Denison Mines Corp 6-K, filed Oct 16, 2023
Denison Mines Corp. (DNN)
6-K
2023-10-16
For: 2023-10-16
View Original
Added on
April 07, 2026
About this 6-K
Denison Mines Corp filed this 6-K on October 16, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date: October 16, 2023
Commission File Number: 001-33414
Denison Mines Corp.
(Name of
registrant)
1100-40 University Avenue
Toronto Ontario
M5J 1T1 Canada
(Address of
principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover Form 20-F or Form
40-F.
Form
20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1): ☐
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7): ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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DENISON MINES
CORP.
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/s/ Amanda Willett
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Date: October
16, 2023
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Amanda
Willett
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Vice
President Legal and Corporate Secretary
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FORM 6-K
EXHIBIT INDEX
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Exhibit Number
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Description
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99.1
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Press release dated October 16,
2023 |
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Exhibit 99.1
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Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
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PRESS
RELEASE
Denison
Completes US$55 Million Offering
to Fund Long-Lead Procurement for Phoenix ISR
Project
Toronto, ON – October 16, 2023.
Denison Mines Corp. (“Denison” or the
“Company”) (DML: TSX, DNN: NYSE American) is pleased to
announce that today it has closed the previously announced bought
deal public offering of common shares (the “Offering”),
resulting in the issuance of 37 million shares, at a price of
US$1.49 per share, for total gross proceeds of US$55.13
million.
The
Offering was completed through a syndicate of underwriters led by
Cantor Fitzgerald Canada Corporation, as sole bookrunner and lead
underwriter, together with Canaccord Genuity Corp., Haywood
Securities Inc., Raymond James Ltd., BMO Nesbitt Burns Inc., Scotia
Capital Inc., Cormark Securities Inc. and SCP Resource Finance LP
pursuant to an underwriting agreement between Denison and the
underwriters dated October 11, 2023.
Denison intends
to use the net proceeds from the Offering to fund (1) the
advancement of the proposed Phoenix in-situ recovery uranium mining
operation (the “Phoenix Project”) 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; (2)
exploration and evaluation expenditures; and (3) general corporate
and administrative expenses, including those in support of
corporate development activities, and working capital
requirements.
Based upon
preliminary budgets and plans, Denison expects the funds, taken
together with existing financial resources including those from
prior prospectus financings, will be sufficient to advance the
Phoenix Project to a final investment decision and into the project
execution phase. Denison further expects to be able to fund
operations during this period while maintaining a large portion of
its current physical uranium holdings, which are planned to be
utilized in the future in connection with financing the continued
advancement and/or construction of the Phoenix
Project.
The Common Shares
were qualified for issuance pursuant to a prospectus supplement
(the “Prospectus Supplement”) to the Company's existing
Canadian short form base shelf prospectus (the “Base Shelf
Prospectus”) and U.S. registration statement on Form F-10, as
amended (File No. 333-258939) (the “Registration
Statement”), each dated September 16, 2021. The Registration
Statement was declared effective by the United States Securities
and Exchange Commission (the “SEC”) on September 17,
2021. The Prospectus Supplement has been filed with the securities
commissions in each of the provinces and territories of Canada,
except Quebec, and with the SEC. The Canadian Prospectus Supplement
is available on the SEDAR+ website maintained by the Canadian
Securities Administrators at www.sedarplus.ca. The U.S. Prospectus
Supplement (together with the related U.S. Base Shelf Prospectus)
is available on the SEC’s website at www.sec.gov. Alternatively, the
Prospectus Supplement may be obtained upon request by contacting
the Company or Cantor Fitzgerald Canada Corporation in Canada,
attention: Equity Capital Markets, 181 University Avenue, Suite
1500, Toronto, ON, M5H 3M7, email: ecmcanada@cantor.com
or Cantor Fitzgerald & Co., Attention: Equity Capital Markets,
499 Park Avenue, 6th Floor, New York,
New York, 10022 or by email at prospectus@cantor.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
The securities being offered have not been approved or disapproved
by any regulatory authority, nor has any such authority passed upon
by the accuracy or adequacy of the Prospectus Supplement, the Base
Shelf Prospectus or the Registration Statement.
About Wheeler River
Wheeler River is the largest undeveloped uranium project in the
infrastructure-rich eastern portion of the Athabasca Basin region,
in northern Saskatchewan. The project is host to the high-grade
Phoenix and Gryphon uranium deposits, discovered by Denison in 2008
and 2014, respectively, and is a joint venture between Denison (90%
and operator) and JCU (Canada) Exploration Company Limited (10%).
In August 2023, Denison filed a technical report summarizing the
results of (i) the feasibility study completed for In-Situ Recovery
(‘ISR’) mining of the high-grade Phoenix uranium
deposit and (ii) a cost update to the 2018 Pre- Feasibility Study
for conventional underground mining of the basement-hosted Gryphon
uranium deposit. 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. More information is available in the technical report
titled “NI 43-101 Technical Report on the Wheeler River
Project Athabasca Basin, Saskatchewan, Canada” dated August
8, 2023 with an effective date of June 23, 2023, a copy of which is
available on Denison's website and under its profile on SEDAR+ at
www.sedarplus.ca
and on EDGAR at www.sec.gov.
About Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin
region of northern Saskatchewan, Canada. In addition to the
Company’s effective 95% interest in its flagship Wheeler
River Uranium Project, Denison’s interests in Saskatchewan
include a 22.5% ownership interest in the McClean Lake Joint
Venture, which comprises 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 67.41%
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.
Through its 50% ownership of 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%).
Denison’s exploration portfolio includes further interests in
properties covering ~285,000 hectares in the Athabasca Basin
region.
For more information, please contact
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David Cates
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(416) 979-1991 ext.
362
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President and Chief Executive
Officer
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Follow Denison on
Twitter
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@DenisonMinesCo
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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
‘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’, ‘be
achieved’ or ‘has the potential to’.
In particular, this news release contains
forward-looking information pertaining to: the use of
proceeds from sales from the Offering, including expectations with
respect to the advancement of the Phoenix Project and an investment
decision on the Phoenix Project; and Denison’s expectations
regarding its joint venture ownership interests and the continuity
of its agreements with 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. For example, Denison
may decide or otherwise be required to suspend its evaluation or
other project activities if it is unable to maintain or otherwise
secure the necessary approvals or resources (such as testing
facilities, capital funding, etc.), which could have a material
impact on the Company’s intended use of proceeds of the
Offering and other objectives stated in this press release. Denison
believes that the expectations reflected in this forward-looking
information are reasonable and 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 27, 2023 under the heading “Risk Factors”. 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.