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Additional Information
Market: TSX NYSE AMEX
Sector: General Mining
EPIC: DML
Latest Price: 1.76  (-2.76% Descending)
52-week High: 4.39
52-week Low: 0.96
Market Cap: 677.00M
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Denison Mines
www.denisonmines.com

Denison Mines Corp. is an intermediate uranium producer in North America, with mining assets in the Athabasca Basin region of Saskatchewan, Canada and the southwest United States including Colorado, Utah, and Arizona. Further, the Company has ownership interests in two of the four conventional uranium mills operating in North America today. The Company also has a strong exploration and development portfolio with large land positions in the United States, Canada, Mongolia and Zambia.

Full Denison Mines profile here
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Korean utility to acquire 17% of uranium miner Denison

24th Jun 2009, 8:57 am
Korean utility to acquire 17% of uranium miner Denison

Author: Dorothy Kosich, Mineweb.net

Denison Mines and Korea Electrical Power Company (KEPCO) have signed agreements which will allow the South Korean utility to buy a 17% stake in the Toronto uranium mining company as well as purchase one-fifth of Denison's U308 production.

A KEPCO subsidiary will purchase 58 million common shares of Denison at an issue price of Cdn$1.30 per share for gross proceeds of Cdn$75.4 million (US$65.7 million).

Meanwhile entities affiliated with Denison Chairman Lukas Lundin will purchase 15 million common shares for gross proceeds of Cdn$19.5 million (US$17 million). Both are on a private placement basis.

On June 15th it was announced that Denison and KEPCO also entered into a long-term offtake agreement which requires Denison to deliver 20% of its annual U308  production, but not less than 350,000 pounds annually from 2011 to 2015. Denison has also granted KEPCO an option, exercisable within 30 days of the closure of the equity financing, to purchase an additional 400,000 pounds of U308  per year from 2011 to 2015.

The offtake agreement also provides that KEPCO will purchase 20% of Denison's uranium production after 2015, subject to agreement on pricing and that the utility company maintain a minimum 10% shareholding in Denison.

KEPCO has also appointed Joo-Ok Chang, vice president of KEPCO, to become a director of Denison, effective upon the closing of the share issuance to KEPCO.

Denison is an intermediate uranium producer in North America with mining assets in the Athabasca Basin of Saskatchewan, Canada and in Colorado, Utah and Arizona. The company has ownership interest in two of the conventional uranium mills operating in North America, as well as land positions in the United States, Canada, Mongolia and Zambia.

 

Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.   

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

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