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Denison Mines Confirms Superior Proposal for UEX Corporation
TORONTO, July 29, 2022 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) has noted the disclosure made by Uranium Energy
About this update from Denison Mines Corp.
[{"type":"text","content":" TORONTO, July 29, 2022 /CNW/ - Denison Mines Corp. (\"Denison\" or the \"Company\") (TSX: DML) (NYSE American: DNN) has noted the disclosure made by Uranium Energy Corp. (\"UEC\") in its news release dated July 28, 2022. Denison hereby confirms that it has made a confidential proposal (an \"Acquisition Proposal\") to UEX Corporation (\"UEX\") to acquire all of the issued and outstanding shares of UEX. UEX has reported that its Board of Directors, in consultation with its legal and financial advisors, has determined that the Acquisition Proposal constitutes a \"Superior Proposal\" as defined in the Arrangement Agreement between UEC and UEX dated June 13, 2022 (\"Original Agreement\"). Denison understands that notice of such determination was provided to UEC on July 28, 2022. View PDF version The non-binding Acquisition Proposal remains subject to the entering into of a definitive arrangement agreement (\"Definitive Agreement\") and any discussions with respect to a transaction remain subject to the terms of a non-disclosure agreement (\"NDA\") entered into between Denison and UEX. At this time, no Definitive Agreement has been consummated between Denison and UEX, and the completion of any such agreement would require the termination of the Original Agreement in accordance with its terms. David Cates, President & CEO of Denison, commented: \"We believe that an acquisition by Denison of UEX, and its assets in northern Saskatchewan, has the potential to benefit Denison shareholders – bolstering Denison's position as a leading uranium development and exploration Company with an unwavering focus on the advancement of high-grade uranium deposits in the Athabasca Basin region. Importantly, an acquisition of UEX would allow Denison to consolidate 100% ownership in our flagship Wheeler River Project at an ideal time ahead of the anticipated final technical de-risking steps associated with the Feasibility Study in progress for the planned Phoenix In-Situ Recovery (\"ISR\") operation.\" An acquisition of UEX has the potential to yield multiple benefits to Denison shareholders: Consolidation of 100% ownership of Wheeler River – Wheeler River is host to the high-grade Phoenix and Gryphon uranium deposits and represents the largest undeveloped uranium project in the infrastructure-rich eastern portion of the...