Shares of Denison Mines Corp. (NYSEAMERICAN:DNN) have been moving within a narrow range. The stock has fallen 10% so far this year.
Trading Data
On Friday, DNN stock ended down by 0.73% to $1.36 with more than 9.78 million shares, compared to its average volume of 11.66 million shares. The stock has moved within a range of $1.2700 – 1.3801 after opening trade at $1.36.
Denison Mines Receives US$2 Million as Initial Payment from Uranium Industry as Part of their Debt Repayment Schedule Agreement
Denison Mines Corp. (NYSEAMERICAN:DNN) announced on January 13, 2022, about executing a Repayment Schedule Agreement with Uranium Industry. As per the agreement, both parties have negotiated the repayment of the debt owing from Uranium Industry to Denison. In addition to that Denison has received an initial installment of US$2 million as part of debt repayment.
Back in July 2020, Denison announced the receipt of a final award in favor of Denison from the London Court of International Arbitration (“LCIA”). This was in regards to the arbitration proceedings between the Denison and Uranium Industry, as related to the 2015 sale by the former to the latter of its mining assets and operations located in Mongolia.
The arbitration panel had determined that Uranium Industry was in violation of its obligations to Denison, as per the relevant agreements. Uranium Industry was ordered to pay USD$10 million plus interest at a rate of 5% per annum from November 16, 2016, along with certain legal and arbitration costs.
Uranium Industry has agreed to make regular payments on account of the Arbitration Award, plus additional interest and fees, through a series of quarterly installments and annual milestone payments, until December 31, 2025. The total amount to be paid to Denison is around US$16 million.
Technical Data
DNN stock is below the 20-Day and 50-Day Moving averages of $1.45 and $1.58 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.36.
