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Denison secures C$43.5M financing from Anglo Pacific Group

Denison Mines Corp. entered a financing agreement with Anglo Pacific Group Plc to raise gross proceeds of C$43.5 million, it said Feb. 1.

The financing comprises a 13-year limited recourse lending arrangement involving two loans from Anglo Pacific to Denison units Denison Mines Inc. and 9373721 Canada Inc. for C$40.8 million. Anglo Pacific is entitled to receive toll milling revenues backdated to July 1, 2016.

Denison will also receive C$2.7 million for the 22.5% share of proceeds it receives from toll milling of ore from the Cameco Corp.-operated Cigar Lake uranium mine processed at the AREVA SA-operated McClean Lake mill in Saskatchewan.

Anglo Pacific said on the same day that it will finance the deal by issuing shares of up to £13.7 million and through the drawdown on a new revolving credit facility. The facility will replace the previous US$30 million, three-year facility that was due to expire in February 2018.

Anglo Pacific CEO Julian Treger said the transaction will increase the company's 2017 earnings "building on the more than doubling of income in 2016, which we now estimate to be in the range of £19.5 [million] to £20.5 [million]."

Denison intends to use the proceeds to fund development and exploration expenditures at its projects and for general corporate and working capital purposes.