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Denison bids for JCU (Canada) Exploration
Denison Mines’ Wheeler River uranium project in northern Saskatchewan’s Athabasca basin. Credit: Denison Mines.
Posted By: Trish Saywell
May 4, 2021
Denison Mines (TSX: DML; NYSE-AM: DNN) is offering to buy JCU (Canada) Exploration Company, a wholly owned subsidiary of Overseas Uranium Resources Development Company Ltd., for cash payments of up to $40.5 million in three instalments and the assumption of JCU’s liabilities.
JCU (Canada) Exploration Company holds a 10% stake in Denison’s 90%-owned Wheeler River project, which Denison describes as the largest undeveloped uranium project in the eastern portion of northern Saskatchewan’s Athabasca Basin.
05 May 2021 (Last Updated May 5th, 2021 11:53)
Denison Mines has made an offer to acquire a 100% stake in JCU (Canada) Exploration Company, shortly after UEX signed a deal to purchase the business.
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Denison Mines has made an offer to acquire a 100% stake in JCU (Canada) Exploration Company, shortly after UEX signed a deal to purchase the business.
JCU is a unit of Overseas Uranium Resources Development (OURD).
It owns uranium project joint venture (JV) interests in Canada. This includes a 10% stake in Denison’s 90%-owned Wheeler River uranium project in Saskatchewan.
The offer from the uranium mine developer includes $32.9m (C$40.5m) in cash for JCU and the assumption of outstanding liabilities of JCU owed to the Japan Atomic Energy Agency.
Author Bio
Howard grew up in Philadelphia watching the Philly sports teams struggle for championships. He has been investing since 1989 and been a Fool since 2001. Prior to joining The Fool as a contract writer in 2019, Howard worked in the steel business as an engineer for 28 years. When he isn’t writing, he is usually out for a run, or relaxing to the music of the Grateful Dead.
What happened
Shares of Canadian uranium exploration, development, and production company
Denison Mines (NYSEMKT:DNN) jumped double digits today after the company made an offer to buy JCU Exploration. Denison shares closed today s session 11% higher.
Denison moves to lock down 100% of Wheeler River project May 4, 2021
Wheeler River could become Canada’s first in-situ recovery uranium mine. (Image courtesy of Denison Mines)
Denison (TSX: DML) announced on Tuesday that it has delivered an offer to Overseas Uranium Resources Development to acquire a 100% interest in its subsidiary
JCU (Canada) Exploration Company for $40.5 million in cash, more than tripling the $12.5 million accepted offer in place with
UEX Corp. (TSX: UEX) announced the week before last.
JCU’s assets include 10% ownership in Denison’s flagship Wheeler River project (which DML owns the remaining 90%) in the southeast part of Saskatchewan’s Athabasca Basin.