Denison shareholders approve stock plan

Three special shareholder meetings in December, 1995, resulted in the approval of a new plan of arrangement for Denison Mines (TSE).

The plan, which received near-unanimous approval, involves issuing new common shares to all existing shareholders on the basis of one new common share for each existing class A and class B share, and 25 new common shares for each existing preferred share. Denison’s corporate and mortgage lenders will also receive 18% of the new common shares and promissory notes, totalling $38.6 million, which are interest-free until July, 2000.

The articles of arrangement were expected to be filed before Christmas, pending the final order of the Ontario Court of Justice (General Division).