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Denison Mines Announces Closing of US$345 Million Convertible Senior Notes Offering
TORONTO, Aug. 15, 2025 /CNW/ - Denison Mines Corp. (TSX: DML)(NYSE AMERICAN: DNN) ("Denison" or the "Company") is pleased to announce that it has closed its pre
About this update from Denison Mines Corp.
[{"type":"text","content":" TORONTO, Aug. 15, 2025 /CNW/ - Denison Mines Corp. (TSX: DML)(NYSE AMERICAN: DNN) (\"Denison\" or the \"Company\") is pleased to announce that it has closed its previously announced offering of convertible senior unsecured notes due 2031 (the \"Notes\") for an aggregate principal amount of US$345 million, which includes the upsized offering of US$300 million and the exercise in full of the $45 million option granted to the initial purchasers of the Notes (the \"Offering\"). Denison's President & CEO, David Cates, commented, \"Denison is humbled by the overwhelming support we received from the convertible note investment community for this offering of a 'US-Style' convertible note with a cash-settled capped call overlay – a novel transaction for a Canadian-domiciled and TSX-listed company. Any conversions of the Notes, prior to the maturity date of September 15, 2031, may be settled in cash, Denison common shares, or a combination of both, at Denison's election. With an annual coupon rate of 4.25%, the Notes are estimated to save Denison over US$100 million in interest payments over the life of the instrument when compared to the range of expected interest payments associated with traditional project debt financing alternatives. Additionally, the purchase by Denison of the capped calls helps protect the Company against increases in the conversion settlement value of the Notes, and the potential equity dilution associated therewith, by significantly raising the effective conversion price for the Notes from the US$2.92/share initial conversion price of the Notes up to the US$4.32/share cap price of the capped calls. Overall, the proceeds of the Offering put Denison in an excellent financial position to make a future final investment decision (\"FID\") and to commence construction, following the anticipated receipt of upcoming regulatory approvals, for the Company's flagship Phoenix In-Situ Recovery (\"ISR\") uranium mine in northern Saskatchewan.\" Summary of the Offering Approximately US$333 million of net proceeds after deducting the initial purchasers' commissions and other fees and expenses. Cantor Fitzgerald & Co. and Scotia Capital (USA) Inc. acted as active bookrunners. Cash interest coupon of 4.25% per annum, payable semi-annually in arrears on March 15th and September 15th of each year, beginning...