White Canyon Uranium has been advised that Denison Mines Corporation has now received acceptances of 176,935,157 shares in White Canyon Uranium.

This amounts to 76.7% of White Canyon’s shares on issue under Denison's off-market takeover. The offer values White Canyon at AUD 57 million, a 51% premium over the 90 days of trading before a trading halt was announced.

A substantial shareholder of White Canyon, Ms Lulu Yu has accepted the Denison offer for her 27% holding. Also included in the acceptances received by Denison are those from both of White Canyon’s substantial shareholders including Michael Shumway, the Operations Manager of White Canyon with a 20% holding.

Directors of White Canyon Uranium have informed Denison that they have now accepted the offer for all of their shares. The Offer remains subject to certain defeating conditions, principally a 90% minimum acceptance condition. The offer closes on June 10th 2011, unless extended or withdrawn.

(Sourced from www.proactiveinvestors.com.au)