In January this year, the maiden Triple R resource totaled 2.29 million indicated tonnes grading 1.58% U 3O 8 and 0.51 g/t Au for 79.61 million lb U 3O 8 and 38,000 oz of gold. Those mines are long closed, but the company has amassed a strong portfolio of advanced and earlier stage exploration properties in Canada, Africa and Asia.įission made its PLS uranium discovery in November 2012, and it has poured all its efforts into that property. This amalgamation can be seen as the melding of the old guard with the new.ĭenison made its reputation in the Elliot Lake, ON, uranium camp in the middle of the 20 th Century.
The board will be comprised of 10 directors: five from Denison and five from Fission. Lucas Lundin is to be the non-executive chair, Dev Randhawa will become CEO, Ross McElroy will be president and COO, and David Cates will become CFO. The market capitalization of the new company will be approximately $900 million.ĭenison Energy will combine the extensive expertise of individuals from both companies. The new company, to be called Denison Energy Corp., will be equally owned by former Denison and former Fission shareholders.
The agreement between the two companies specifies that Fission shareholders will receive 1.26 common shares of Denison plus $0.0001 per share in cash for each Fission common share held. The new company will have Denison's 22.5% of the McLean Lake mill, 60% of the Wheeler River project on the eastern rim of the Athabasca Basin, and all of the hottest new uranium exploration play on the southwest rim, the Patterson Lake South project. of Kelowna, BC, have announced plans to combine their businesses, creating a diversified uranium enterprise.