(TheNewswire)
Saskatoon, Saskatchewan – TheNewswire - July 29, 2022 – UEX Corporation(TSX:UEX) (OTC:UEXF) (“ UEX ” or the “ Company ”) announces that it has received an unsolicitednon-binding proposal from Denison Mines Corp. (“ Denison ”) for the acquisition of all of theissued and outstanding common shares of UEX (the “ Denison Offer ”).The Board of Directors of the Company (the “ Board ”) hasunanimously determined, after consultation with its financial andlegal advisors, that the Denison Offer constitutes a “SuperiorProposal” under the arrangement agreement dated June 13, 2022, asamended June 23, 2022, among UEX, Uranium Energy Corp.(“ UEC ”) and UEC 2022 Acquisition Corp. (the “ UEC Arrangement Agreement ”).
In accordance with the UEC Arrangement Agreement, theCompany notified UEC on July 28, 2022 that it considers the DenisonOffer to be a Superior Proposal. UEC has the right, for a period offive business days from receipt of UEX's notice, to offer to amend theterms of the UEC Arrangement Agreement.
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, UEX is currently advancing several otheruranium deposits in the Athabasca Basin which include the Paul Bay,Ken Pen and ?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 (Canada) ExplorationCompany, Limited (“JCU”). JCU’s portfolio of projects includesinterests in some of Canada’s key future uranium developmentprojects, notably a 30.099% interest in Cameco’s Millennium Project,a 10% interest in Denison’s Wheeler River Project, and a 33.8123%interest in Orano Canada’s Kiggavik Project, located in the ThelonBasin in Nunavut, as well as minority interests in nine othergrassroots uranium projects 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
www.uexcorp.com
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