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Market: TSX
Sector: General Mining
Epic: TSX:DML
News: Latest news
Web Site: Denison Mines Corp
Other Articles: 07-08-200924-06-200915-06-2009

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Denison Mines Corp

Denison Mines Corp

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.
Wednesday, June 24, 2009

Korean utility to acquire 17% of uranium miner Denison

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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.   

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