Denison Mines announces a $15 million investment with F3 in the form of a convertible debenture. The Debentures will carry a 9% coupon (the “Interest”), payable quarterly over a 5-year term and will be convertible at Denison’s option into common shares of F3 at a conversion price of $0.56 per share representing a 30% premium to F3’s five-day volume weighted average share price on the TSX Venture Exchange as of October 5, 2023.
David Cates, President and CEO of Denison commented, “F3’s technical team has an incredible track record of exploration success including the discovery of the JR Zone on the Patterson Lake North (“PLN”) property, which represents one of the top new uranium discoveries globally. We are pleased to be investing in F3, supporting the further assessment of the PLN property, and providing Denison shareholders with exposure to this exciting new discovery in the Athabasca Basin.“
Dev Randhawa, CEO of F3 commented, “We are pleased to welcome Denison as a strategic investor in F3. Denison is a uranium industry leader, possessing a diverse array of both early and advanced stage assets in the Athabasca Basin, where F3 is currently advancing the PLN property. We highly value Denison’s perspectives on uranium exploration and look forward to pursuing a productive relationship.”