Up to Friday's close, Denison Mines' shares had declined 9.4 percent since the announcement of the deal, while Fission Uranium's stock had lost nearly a third of its value.ĭenison Mines agreed to buy Fission Uranium in July to create a diversified uranium company in a strong position in the Athabasca Basin in northern Saskatchewan through Fission's Patterson Lake South Project and Denison's Wheeler River Project. Randhawa said he does not expect a revised offer from Denison.įission's shares jumped 5.8 percent, or 4 Canadian cents, to 73 cents in Toronto, while Denison's stock gained 1.5 percent, or 1 Canadian cent, to 68 cents.įission will continue drilling at Patterson Lake, viewed by some as the best undeveloped uranium deposit in the world, and resume its search for a strategic investor, Randhawa said.Īt the deadline for submission of proxies on Friday, Denison's shareholders strongly supported the arrangement.īoth companies have canceled the shareholders' meetings scheduled for Wednesday. Pursuant to the Agreement, Denison will acquire a portfolio of uranium exploration projects including Fission''s 60 interest in the Waterbury Lake uranium project, as well as Fission''s. They viewed Denison's assets as lower quality than Fission's Patterson Lake South project in northern Saskatchewan, he added. that UEXs board believes to be better than one made by Uranium. Denison Mines intends to acquire Fission Uranium for C483 million.

The firm has interest in the McClean Lake and Mill, Wheeler River, Waterbury, Midwest, and Hook-Carter. Cantor Fitzgerald analyst Rob Chang said some Fission shareholders did not support the combination because it lacked operational synergies. confirmed Friday that it has extended an offer to acquire UEX Corp. The combined company will be named Denison Energy, boasting a market capitalization. engages in the exploration and development of uranium.

Denison mines fission uranium