(TheNewswire)
THIS NEWSRELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FORDISSEMINATION IN THE UNITED STATES
Saskatoon, Saskatchewan – TheNewswire - June 21, 2022 – UEX Corporation (TSX:UEX) (OTC:UEXCF) (“ UEX ” or the “ Company ”) is pleased to announce thecompletion of its $5 million private placement (the “ Private Placement ”)with Uranium Energy Corp. (“ UEC ”) previously announced on June 13, 2022.The Private Placement consisted of a total of 11,627,907 common sharesof the Company (“ CommonShares ”) issued to UEC at a price of $0.43 perCommon Share for gross proceeds to the Company ofC$5,000,000.01.
The Company intends to use the proceeds from thePrivate Placement to fund its continuedexploration programs at its projects in the Athabasca Basin and forgeneral working capital purposes.
The Common Shares issued by UEX under the PrivatePlacement are subject to a four month plus one day “hold period”as prescribed by the Toronto Stock Exchange (the “ TSX ”) andapplicable securities laws. The PrivatePlacement is subject to final approval of the TSX.
The securities offered have notbeen, and will not be, registered under the U.S. Securities Act of1933, as amended (the " U.S. Securities Act ") or any U.S. state securitieslaws, and may not be offered or sold in the United States or to, orfor the account or benefit of, United States persons absentregistration or any applicable exemption from the registrationrequirements of the U.S. Securities Act and applicable U.S. statesecurities laws. This news release shall not constitute an offer tosell or the solicitation of an offer to buy securities in the UnitedStates, nor shall there be any sale of these securities in anyjurisdiction in which such offer, solicitation or sale would beunlawful.
About UEX
UEX is a Canadian uranium and cobalt exploration anddevelopment company involved in an exceptional portfolio of uraniumprojects.
UEX’s directly-owned portfolio of projects is locatedin the eastern, western and northern perimeters of the AthabascaBasin, the world's richest uranium region which in 2020 accounted forapproximately 8.1% of the global primary uranium production. Inaddition to advancing its uranium development projects through itsownership interest in JCU (Canada) Exploration Company, Limited(“ JCU ”), UEX is currently advancing several other uraniumdeposits in the Athabasca Basin which include the Paul Bay, Ken Penand ?rora deposits at the Christie Lake Project , the Kianna, Anne,Colette and 58B deposits at its currently 49.1%-owned Shea CreekProject, the Horseshoe and Raven deposits located on its 100%-ownedHorseshoe-Raven Project and the West Bear Uranium Deposit located atits 100%-owned West Bear Project.
UEX is also 50:50 co-owner of JCU with Denison MinesCorp. (“ Denison ”). JCU’s portfolio of projects includes interests insome of Canada’s key future uranium development projects, notably a30.099% interest in Cameco’s Millennium Project, a 10% interest inDenison’s Wheeler River Project, and a 33.8123% interest in OranoCanada’s Kiggavik Project, located in the Thelon Basin in Nunavut,as well as minority interests in nine other grassroots uraniumprojects in the Athabasca Basin.
UEX is also leading the discovery of cobalt in Canada,with three cobalt-nickel exploration projects located in the AthabascaBasin of northern Saskatchewan, including the only primary cobaltdeposit in Canada. The 100% owned West Bear Project hosts the WestBear Cobalt-Nickel Deposit, the newly discovered Michael Lake Co-NiZone, and the West Bear Uranium Deposit. UEX also owns 100% of twoearly-stage cobalt exploration projects, the Axis Lake and Key WestProjects.
FOR FURTHER INFORMATION PLEASECONTACT
Roger Lemaitre
President & CEO
(306) 979-3849
Forward-LookingInformation
This news release contains “forward-lookinginformation” within the meaning of Canadian securities legislation.Such forward-looking information concerns the intended use of proceedsfrom the Private Placement and other expectations, intentions andplans that are not historical fact. Such forward-looking informationis based on certain factors and assumptions and is subject to risks,uncertainties and other factors that could cause actual results todiffer materially from future results expressed or implied by suchforward-looking information. Important factors that could cause actualresults to differ materially from UEX's expectations includeuncertainties relating to the, interpretation of drill results andgeology, assay confirmation, additional drilling results, continuityand grade of deposits, fluctuations in uranium, cobalt and nickelprices and currency exchange rates, changes in environmental and otherlaws affecting uranium, cobalt and nickel exploration and mining andother risks and uncertainties disclosed in UEX's Annual InformationForm and other filings with the applicable Canadian securitiescommissions on SEDAR. Many of these factors are beyond the control ofUEX. Consequently, all forward-looking information contained in thisnews release is qualified by this cautionary statement and there canbe no assurance that actual results or developments anticipated by UEXwill be realized. For the reasons set forth above, investors shouldnot place undue reliance on such forward-looking information. Exceptas required by applicable law, UEX disclaims any intention orobligation to update or revise forward-looking information, whether asa result of new information, future events or otherwise.
THIS NEWS RELEASE IS NOT FORDISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THEUNITED STATES
Copyright (c) 2022 TheNewswire - All rights reserved.