Denison raises funds to advance ISR project

Staff reporter

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Preparation for field testwork at the Phoenix in-situ recovery (ISR) project in Saskatchewan, Canada

Canadian uranium developer Denison Mines Corp expects a US$55 million equity raise to help it advance its proposed $310 million Phoenix in-situ recovery (ISR) project into the project execution phase.

The company issued 37 million shares at US$1.49 to raise $55.13m via a bank syndicate led by Cantor Fitzgerald.

Phoenix is part of Denison’s 95%-owned flagship Wheeler River uranium project in Canada’s eastern Athabasca Basin. Its 2023 feasibility study outlined the case for an ISR operation with on-site processing to finished yellow cake (U3O8).

“Denison intends to use the net proceeds from the offering to fund advancement of the proposed Phoenix ISR uranium mining operation through the procurement of long-lead items – including associated engineering, testing and design – identified during the ongoing front-end engineering design process and the Phoenix feasibility study,” the company said.

“Based upon preliminary budgets and plans, Denison expects the funds, taken together with existing financial resources … will be sufficient to advance the Phoenix project to a final investment decision and into the project execution phase.”

Denison’s share price is up about 42% in the past six months. It’s current market value is about US$1.23 billion.


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