IUC.TO – Merged with Denison

by JDH on December 16, 2006

For those of you who didn’t catch it, this is my last post on IUC.TO. Here’s the press release:

IUC Merger With Denison Completed
Monday December 4, 10:03 am ET
TORONTO, ONTARIO–(CCNMatthews – Dec. 4, 2006) – Denison Mines Inc. (“Denison”) (TSX:DEN – News) and International Uranium Corporation (“IUC”) (TSX:IUC – News) are pleased to announce today the completion of the Plan of Arrangement between Denison and IUC, which has resulted in the combination of the business and operations of both companies. Denison is now a subsidiary of IUC and IUC has been renamed Denison Mines Corp. (“New Denison”).

Each share of Denison is now exchangeable for 2.88 IUC common shares. IUC shares will automatically become common shares of New Denison. The Toronto Stock Exchange (the “TSX”) has advised that within three trading days Denison’s securities will cease trading on the TSX and New Denison’s shares will commence trading on the TSX under the symbol “DML.” The outstanding warrants of Denison will automatically become warrants of New Denison and commence trading under the symbols “DML.WT” and “DML.WT.A”. Until then, the securities of each company will continue to trade separately.

The merger of IUC and Denison will create a growth oriented and diversified uranium producer with currently estimated combined annual production of approximately 5 million pounds U3O8 by 2010 and with a strong financial position with approximately Cdn$118 million in working capital and no debt.

The combined company will be positioned as the premier North American intermediate uranium producer, with mining assets in the Athabasca Basin Region of Saskatchewan, Canada and the southwest United States including Colorado, Utah, and Arizona. Further, the combined company will have ownership interests in two of the four uranium mills operating in North America today. The combination of a diversified mining asset base with parallel ownership of milling infrastructure in highly politically stable jurisdictions will uniquely position the combined company for growth and development into the future.

The combined company will also have a strong exploration portfolio with large land positions in the United States, Canada and Mongolia. Correspondingly, the combined company will have one of the largest uranium exploration teams among intermediate uranium companies.