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INVESTMENTS | 12 Months Ended
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Dec. 31, 2021
INVESTMENTS |
INVESTMENTS |
7. | INVESTMENTS
| The investments balance consists of:
|  | At December 31 |  |  | At December 31 |
(in thousands) |  | 2021 |  |  | 2020 |
Investments: |  |  |  |  |  |
Equity instruments |  |  |  |  |  |
Shares |  | $ | 14,349 |  |  | $ | 16,657 |
Warrants |  |  | 229 |  |  |  | 293 |
Uranium |  |  | 133,114 |  |  |  | - |
|  | $ | 147,692 |  |  | $ | 16,950 |
Investments-by balance sheet presentation: |  |  |  |  |  |  |  |
Current |  | $ | 14,437 |  |  | $ | 16,657 |
Long-term |  |  | 133,255 |  |  |  | 293 |
|  | $ | 147,692 |  |  | $ | 16,950 |
| The investments continuity summary is as follows:
(in thousands) |  | Equity Instruments |  |  | Physical Uranium |  |  | Total |
Balance-January 1, 2020 |  | $ | 12,104 |  |  | $ | - |  |  | $ | 12,104 |
Proceeds from property disposal |  |  | 270 |  |  |  | - |  |  |  | 270 |
Purchase of investments |  |  | 7 |  |  |  | - |  |  |  | 7 |
Sale of investments |  |  | (477 | ) |  |  | - |  |  |  | (477 | )
Fair value gain to profit and loss (note 21) |  |  | 5,046 |  |  |  | - |  |  |  | 5,046 |
Balance-December 31, 2020 |  | $ | 16,950 |  |  | $ | - |  |  | $ | 16,950 |
Purchase of investments |  |  | - |  |  |  | 91,674 |  |  |  | 91,674 |
Sale of investments |  |  | (12,826 | ) |  |  | - |  |  |  | (12,826 | )
Fair value gain to profit and loss (note 21) |  |  | 10,454 |  |  |  | 41,440 |  |  |  | 51,894 |
Balance-December 31, 2021 |  | $ | 14,578 |  |  | $ | 133,114 |  |  | $ | 147,692 |
| At December 31, 2021, the Company holds equity instruments consisting of shares and warrants in publicly traded companies and no debt instruments. Non-current equity instruments consist of warrants in publicly traded companies exercisable for a period more than one year after the balance sheet date.
| Investment in uranium
| During the year ended December 31, 2021, the Company acquired a total of 2,500,000 pounds of physical uranium as U3O8 at a cost of $91,674,000 (USD$74,140,000), including purchase commissions. The uranium is being held as a long-term investment.
| Sale of investment and issuance of warrants on investment
| During the year ended December 31, 2021, the Company sold by private agreement (1) 32,500,000 common shares of GoviEx Uranium Inc. (“GoviEx”) and (2) 32,500,000 common share purchase warrants, entitle the holder to acquire one additional common share of GoviEx owned by Denison (“GoviEx Warrants”) for combined gross proceeds of $15,600,000. The proceeds from this transaction were allocated between the GoviEx common shares sold and the GoviEx Warrants issued on a relative fair value basis, resulting in net proceeds from the disposal of GoviEx common shares of $12,826,000 and proceeds from the issuance of the GoviEx Warrants of $2,774,000. The GoviEx shares sold had an initial cost of $2,698,000.
| The GoviEx Warrants entitle the holder to acquire one additional common share of GoviEx owned by the Company at an exercise price $0.80, for 18 months after issuance (April 2024).
| The fair value of the GoviEx Warrants on the date of issuance was determined using the following assumptions in the Black-Scholes option pricing model – expected volatility 76%, risk-free interest rate of 0.69%, dividend yield of 0% and an expected term of 18 months.
| At December 31, 2021, the fair value of the GoviEx common share purchase warrants was estimated to be $1,625,000 ($0.05 per warrant) and incorporating the following assumptions in the Black-Scholes option pricing model - expected volatility of 82%, risk free interest rate of 0.91%, dividend yield of 0% and an expected term of 16 months.
| The Company continues to hold 32,644,000 common shares of GoviEx. If the GoviEx warrants are exercised in full, Denison will transfer a further 32,500,000 GoviEx common shares to the warrant holders.
|  | Number of |  |  | Warrant |
(in thousands except warrant amounts) |  | Warrants |  |  | Liability |
Balance-December 31, 2020 |  |  | - |  |  | $ | - |
Warrants on investment |  |  | 32,500,000 |  |  |  | 2,774 |
Change in fair value (note 21) |  |  | - |  |  |  | (1,149 | )
Balance-December 31, 2021 |  |  | 32,500,000 |  |  | $ | 1,625 |

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