The board of directors of Denison Mines (TSE) has approved a plan of arrangement for the company whereby holders of preferred shares will receive 25 new common shares for each preferred share held, and one new common share for each outstanding A and B common share.
The arrangement, which is subject to shareholder and regulatory approval, would result in Denison being 61.8% owned by the holders of preferred shares, 20.2% by the holders of participating shares, 8% by Canada Mortgage & Housing Corporation, 6.1% by the Toronto-Dominion Bank and 3.9% by the Bank of America Canada.
Shareholders will vote on the proposed changes on Dec. 18.
President William James says: “The plan of arrangement is structured to be fair and equitable to all of Denison’s shareholders, with significant value added to their holdings. Once implemented, the plan of arrangement will stabilize the financial structure of the company so that it can address its liabilities and obligations, and be positioned to rebuild based on its interest in the McClean Lake and Midwest uranium properties.” Both properties are in northern Saskatchewan.
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