White Canyon Uranium: Denison Mines Corp increases stake to 76.7%
Wednesday, May 25, 2011
White Canyon Uranium (ASX: WCU, TSX-V: WU) has been advised that Denison Mines Corp (TSE: DML) (NYSE AMEX: DNN) has now received acceptances of 176,935,157 shares in White Canyon Uranium.
This amounts to 76.7% of White Canyon’s shares on issue under Denison's off-market takeover.
The offer values White Canyon at A$57 million, a 51% premium over the 90 days of trading before a trading halt was announced.
A substantial shareholder of White Canyon, Ms Lulu Yu has accepted the Denison offer for her 27% holding.
Also included in the acceptances received by Denison are those from both of White Canyon’s substantial shareholders including Michael Shumway, the Operations Manager of White Canyon with a 20% holding.
Directors of White Canyon Uranium have informed Denison that they have now accepted the offer for all of their shares.
The Offer remains subject to certain defeating conditions, principally a 90% minimum acceptance condition.
The offer closes on Friday 10 June 2011, unless extended or withdrawn.
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