Denison Mines Completes US$345 Million Senior Notes Offering

04:27 PM EDT, 08/15/2025 (MT Newswires) -- Denison Mines (DNN) after trade Friday said it completed its offering of convertible senior unsecured notes due in 2031, raising US$345 million.

This amount includes the upsized base offering of US$300 million and the full exercise of a US$45 million option granted to the initial purchasers, the company added.

The notes carry a cash interest rate of 4.25% per year, payable semi-annually starting March 15, 2026, the company said, adding it received about US$333 million in net proceeds.

These proceeds will be used to fund the evaluation and development of its uranium projects, including the Wheeler River Uranium Project, as well as for general corporate purposes, the company said.

Chief Executive David Cates said that the 4.25% annual interest rate on the notes is expected to save the company over US$100 million in interest payments compared to traditional project debt financing. "Additionally, the purchase by Denison of the capped calls helps protect the company against increases in the conversion settlement value of the notes, and the potential equity dilution associated therewith, by significantly raising the effective conversion price for the notes from the US$2.92 per share initial conversion price of the notes up to the US$4.32 per share cap price of the capped calls."

Cates added that the proceeds place Denison in a strong financial position as it moves toward a future final investment decision for its flagship Phoenix In-Situ Recovery uranium project in northern Saskatchewan.

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