Denison Mines transfers US mining division to Energy Fuels

Closing Date: 6/29/2012

Value: C$106 million

On June 29, 2012, Denison Mines Corp. and Energy Fuels Inc. completed a plan of arrangement pursuant to which Energy Fuels acquired Denison's US mining division. Under the arrangement, Energy Fuels acquired the shares of Denison's subsidiaries which hold Denison's US mining assets and operations and certain inter-company indebtedness in exchange for a promissory note and a nominal amount of cash. As part of the arrangement, Denison distributed the promissory note to its shareholders on a pro rata basis as a return of capital, and Energy Fuels repaid the note through the issuance of 425,440,872 Energy Fuels common shares to Denison's shareholders. The value of the Energy Fuels common shares issued was approximately $106 million as at the date of the announcement of the transaction. The Denison shareholders received approximately 1.106 common shares of Energy Fuels for each common share of Denison owned and upon completion of the arrangement owned approximately 63% of the issued and outstanding common shares of Energy Fuels.

Energy Fuels was represented in Canada by BLG with a team that included Mark Wheeler, Dolores Di Felice and Krsti​na Skocic (corporate and securities) and Steve Suarez (tax).