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January 16, 2013
08:26 EDTFSSIF, DNNDenison Mines to acquire Fission Energy, spin out Patterson Lake
Denison Mines (DNN) announced the signing of a Binding Letter of Intent pursuant to which Denison will acquire a portfolio of uranium exploration projects from Fission Energy Corp. (FSSIF) including Fission's 60% interest in the Waterbury Lake uranium project, as well as Fission's exploration interests in all other properties in the eastern part of the Athabasca Basin, its interests in two joint ventures in Namibia plus its assets in Quebec and Nunavut. Under the terms of the Binding LOI, Denison has agreed to offer shareholders of Fission 0.355 shares of Denison for each share of Fission held, conditional upon, among other things, certain assets of Fission being spun out to a new company to be held pro rata by current Fission shareholders. NewCo assets will include, among others, a 50% interest in the Patterson Lake South property located in the western Athabasca Basin. The Transaction values the Assets at approximately $70M based on the closing price of Denison as of January 15. Upon completion of the Transaction, shareholders of Fission will own approximately 11% of Denison.
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