Hi Pat: I wonder if you could give your readers a little bit of "plain speak" on the new deal with Denison Mines and Energy Fuels Inc. It sounds like a convoluted mess, or maybe it's just a bad press release that doesn't explain things very well. In short, is this a good, bad or ugly thing for Denison Mine stock holders? Thanks much. Your advice is always heeded!
Energy Fuels Inc., $0.24, symbol EFR on Toronto (Shares outstanding: 214.3 million; Market cap: $51.4 million; www.energyfuels.com), is buying the U.S. assets of Denison Mines Corp., $1.44, symbol DML on Toronto (Shares outstanding: 384.7 million; Market cap: $554.0 million; www.denisonmines.com), for $106 million in Energy Fuels shares.
Energy Fuels says that its three largest shareholders—Dundee Resources Ltd., Pinetree Capital Ltd. and Mega Uranium Ltd.—who together own about 22.7% of its shares, have indicated their willingness to support the deal.
Energy Fuels also plans to seek shareholder approval to implement a 10-for-1 reverse stock split.
After the sale closes, Denison plans to hand out its shares of Energy Fuels to Denison shareholders.
Denison will hang on to its Canadian assets, which include a 22.5% interest in Areva S.A. of France’s McClean Lake mill in Saskatchewan, as well as interests in exploration properties in that province’s Athabasca Basin (including its 60%-owned project at Wheeler River), and in Mongolia and Zambia.
Denison’s narrower focus after the sale could…
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