Denison forms exploration JVs with Cosa Resources
Canadian firm Denison Mines on Wednesday announced an agreement with Cosa Resources to form three uranium exploration joint ventures (JVs) in the eastern portion of the Athabasca basin of Saskatchewan.
In terms of the agreement, TSX-V-listed Cosa would acquire a 70% interest in the Murphy Lake North, Darby and Packrat properties in exchange for 14.2-million Cosa common shares, C$2.25-million in deferred equity and a commitment to spend C$6.5-million in exploration at the Murphy Lake North and Darby projects.
Denison CEO David Cates said the collaboration with Denison enhanced the company’s exposure to the potential discovery of a meaningful uranium deposit on the properties and through Cosa’s existing uranium exploration portfolio.
“With Denison focused on executing on our core mining and development-stage projects, we believe Cosa is an excellent partner to advance exploration of the properties,” said Cates.
He added that the Cosa senior management team had worked with Denison previously, and had strong technical capabilities, plus a unique familiarity with the properties and nearby discoveries.
On closing, Denison and Cosa will enter into an investor rights agreement, which will provide for, among other things, a pre-emptive right and top-up rights entitling Denison to maintain and/or acquire up to a 19.95% interest in Cosa, on the condition that Denison holds at least 5% of the issued and outstanding common shares.
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