F3 Uranium Secures $15 Million Convertible Debt Strategic Investment From Denison Mines

F3 Uranium Corp (TSXV: FUU) has secured a strategic investment from that of Denison Mines (TSX: DML) for the further exploration of its Patterson Lake North property in the Athabasca Basin of Saskatchewan.

The strategic investment amounts to $15 million, and comes in the form of unsecured convertible debentures. The debentures contain a conversion price of $0.56 per share, a 30% premium to the five day average price of F3, and carry a 9% coupon, payable quarterly. The debt has a five year term, and are convertible at Denison’s option.

“F3’s technical team has an incredible track record of exploration success including the discovery of the JR Zone on the Patterson Lake North property, which represents one of the top new uranium discoveries globally. We are pleased to be investing in F3, supporting the further assessment of the PLN property, and providing Denison shareholders with exposure to this exciting new discovery in the Athabasca Basin,” commented David Cates, CEO of Denison Mines.

Assuming full conversion of the debt, the shares would represent roughly 6% of the company. The investment is slated to be completed on October 18, 2023.

F3 Uranium’s Patterson Lake North property, also referred to as PLN, hosts the JR Zone, which was discovered in the fall of 2022. The zone has been described as being high grade, with a winter 2023 drill program including hole PLN23-060, which intersected 9.4% U3O8 over 14.5 metres, including 2.5 metres of 45.6% U3O8.

F3 Uranium last traded at $0.40 on the TSX Venture.


The author has no securities or affiliations related to any organization mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Denison Mines Monetizes Ten Uranium Exploration Properties

Denison Mines (TSX: DML) has monetized a number of its uranium assets, entering into an...

Tuesday, September 24, 2024, 10:47:00 AM

F3 Uranium Begins Drill Testing Hearty Bay Project Under 2,000 Metre Program

F3 Uranium (TSXV: FUU) has begun to drill test its Heart Bay project in the...

Friday, March 8, 2024, 08:31:01 AM

Denison Sees Mining Resume At McClean Lake Joint Venture

The McClean Lake Joint Venture, owned by both Orano (77.5%) and Denison Mines (TSX: DML)...

Thursday, July 17, 2025, 08:28:22 AM

Denison Mines Records $6.8 Million In Revenue, $16.1 Million Net Loss In Q2 2022

Denison Mines Corp. (TSX: DML) shared on Thursday its Q2 2022 financial results, highlighting a...

Friday, August 5, 2022, 01:40:00 PM

Denison Re-Enters The Fray To Acquire UEX Corp, Bidding Higher Than Uranium Energy

Denison Mines (TSX: DML) appears to be in a competition with Uranium Energy Corp (NYSE:...

Tuesday, August 9, 2022, 09:12:57 AM