Denison Mines Transfers US Mining Division to Energy Fuels

Denison Mines Corp. and Energy Fuels Inc. completed a plan of arrangement pursuant to which Energy Fuels acquired Denison's US mining division. Under the arrangement, Energy Fuels acquired the shares of Denison's subsidiaries which hold Denison's US mining assets and operations and certain inter-company indebtedness in exchange for a promissory note and a nominal amount of cash. As part of the arrangement, Denison distributed the promissory note to its shareholders on a pro rata basis as a return of capital, and Energy Fuels repaid the note through the issuance of 425,440,872 Energy Fuels common shares to Denison's shareholders. The value of the Energy Fuels common shares issued was approx-imately $106 million as at the date of the announcement of the transaction. The Denison shareholders received approximately 1.106 common shares of Energy Fuels for each common share of Denison owned, and upon completion of the arrangement owned approximately 63 per cent of the issued and outstanding common shares of Energy Fuels.

Energy Fuels was represented in Canada by Borden Ladner Gervais LLP with a team that included Mark Wheeler, Dolores Di Felice and Krstina Skocic (corporate and securities) and Steve Suarez (tax) and in the United States with respect to US securities law matters by Faegre Baker Daniels LLP with a team led by Douglas Wright (securities) and Lisa Pugh (tax) and with respect to US mining and property matters by Fognani & Faught, PLLCwith a team consisting of John Fognani, Mike Hegarty, Paul Buchmann and Kendall McLaughlin.

Denison was represented by its Canadian in-house counsel Sheila Colman and US in-house counsel David Frydenlund and by Blake, Cassels & Graydon LLPM in Canada with a team that included Dan McLeod, Markus Viirland, Ian Binnie, Jennifer Marshall, Richard Maclean, Stefan McConnell and Richard Turner (corporate and securities); Carrie Aiken (tax) and Jeff Galway and Ryan Morris (litigation). Denison was represented in the United States with respect to property and mining matters by William Wiese and with respect to US federal matters by Troutman Sanders LLP with a team that included Shona Smith (corporate and securities); Mark Goldsmith (tax); Mitch Portnoy (HSR) and Megan Rahman (CFIUS).


Daniel John McLeod Ryan A. Morris Mark F. Wheeler Dolores Di Felice Ian J. Binnie Krstina Skocic Richard Turner Carrie Aiken Markus Viirland Richard Maclean Jeff W. Galway Stefan McConnell Steve Suarez Jennifer Marshall