venture interests in\n \n Canada\n \n , including a 10% interest in Denison's 90% owned Wheeler River uranium project.\n \n \n The Denison Offer includes the following features:\n \n \n \n Consideration including cash payments of up to\n \n CAD$40.5 million\n \n and the assumption of JCU's existing liabilities (see below). The cash payments include a\n \n CAD$10.0 million\n \n refundable deposit on signing of a definitive agreement, an additional\n \n CAD$28.0 million\n \n on closing, and a further amount of up to\n \n CAD$2.5 million\n \n , which is expected to be paid within 45 days of the closing date and is subject to adjustment based upon JCU's actual working capital on the closing date.\n \n \n Binding subject only to the completion of definitive documentation, regulatory approvals (if applicable), and the termination of OURD's existing definitive purchase agreement with UEX Corporation (TSX: UEX) in accordance with its terms.\n \n \n No conditions for (i) due diligence on the assets of JCU, or (ii) obtaining the necessary financing to fund the purchase price – as Denison already possesses sufficient cash to fully fund the acquisition.\n \n \n A commitment to OURD that JCU will be maintained as a corporate subsidiary in order for JCU to meet its joint venture commitments.\n \n \n Assumption of JCU's outstanding liabilities owed to the Japan Atomic Energy Agency.\n \n \n \n If...