TORONTO, Nov. 15,
2024 /CNW/ - Denison Mines
Corp. ("Denison" or the "Company") (TSX:
DML; NYSE American: DNN) congratulates Foremost Clean Energy Ltd.
("Foremost") (NASDAQ:FMST) (CSE:FAT) on the completion of
its $10,500,250 private placement of
units on November 14, 2024 (the
"Offering"). The Offering provides Foremost with
significant funding to support its objective of exploring a
portfolio of Saskatchewan uranium
exploration properties pursuant to an option agreement entered into
with Denison on September 23, 2024
(the "Option Agreement"). Denison participated in the
Offering and will be filing an early warning report pursuant to
National Instrument 62-103 in respect of the change in holdings in
Foremost. View PDF version.
Under the Offering, Foremost issued 1,473,000 units at a price
of C$3.00 per unit, 1,022,500
flow-through units at a price of C$3.50 per flow-through unit, and 550,000
flow-through units sold to charitable purchasers at a price of
C$4.55 per charity flow-through
unit. Each unit is comprised of one Foremost common share and
one Foremost common share purchase warrant (each, an "Offering
Warrant"). Each Offering Warrant entitles the holder to
purchase one Foremost common share, for $4.00 per share, within 24 months after the
closing date of the Offering.
Prior to the Offering, Denison held 1,369,810 Foremost common
shares (representing 18.79% of Foremost's issued and outstanding
shares prior to closing of the Offering), which Denison received
pursuant to the Option Agreement, as partial consideration for
Foremost's acquisition of an initial 20% of Denison's interest
in 10 uranium exploration properties (see press release dated
October 7, 2024 for more
details). Prior to the Offering, Denison did not hold any
Foremost warrants.
Under the Offering, Denison exercised its rights under its
Investor Rights Agreement with Foremost and acquired 607,600 units,
comprised of 607,600 Foremost common shares and 607,600 Offering
Warrants, for $3.00 per unit,
for an aggregate subscription price of $1,822,800. Denison now owns 1,977,410
Foremost common shares and 607,600 Foremost warrants, immediately
following the closing of the Offering, representing 19.13% of the
issued and outstanding common shares of Foremost and 13.09% of the
issued and outstanding warrants of Foremost.
Additional Information
The Foremost Shares were acquired by Denison for investment
purposes. The Company intends to review, on a continuous basis,
various factors related to its investment in Foremost, and may
decide to acquire or dispose of additional securities of Foremost
as future circumstances may dictate, including under its
pre-emptive rights under the Investor Rights Agreement.
Further information will be available in the Early Warning
Report to be filed under Foremost's profile on SEDAR+ at
www.sedarplus.ca.
About Denison
Denison is a uranium mining, exploration and development
company with interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. The
Company has an effective 95% interest in its flagship Wheeler River
Uranium Project, which is the largest undeveloped uranium project
in the infrastructure rich eastern portion of the Athabasca Basin region of northern
Saskatchewan. In mid-2023,
a feasibility study was completed for the Phoenix deposit as an in-situ recovery ("ISR")
mining operation, and an update to the previously prepared 2018
Pre-Feasibility Study was completed for Wheeler River's Gryphon
deposit as a conventional underground mining operation. Based on
the respective studies, both deposits have the potential to be
competitive with the lowest cost uranium mining operations in the
world. Permitting efforts for the planned Phoenix ISR operation
commenced in 2019 and have advanced significantly, with licensing
in progress and a draft Environmental Impact Statement submitted
for regulatory and public review in October
2022.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake Joint Venture ("MLJV"), which includes
unmined uranium deposits (planned for extraction via the MLJV's
SABRE mining method starting in 2025) and the McClean Lake uranium
mill (currently utilizing a portion of its licensed capacity to
process the ore from the Cigar Lake mine under a toll milling
agreement), plus a 25.17% interest in the MWJV's Midwest Main and
Midwest A deposits, and a 69.44% interest in the Tthe Heldeth Túé
("THT") and Huskie deposits on the Waterbury Lake Property. The
Midwest Main, Midwest A, THT and Huskie deposits are located within
20 kilometres of the McClean Lake mill. Taken together, Denison has
direct ownership interests in properties covering ~384,000 hectares
in the Athabasca Basin
region.
Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ("JCU"),
Denison holds additional interests in various uranium project joint
ventures in Canada, including the
Millennium project (JCU, 30.099%), the Kiggavik project (JCU,
33.8118%), and Christie Lake (JCU,
34.4508%).
In 2024, Denison is celebrating its 70th year in uranium
mining, exploration, and development, which began in 1954 with
Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario.
Follow Denison on X (formerly Twitter) @DenisonMinesCo
About Foremost
Foremost Clean Energy (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8)
is an emerging North American uranium and lithium exploration
company with an option to earn up to a 70% interest in 10
prospective uranium properties spanning over 330,000 acres in the
prolific, uranium-rich Athabasca Basin. As the demand for
carbon-free energy continues to accelerate, domestically mined
uranium and lithium are poised for dynamic growth, playing an
important role in the clean energy mix of the future.
Foremost's uranium projects are at different stages of
exploration, from grassroots to those with significant historical
exploration and drill-ready targets. Its mission is to create
significant discoveries, alongside and in collaboration with
Denison, through systematic and disciplined exploration
programs.
For further information please visit the company's website
at www.foremostcleanenergy.com or contact
Foremost at 250 – 750 West Pender Street, Vancouver, British Columbia V6C 2T7.
Cautionary Statement Regarding Forward-Looking
Statements
Certain information contained in this news release
constitutes 'forward-looking information', within the meaning of
the applicable United States and
Canadian legislation, concerning the business, operations and
financial performance and condition of Denison. Generally,
these forward-looking statements can be identified by the use of
forward-looking terminology such as 'potential', 'plans',
'expects', 'budget', 'scheduled', 'estimates', 'forecasts',
'intends', 'anticipates', or 'believes', or the negatives and/or
variations of such words and phrases, or state that certain
actions, events or results 'may', 'could', 'would', 'might' or
'will' 'be taken', 'occur' or 'be
achieved'.
In particular, this news release contains forward-looking
information pertaining to Denison's current intentions and
objectives with respect to its investments in
Foremost and any future acquisitions or dispositions of
securities of Foremost, including in connection with
the Company's pre-emptive rights under the Investor Rights
Agreement; the terms of the units and warrants subscribed
for in the Offering; Denison's current intentions and objectives
with respect to, and commitments set forth in,
the Option Agreement, Investor Rights
Agreement and ancillary agreements; the
Company's exploration, development and expansion
plans and objectives for its projects;
and expectations regarding its joint venture ownership interests
and the continuity of its agreements with its joint venture
counterparties and third parties.
Forward looking statements are based on the opinions and
estimates of management as of the date such statements are made,
and they are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of Denison to be materially different
from those expressed or implied by such forward-looking statements.
Denison believes that the expectations reflected in this
forward-looking information are reasonable but no assurance can be
given that these expectations will prove to be accurate and results
may differ materially from those anticipated in this
forward-looking information. For a discussion in respect of risks
and other factors that could influence forward-looking events,
please refer to the factors discussed in Denison's Annual
Information Form dated March
28, 2024 under the heading
'Risk Factors' or in subsequent
quarterly financial reports. These factors are not, and should not
be construed as being, exhaustive.
Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking information
contained in this news release is expressly qualified by this
cautionary statement. Any forward-looking information and the
assumptions made with respect thereto speaks only as of the
date of this news release. Denison does not undertake any
obligation to publicly update or revise any forward-looking
information after the date of this news release to conform such
information to actual results or to changes
in Denison's expectations except as otherwise required
by applicable legislation.
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SOURCE Denison Mines Corp.
