Denison Mines Corp. (DML.TO) Wednesday said it has priced its upsized offering of $300 million, 4.25% convertible senior notes due 2031.
The company has granted the initial purchasers of the notes an option for a period of 13 days to purchase up to an additional $45 million of notes.
Denison intends to use the proceeds from the offering for the advancement of its uranium development projects, including the Wheeler River Uranium Project, and for general corporate purposes. Additionally, a portion of the proceeds are expected to be used for capped call transactions, which the company intends to enter into with the initial purchasers of the notes, their respective affiliates and/or other financial institutions.
The initial conversion rate for the notes will be 342.9355 shares of Denison per $1,000 of notes. The initial conversion price of approximately $2.92 per share represents a 35% premium to the closing share price on August 12. The cap price of the capped call transactions is initially $4.32 per share, a premium of 100%.
The offering is expected to close by August 15.
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