Fission Uranium and Denison Mines combination is off
A needed two-thirds approval of shareholders to combine Fission Uranium and Denison Mines was not reached, the companies announced today.
Fission is up 8.7% to 75 cents; Denision Mines was unchanged at 67 cents.
The failure to reach the required shareholder approval was announced in a news release:
Denison Mines Corp. (TSX:DML)(NYSE MKT:DNN) (“Denison”) and Fission Uranium Corp. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) (“Fission”) have terminated the previously announced arrangement agreement pursuant to which Denison and Fission were to combine their respective businesses by way of a court-approved plan of arrangement (the “Arrangement”). At the deadline for submission of proxies on Friday, Denison’s shareholders strongly supported the Arrangement. While a majority of the Fission shares voted were in favour of the Arrangement, the required two-thirds approval was not obtained.
This summer Fission Uranium (CVE:FCU) announced it was merging with Denison Mines to create a $900 million exploration and development company to combine top uranium assets in Saskatchewan’s Athabasca basin.