(Kitco News) - UEX Corporation (TSX: UEX) announced Friday that it has received an unsolicited non-binding proposal from Denison Mines for the acquisition of all of the issued and outstanding common shares of UEX.
The company said that its Board has unanimously determined, after consultation with its financial and legal advisors, that the Denison offer constitutes a "Superior Proposal" under the arrangement agreement dated June 13, 2022, as amended June 23, 2022, among UEX, Uranium Energy and UEC 2022 Acquisition.
UEX added that, in accordance with the UEC arrangement agreement, the company notified UEC on July 28, 2022 that it considers the Denison offer to be a Superior Proposal.
Importantly, the company noted that UEC has the right, for a period of five business days from receipt of UEX's notice, to offer to amend the terms of the UEC Arrangement Agreement.
UEX indicated it is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects. UEX's directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium region.
UEX is also 50:50 co-owner of JCU (Canada) Exploration Company. JCU's portfolio of projects includes interests in some of Canada's key future uranium development projects, 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 Thelon Basin in Nunavut, as well as minority interests in nine other grassroots 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 Athabasca Basin of northern Saskatchewan, including the only primary cobalt deposit in Canada.
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