Denison Mines Corp. announced on August 15, 2025, the closing of its upsized offering of convertible senior unsecured notes due 2031, totaling an aggregate principal amount of US$345 million. This includes the full exercise of the initial purchasers' US$45 million option.
The notes bear cash interest semi-annually at a rate of 4.25% per annum. The initial conversion rate is 342.9355 common shares per US$1,000 principal amount, equivalent to an initial conversion price of approximately US$2.92 per share, representing a 35% premium to the closing sale price on August 12, 2025.
Denison also entered into privately negotiated cash-settled capped call transactions, with a cap price of US$4.32 per share, representing a 100% premium. This financing is estimated to save Denison over US$100 million in interest payments compared to traditional project debt and provides a strong financial position to support a future final investment decision and construction of the Phoenix In-Situ Recovery uranium mine.
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