JOHANNESBURG (miningweekly.com) – Toronto-listed Energy Fuels has increased the size of its board to ten directors, following the completion of the transaction to acquire uranium producer Denison Mines’ US mining assets on Friday.
With effect from June 30, Energy Fuels appointed Denison president and CEO Ron Hochstein and Denison director Robert Dengler to its board as directors.
The transaction received court approval and shareholder approval last week.
Denison said in a separate statement that it would continue as a uranium exploration and development company with interests in exploration and development projects in Saskatchewan, Zambia and Mongolia.
The company would maintain its 22.5% ownership interest in the McClean Lake uranium mill, located in northern Saskatchewan, which is one of the world's largest uranium processing facilities.
Denison's exploration project portfolio included the Phoenix deposit located on its 60%-owned Wheeler River project, also in the Athabasca basin region of Saskatchewan.
Further, the company would remain engaged in mine decommissioning and environmental services through its Denison Environmental Services division and continue to act as the manager of Uranium Participation Corporation that invests in uranium oxide in concentrates and uranium hexafluoride.
Denison shareholders would also hold about 63% of Energy Fuels’ issued and outstanding common shares.