While not directly affecting prices yet, the recovery from Fukushima will have psychological effects, contributing to a uranium ‘rebound’. The Japanese nuclear energy sector has been steadily resuming operations since the Fukushima disaster in 2011 as reactors are gradually brought back online and needing fuel.
Uranium has been mined in the Athabasca Basin for more than 60 years, which has allowed geologists and engineers to gather plenty of data about the geological formation of uranium enrichment and the area’s unique formations, allowing for the use of much more sophisticated exploration methods than in lesser known areas.Īccording to the industry giant Cameco (NYSE:CCJ), the outlook for the uranium sector is positive. While most uranium mines produce at grades of 0.15% or less, Athabasca can deliver grades of about 15%. Athabasca is home to such large and uranium rich properties as McArthur River and Cigar Lake. Some analysts suggest that when uranium demand gets under way – and it will, given the number of uranium reactors that are being planned for construction until 2020 - the Athabasca properties will be among the ones to benefit first and most. Denison has a strong, diversified portfolio and, with the Triple R deposit, Fission is bringing the Athabasca Basin's largest undeveloped high-grade resource as well as a successful and award-winning technical and management team," said Randhawa.ĭenison Energy’s most important assets will be two uranium exploration and development projects: the Patterson Lake South Project Fission and Denison Mines’ 60% owned Wheeler River project.īoth are located in the Athabasca Basin, which has seen the start of an actual uranium exploration ‘boom’ because its deposits are among the most desirable in the world. "This merger will create the uranium industry's leading exploration and development company at a time when the sector is poised for growth. Fission’s chairman and CEO Dev Randhawa will take over the CEO position in the merged company. Denison Energy would then be equally owned by the Denison- and Fission shareholders. The combined company will be named Denison Energy, boasting a market capitalization of approximately C$900 million. This implies a price of 1.25 CAD per Fission-share, a premium of 18% to the average price of the past 30 days.
If approved, Fission’s shareholders will receive 1.26 common shares of Denison for each common share of Fission held plus $0.0001 per share in cash.
We are confident that our shareholders will benefit from the value creation opportunities that will be realized through an expanded and more diversified uranium company," said Denison’s executive chairman, Ron Hochstein, Executive Chairman of Denison. "The continued exploration success at our Phoenix deposit and Gryphon discovery, in combination with the discovery and exploration success of the world class Triple R deposit puts the combined company in an incredibly strong strategic position, with the most significant development portfolio in the world. (TSE:FCU) (OTCQX:FCUUF) intends to take over its competitor Fission Uranium for approximately C$483 million to create a diversified uranium company with a promising project portfolio in northern Saskatchewan. As a result of the transaction, certain properties and assets of Fission Uranium, including the Patterson Lake North PLN), Clearwater West, North Shore and Beaver River properties in Saskatchewan, became properties and assets of Fission 3.0 and Fission 3.0 is no longer a wholly-owned subsidiary of Fission Uranium.Canada’s Denison Mines ( TSE:DML) (NYSE MKT:DNN) and Fission Uranium Corp. pursuant to which Fission Uranium acquired Alpha Minerals’ 50% stage in the Patterson Lake South (PLS) project. On November 28, 2013, Fission 3.0 completed a plan of arrangement under the Canada Business Corporations Act involving Alpha Mineral and Fission Uranium Corp. Fission 3.0 is the third generation Fission run by one of Canada’s leading uranium exploration teams.įission 3.0 was incorporated in October 2013 as a wholly-owned subsidiary of Fission Uranium Corp.
In April 2013 Fission Energy sold the majority of its assets to Denison Mines including its Waterbury Lake property and Fission Uranium Corp. The same team also founded Fission Energy Corp., making the J-Zone high-grade discovery in the Athabasca Basin and building Fission into a TSX Venture 50 Company.
The Company's management, headed up by Dev Randhawa as CEO & Chairman and Raymond Ashley, P.Geo., is the team that founded Fission Uranium and made the Patterson Lake South (PLS) high-grade discovery. Several of Fission 3.0's projects are near large uranium discoveries, including, Arrow, Triple R and Hurricane deposits. Fission 3.0 currently has 16 projects in the Athabasca Basin.
Fission 3.0 is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of world's largest high grade uranium discoveries.