Entering text into the input field will update the search result below

White Canyon Uranium: Denison Mines Corp pushes through 75% acceptances level

May 24, 2011 9:38 AM ETWU
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

White Canyon Uranium (ASX: WCU, TSX-V: WU) has been advised that Denison Mines Corp (TSE: DML) (NYSE AMEX: DNN) has now received acceptances of 170,364,776 shares in White Canyon Uranium.

This amounts to 74.87% of White Canyon’s shares on issue under Denison's off-market takeover.

The offer values White Canyon at A$57 million, a 51% premium over the 90 days of trading before a trading halt was announced.

A substantial shareholder of White Canyon, Ms Lulu Yu has accepted the Denison offer for her 27% holding.

Also included in the acceptances received by Denison are those from both of White Canyon’s substantial shareholders including Michael Shumway, the Operations Manager of White Canyon with a 20% holding.

Directors of White Canyon Uranium have informed Denison that they have now accepted the offer for all of their shares.

The Offer remains subject to certain defeating conditions, principally a 90% minimum acceptance condition.

The offer closes on Friday 10 June 2011, unless extended or withdrawn.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.