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Gold/Mining/Energy : Mining News of Note
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To: LoneClone who wrote (36468)5/1/2009 7:35:08 PM
From: LoneClone  Read Replies (1) of 193306
 
Denison signs deal to buy Northern Continental Resources Inc.
Thu Apr 30, 7:30 PM
The Canadian Press

ca.news.finance.yahoo.com

By The Canadian Press

Denison Mines Corp. (TSX: DML.TO) said Thursday that it has signed a deal to buy Northern Continental Resources Inc. (TSXV: NCR.V) in an all-stock deal worth about $11.3 million.

Northern holds a 60 per cent interest in the Russell Lake uranium property located next to Denison's Wheeler River uranium discovery in the Athabasca Basin of northern Saskatchewan. Hathor Exploration Ltd. (TSXV: HAT.V) holds the other 40 per cent.

Denison said it will consolidate, as one contiguous package, its land position between Wheeler River and another Denison discovery.

Under the deal, which is expected to close in July, Denison will issue 0.0920 common shares for each share of Northern.

The agreement values the Northern shares at 20.6 cents, based on the closing price of the shares of Denison on Thursday, a 64.8 per cent premium to the closing price of Northern.

Former shareholders of Northern will hold 2.2 per cent of Denison after the deal.

Denison shares closed up 23 cents at $2.24 on the Toronto Stock Exchange, while Northern shares were unchanged at 12.5 cents on the TSX Venture Exchange.
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