(TheNewswire)
Corpus Christi, TX, and Saskatoon,Saskatchewan – TheNewswire - August 22, 2022 – Uranium Energy Corp (XTSE:UEX) (OTC:UEXCF) (NYSE American: UEC, the “ Company ” or“ UEC ”) and UEX Corporation (TSX:UEX ) , “ UEX ”) are pleasedto announce the closing of the previously announced plan ofarrangement (the “ Arrangement ”) under the Canada business CorporationsAct , pursuant to which UEC acquired all of theissued and outstanding common shares of UEX that it did not alreadyown. The Arrangement was approved at a special meeting of UEXsecurityholders held on August 15, 2022 and was subsequently approvedby the Supreme Court of British Columbia on August 18, 2022. Pursuantto the terms of the Arrangement, UEX shareholders received 0.090common shares of UEC for each UEX common share held.
UEC intends to submit applications to the Toronto StockExchange and to the applicable securities regulators to delist UEX’sexisting common shares and for UEX to cease to be a reporting issuer,respectively.
Amir Adnani, President and CEO stated: “We are pleased tohave completed our acquisition of UEX. This marks UEC’s secondsuccessful highly accretive M&A transaction in the lastyear, creating the largest diversified NorthAmerican focused uranium company. We welcome UEX shareholders to UECand appreciate the vote of confidence in supporting our transaction.The competing interest for UEX from other industry participantsfurther validates the significant upside and strategic rationale weidentified in UEX’s portfolio of high-grade projects in theworld-class Athabasca Basin of Saskatchewan. We look forward toworking with our new stakeholders and the joint venture partners,including Cameco, Orano and Denison.”
Mr. Adnani continued: “The Company’s acquisitionsof Uranium One Americas (“U1A”) and UEX have created substantialshareholder value, with meaningful expansion of our productioncapabilities and resource pipeline. The U1A transaction doubledUEC’s processing capacity, In-Situ Recovery (“ISR”) resourcesand permitted projects in the United States, while the UEX transactiondoubles the size of our measured and indicated uraniumresources [1] . With no debt and over $180million of cash and liquid assets, including physical uranium, UEC hasan unparalleled industry position to capitalize on nuclear power’sgrowing role as a climate change solution, contributing towards themega trends of decarbonization, electrification and energytransition.”
Mr. Adnani concluded: “ There isan emerging trend by Western utilities to secure supplies from uraniumprojects in politically stable and proven jurisdictions, this is astrong fit with UEC’s permitted, and production-ready U.S. ISRprojects and extensive growth pipeline in Canada. UEC’s sector leading strategy as the fastest growing, pureplay, 100% unhedged uranium company with assets only in the WesternHemisphere is a key differentiator in this emerging uranium bullmarket.”
About Uranium EnergyCorp
Uranium Energy Corp is America's leading, fastestgrowing, uranium mining company listed on the NYSE American. UEC is apure play uranium company and is advancing the next generation oflow-cost, environmentally friendly In-Situ Recovery (ISR) mininguranium projects. The Company has two production ready ISR hub andspoke platforms in South Texas and Wyoming, anchored by fully licensedand operational processing capacity at the Hobson and Irigaray plants.UEC also has seven U.S. ISR uranium projects with all of their majorpermits in place. Additionally, the Company has other diversifiedholdings of uranium assets, including: (1) one of the largest physicaluranium portfolios of U.S. warehoused U3O8; (2) a major equity stakein the only royalty company in the sector, Uranium Royalty Corp.; and(3) a pipeline of resource-stage uranium projects in Arizona, NewMexico and Paraguay. The Company's operations are managed byprofessionals with a recognized profile for excellence in theirindustry, a profile based on many decades of hands-on experience inthe key facets of uranium exploration,development and mining.
About UEXCorporation
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 located in theeastern, western and northern perimeters of the Athabasca Basin, theworld'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.
Additional Information
Full details of the Arrangement are set out in thearrangement agreement and subsequent amendments thereto, copies ofwhich are filed by UEC and UEX under their respective profiles onSEDAR at www.sedar.com and under UEC’s profile on EDGAR at www.sec.gov . In addition,further information regarding the Arrangement is contained in amanagement information circular dated July 8, 2022 prepared inconnection with the meeting of UEX securityholders, a copy of which isfiled on UEX’s profile on www.sedar.com .
For additional information, please contact:
Uranium Energy Corp InvestorRelations
Toll Free: (866)748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com
Twitter: @UraniumEnergy
Stock ExchangeInformation:
NYSE American: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
Safe Harbor Statement
Except for the statements of historical fact containedherein, the information presented in this news release constitutes“forward-looking statements” as such term is used in applicableUnited States and Canadian laws. These statements relate to analysesand other information that are based on forecasts of future results,estimates of amounts not yet determinable and assumptions ofmanagement. Any other statements that express or involve discussionswith respect to predictions, expectations, beliefs, plans,projections, objectives, assumptions or future events or performance(often, but not always, using words or phrases such as “expects”or “does not expect”, “is expected”, “anticipates” or“does not anticipate”, “plans, “estimates” or “intends”,or stating that certain actions, events or results “may”,“could”, “would”, “might” or “will” be taken, occur orbe achieved) are not statements of historical fact and should beviewed as “forward-looking statements”. Such forward-lookingstatements involve known and unknown risks, uncertainties and otherfactors which may cause the actual results, performance orachievements of the Company to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking statements. Such risks and other factors include,among others, market and other conditions, the actual results ofexploration activities, variations in the underlying assumptionsassociated with the estimation or realization of mineral resources,the availability of capital to fund programs and the resultingdilution caused by the raising of capital through the sale of shares,accidents, labor disputes and other risks of the mining industryincluding, without limitation, those associated with the environment,delays in obtaining governmental approvals, permits or financing or inthe completion of development or construction activities, titledisputes or claims limitations on insurance coverage. Although theCompany has attempted to identify important factors that could causeactual actions, events or results to differ materially from thosedescribed in forward-looking statements, there may be other factorsthat cause actions, events or results not to be as anticipated,estimated or intended. There can be no assurance that such statementswill prove to be accurate as actual results and future events coulddiffer materially from those anticipated in such statements.Accordingly, readers should not place undue reliance onforward-looking statements contained in this news release and in anydocument referred to in this news release. Certain matters discussedin this news release and oral statements made from time to time byrepresentatives of the Company may constitute forward-lookingstatements within the meaning of the Private Securities LitigationReform Act of 1995 and the Federal securities laws. Although theCompany believes that the expectations reflected in suchforward-looking statements are based upon reasonable assumptions, itcan give no assurance that its expectations will be achieved.Forward-looking information is subject to certain risks, trends anduncertainties that could cause actual results to differ materiallyfrom those projected. Many of these factors are beyond the Company'sability to control or predict. Important factors that may cause actualresults to differ materially and that could impact the Company and thestatements contained in this news release can be found in theCompany's filings with the Securities and Exchange Commission. Forforward-looking statements in this news release, the Company claimsthe protection of the safe harbor for forward-looking statementscontained in the Private Securities LitigationReform Act of 1995. The Company assumes no obligation to update orsupplement any forward-looking statements whether as a result of newinformation, future events or otherwise. This press release shall notconstitute an offer to sell or the solicitation of an offer to buysecurities.
Forward-Looking Statement Cautions
This news release includes certain “Forward-LookingStatements” within the meaning of the United States PrivateSecurities Litigation Reform Act of 1995 and “forward-lookinginformation” under applicable Canadian securities laws. Thesestatements reflect the parties' respective current views with respectto future events and are inherently subject to significant business,economic, competitive, political and social uncertainties andcontingencies. Such factors include, the synergies expected from theArrangement not being realized; business integration risks;fluctuations in general macro economic conditions; fluctuations insecurities markets and the market price of UEC Shares; fluctuations inthe spot and forward price of uranium or certain other commodities(such as natural gas, fuel oil and electricity); fluctuations in thecurrency markets (such as the Canadian dollar and the U.S. dollar);changes in national and local government, legislation, taxation,controls, regulations and political or economic developments in Canadaand the United States; operating or technical difficulties inconnection with mining or development activities; risks and hazardsassociated with the business of mineral exploration, development andmining (including environmental hazards and industrial accidents);risks relating to the credit worthiness or financial condition ofsuppliers, refiners and other parties with whom the parties dobusiness; inability to obtain adequate insurance to cover risks andhazards; and the presence of laws and regulations that may imposerestrictions on mining, availability and increasing costs associatedwith mining inputs and labour; the speculative nature of mineralexploration and development, including the risks of obtainingnecessary licenses, permits and approvals from government authorities;title to properties; and the factors identified under the caption“Risk Factors” in UEC's Form 10K and under the caption “RiskFactors” in UEX's Annual Information Form. Although UEC 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 parties donot intend, and do not assume any obligation, to update theseforward-looking statements or information to reflect changes inassumptions or changes in circumstances or any other events affectingsuch statements or information, other than as required by applicablelaw.]
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