The total funds raised include $1.9m by issuing 1,500,000 flow-through shares purchased at the option of the underwriters.

Proceeds would be used to finance suitable Canadian exploration expenses pertaining to the Income Tax Act of the country that are scheduled to the subscribers by 31 December 2013, the company added.

In Saskatchewan, Denison holds a portfolio of uranium projects including 22.5% ownership in the McClean Lake joint venture comprising several uranium deposits and the McClean Lake uranium mill.

In addition, it owns 25.17% interest in the Midwest deposit as well as a 60% interest in the J-Zone deposit on the Waterbury property.