(TheNewswire)
Saskatoon, Saskatchewan – TheNewswire - August 16, 2022 – UEX Corporation(TSX:UEX ) , ( OTC:UEXCF) (“ UEX ” or the “ Company ”) is pleased to confirm thatsecurityholders of UEX approved, at the special meeting of UEXsecurityholders held earlier today (the “ Meeting ”), thespecial resolution (the “ Arrangement Resolution ”) in respect of astatutory plan of arrangement (the “ Arrangement ”) underthe Canada BusinessCorporations Act (the “ CBCA ”) pursuant towhich UEC 2022 Acquisition Corp., a wholly-owned subsidiary of UraniumEnergy Corp. (“ UEC ”) will acquire all of the issued andoutstanding common shares of UEX (“ UEX Shares ”) and inreturn, shareholders of UEX (“ UEX Shareholders ”) will receive, for eachUEX Share held, 0.09 of one common share of UEC.
The Arrangement Resolution was passed with approval by90.79% of votes cast by UEX Shareholders at the Meeting in person orby proxy and by 91.60% of votes cast by UEX shareholders,optionholders and restricted share unitholders voting together as asingle class at the Meeting in person or by proxy.
Full details of the Arrangement and certain othermatters are set out in the management proxy circular of the Companydated July 8, 2022 (the “ Circular ”), as well as the news releases ofthe Company dated June 13, 2022, August 5, 2022 and August 15, 2022(collectively, the “ UEX NewsReleases ”). Copies of the Circular and the UEXNews Releases can be found on the Company’s SEDAR profile at www.sedar.com .
In addition, a special resolution to reduce the statedcapital of the UEX Shares so that the Company may use the arrangementprovisions under the CBCA was passed with approval by 91.13% of votescast by UEX Shareholders at the Meeting in person or by proxy.
Detailed voting results are available on theCompany’s SEDAR profile at www.sedar.com .
UEX expects to apply for a final order of the SupremeCourt of British Columbia for approval of the Arrangement on or aboutAugust 18, 2022. Assuming the satisfaction or waiver of othercustomary closing conditions and subject to the receipt of allrelevant regulatory and court approvals, the Arrangement is expectedto close on or about August 19, 2022.
On behalf of the Board of Directors of UEX
"Roger Lemaitre "
Roger Lemaitre
President & CEO, UEXCorporation
Phone: 306-979-3849
Website: www.uexcorp.com
Forward-Looking StatementCautions:
This news release contains statements that constitute“forward-looking information” for the purposes of Canadiansecurities laws. These forward?looking statements or informationrelate to, among other things: the receipt of required regulatoryapprovals for the Arrangement; the ability of UEC and UEX to satisfythe other conditions to, and to complete the Arrangement; theanticipated date of the hearing for the final order; and theanticipated timing of closing of the Arrangement.
These statements reflect the Company’s current viewswith respect to future events and are inherently subject tosignificant business, economic, competitive, political and socialuncertainties and contingencies. Such factors include, the synergiesexpected from the Arrangement not being realized; business integrationrisks; fluctuations in general macro?economic conditions;fluctuations in securities markets; fluctuations in the spot andforward price of uranium or certain other commodities (such as naturalgas, fuel oil and electricity); fluctuations in the currency markets(such as the Canadian dollar and the U.S. dollar); changes in nationaland local government, legislation, taxation, controls, regulations andpolitical or economic developments in Canada and the United States;operating or technical difficulties in connection with mining ordevelopment activities; risks and hazards associated with the businessof mineral exploration, development and mining (includingenvironmental hazards and industrial accidents); risks relating to thecredit worthiness or financial condition of suppliers, refiners andother parties with whom the parties do business; inability to obtainadequate insurance to cover risks and hazards; and the presence oflaws and regulations that may impose restrictions on mining,availability and increasing costs associated with mining inputs andlabour; the speculative nature of mineral exploration and development,including the risks of obtaining necessary licenses, permits andapprovals from government authorities; title to properties; and thefactors identified under the caption “Risk Factors” in UEX’sAnnual Information Form. In addition, the failure of UEX to complywith the terms of the Arrangement Agreement may result in UEX being required to pay a termination fee to UEC, theresult of which could have a material adverse effect on UEX’sfinancial position and results of operations and its ability to fundgrowth prospects and current operations. Although the Company hasattempted to identify important factors that could cause actualresults to differ materially, there may be other factors that causeresults not to be anticipated, estimated or intended. The Company doesnot intend, and does not assume any obligation, to update thisforward?looking information to reflect changes in assumptions orchanges in circumstances or any other events affecting suchinformation, other than as required by applicable law.
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