UPDATE: Denison Mines to Acquire Fission Energy, Spin Out Patterson Lake

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Denison Mines Corp. (DML.TO) has signed a binding letter of intent to acquire a portfolio of uranium exploration projects from Fission Energy Corp. (FIS.V).

Denison has agreed to offer shareholders of Fission 0.355 shares of Denison for each share of Fission held, conditional upon, among other things, certain assets of Fission being spun out to a new company to be held pro rata by current Fission shareholders. The new company's assets will include, among others, a 50% interest in the Patterson Lake South property located in the western Athabasca Basin.

DML went up by 2% to $1.49, almost hitting day high $1.50. FIS is also in the green, up 17% to $1.49 with volumes of over 3 million.

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This article appears in: Investing , Commodities

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