Denison raising $75m for physical inventory of uranium

Wheeler River could become Canada’s first in-situ recovery uranium mine. ( In a release, the company said it expects the purchase will strengthen its balance sheet and enhance its ability to access project financing, potentially by using the holdings as collateral.

The uranium could also give Denison increased flexibility to negotiate long-term supply arrangements with future customers along with production from Wheeler River, if the in-situ recovery project is developed.

“The physical uranium holdings that we expect to acquire will represent a sizeable portion of Denison’s share ( 2018 prefeasibility study ) of the expected C$290 million of initial capital costs for Wheeler River,” said David Cates, President and CEO of Denison in a release. “As a result, we expect this transaction to enhance the long-term financial stability of the company, as we advance towards a definitive development decision.”

The offering of 68.2 million units priced at $1.1 per unit (one share […]

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