Denison sells Goviex shares, warrants for $41.6m
Dual-listed Denison Mines has entered into a private agreement to sell shares and warrants that it held in Africa-focused explorer and developer GoviEx Uranium for investment purposes for $41.6-million.
Denison will sell 32.5-million common shares, currently held for investment purposes, and 32.5-million common share purchase warrants entitling the holder to acquire one additional common share of GoviEx owned by Denison at an exercise price of $0.80 for a term of 18 months.
On closing of the transaction, Denison will receive gross proceeds of $15.6-million and will continue to hold 32.64-million common shares of GoviEx. If the GoviEx warrants are exercised in full, Denison will receive a further $26-million and will transfer a further 32-5-million common shares of GoviEx to the warrant holder.
The agreement is with an existing institutional shareholder of GoviEx.
Denison intends to use the net proceeds of the Transaction for general corporate purposes.
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