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Denison raises $55m to advance Phoenix project

11th October 2023

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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Uranium exploration and development company Denison Mines on Tuesday announced bought-deal financing to raise $55.13-million to assist the company in advancing its Phoenix project to a final investment decision.

Denison, which trades on the TSX and NYSE American markets, entered into an agreement with Cantor Fitzgerald Canada, as sole book-runner and lead underwriter, to purchase 37-million shares at $1.49 each.

The underwriters have been granted an over-allotment option to purchase up to an additional 5.55-million shares at the issue price until October 16,  for potential additional gross proceeds of $8.27-million.

Based upon preliminary budgets and plans, Denison said it expected the funds, taken together with existing financial resources including those from prior prospectus financings, would be sufficient to advance the Phoenix project to a final investment decision and into the project execution phase. 

The Phoenix in-situ recovery uranium project forms part of Denison’s Wheeler River project, in the Athabasca basin.

The company also plans to use the proceeds for exploration and evaluation expenditures, as well as general corporate and administrative expenses.

Edited by Creamer Media Reporter

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