Denison Mines (TSX:DML; NYSE: DNN) is making a strategic investment in F3 Uranium (TSXV:FUU; OTCQB:FUUFF) by taking $15 million of unsecured convertible debentures in F3. The debentures carry a 9% coupon, payable quarterly, and have a maturity date of Oct. 18, 2028. The conversion price is $0.56 per share.
F3 intends to use the net proceeds primarily for exploration and development of the PLN (Patterson Lake North) property and for general working capital purposes.
The company’s 4,078-hectare 100% owned PLN project is located within the southwestern edge of the Athabasca Basin, in proximity to Fission Uranium‘s Triple R and NexGen Energy‘s Arrow high-grade uranium deposits. This area is poised to become the next major area of development for new uranium operations in northern Saskatchewan, according to F3. The PLN project is accessed by provincial Highway 955, which transects the property.
F3 recently discovered the high-grade JR zone located 23 km northwest of Fission Uranium’s Triple R deposit. Hole PLN22-035 within the A1 main shear zone assayed 6.97% uranium oxide (U3O8) over 15 metres, including 5.5 metres of 18.6% U3O8. The 21-hole winter 2023 drill program extended the strike length 105 metres, and a 30-hole summer drilling program is in progress. In early July, F3 sub-divided the legacy PLN property into three distinct properties – PLN, Minto, and Broach.
Additional information is posted on www.F3Uranium.com.
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