Canada-based uranium miners GoviEx Uranium Inc and Denison Mines Corp are to combine their African uranium mineral interests to create "the leading Africa-focused uranium development company". GoviEx will acquire Denison’s wholly owned subsidiary Rockgate Capital Corp, which holds all of Denison’s Africa-based uranium interests in exchange for about 56.1m shares of GoviEx plus around 22.4m common share purchase warrants of GoviEx. On completion, Denison will hold 25% of GoviEx shares outstanding and 28% of GoviEx shares on a fully diluted basis.

The asset portfolio of the combined company will include two permitted uranium development projects – including GoviEx’s Madaouela project in Niger and Denison’s Mutanga project in Zambia. It will also include Denison’s Falea project, an advanced exploration-stage asset project in Mali, and the exploration-stage Dome project in Namibia. GoviEx will control "one of the largest uranium resource bases among publicly listed companies", with combined National Instrument 43-101 measured and indicated resources of 124.29 Mlbs U3O8, plus inferred resources of 73.11 Mlbs U3O8.

As part of the transaction, GoviEx will undertake a concurrent equity financing by means of a non-brokered private placement to raise gross proceeds of not less than $2m of which Denison will provide the lead order for 25% up to a maximum of $500,000. The placement is expected to be completed before, or concurrently with, the closing of the transaction on or around 17 May.