Denison Receives $20.45 Million From UEX To Settle Loan From JCU Transaction
TORONTO – Denison Mines Corp. (“Denison” or the “Company”) (TSX: DML) (NYSE American: DNN) is pleased to announce that UEX Corporation (“UEX”) has repaid the interest-free 90-day term loan provided to UEX by Denison in connection with UEX’s purchase of JCU (Canada) Exploration Company, Limited (“JCU”) (the “Term Loan”, see Denison news release from August 3, 2021). On the transfer of 50% of the shares in JCU from UEX to Denison, completed on August 3, 2021, $20.5 million of the amount drawn under the Term Loan was deemed repaid by UEX. The balance of the Term Loan, of $20.45 million, was repaid in cash by UEX today. View PDF version.
David Cates, President and CEO of Denison, commented, “Denison congratulates UEX on their recent financing and repayment of the Term Loan. We are looking forward to working with UEX on Denison’s flagship Wheeler River project and the various other projects that make up JCU’s unique and valuable portfolio of strategic Canadian uranium interests.”
In connection with the repayment, Denison has agreed to release its security for the Term Loan, including the pledge of all of the shares of JCU owned by UEX.
Denison is a uranium 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. Denison’s interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake joint venture (“MLJV”), which includes several uranium deposits and the McClean Lake uranium mill that is contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest Main and Midwest A deposits, and a 66.90% interest in the Tthe Heldeth Túé (“THT,” formerly J Zone) and Huskie deposits on the Waterbury Lake property. Each of Midwest Main, Midwest A, THT and Huskie are located within 20 kilometres of the McClean Lake mill.
Through its 50% ownership of JCU, Denison also holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU 30.099%), the Kiggavik project (JCU 33.8123%) and Christie Lake (JCU 34.4508%).
Denison is also engaged in mine decommissioning and environmental services through its Closed Mines group (formerly Denison Environmental Services), which manages Denison’s Elliot Lake reclamation projects and provides post-closure mine care and maintenance services to a variety of industry and government clients.
David Cates, President and Chief Executive Officer, (416) 979-1991 ext 362; Shae Frosst, Investor Relations, (416) 979-1991 ext 228