Denison Mines prices $300 million convertible notes offering

Denison Mines Corp. (TSX: DML)(NYSE AMERICAN: DNN) announced August 13 that it priced an upsized offering of convertible senior notes for $300 million, up from a previously announced amount.

The notes, due 2031, will bear interest at 4.25% per year paid semi-annually. The initial conversion rate is set at 342.9355 common shares per $1,000 principal amount of notes, equivalent to a conversion price of approximately $2.92 per share. This represents a 35% premium to the closing share price on August 12, 2025.

Initial purchasers have a 13-day option to buy an additional $45 million in notes. The offering is expected to close around August 15, 2025, subject to customary conditions.

The uranium mining company plans to use proceeds for evaluation and development of its uranium projects, including the Wheeler River Uranium Project, and general corporate purposes. Approximately $30.75 million will fund capped call transactions designed to reduce potential dilution from note conversions.

Denison entered into capped call transactions with financial institutions covering shares underlying the notes. The cap price is initially $4.32 per share, representing a 100% premium above the August 12 closing price of $2.16 per share.

The company warned that derivative transactions related to these hedging activities could affect its share price and trading volume around the pricing date and throughout the notes' term.

The offering requires approvals from the Toronto Stock Exchange and NYSE American. Notes and any shares issued upon conversion will be subject to statutory hold periods under securities legislation.

Denison holds a 95% interest in the Wheeler River Uranium Project in Saskatchewan's Athabasca Basin region. The company also maintains interests in several other uranium properties in the region through various joint ventures.

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