Denison Mines (TSX: T.DML, Stock Forum) Wednesday said will acquire a portfolio of uranium exploration projects from Fission Energy (TSX: V.FIS, Stock Forum), this according to a company news release.
The assets being acquired include 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.
Denison has offered shareholders of Fission 0.355 shares of Denison for each share of Fission held. In addition, certain assets of Fission will spun out to a new company to be held pro rata by current Fission shareholders. The new company’s assets will include a 50% interest in the Patterson Lake South property located in the western Athabasca Basin.