(Kitco News) - Uranium Energy (NYSE: UEC) announced Monday it acquired all of the issued and outstanding common shares of UEX Corp. (TSX: UEX) that it did not already own.
According to a press-release, pursuant to the terms of the arrangement, UEX shareholders received 0.090 common shares of UEC for each UEX common share held.
UEC said it intends to submit applications to the Toronto Stock Exchange and to the applicable securities regulators to delist UEX's existing common shares and for UEX to cease to be a reporting issuer, respectively.
"The competing interest for UEX from other industry participants further validates the significant upside and strategic rationale we identified in UEX's portfolio of high-grade projects in the world-class Athabasca Basin of Saskatchewan. We look forward to working with our new stakeholders and the joint venture partners, including Cameco, Orano and Denison," commented president and CEO Amir Adnani.
Uranium Energy Corp is America's leading uranium mining company listed on the NYSE American. UEC is a pure play uranium company and is advancing the next generation of low-cost, environmentally friendly In-Situ Recovery (ISR) mining uranium projects.
The company has two production ready ISR hub and spoke platforms in South Texas and Wyoming, anchored by fully licensed and operational processing capacity at the Hobson and Irigaray plants. UEC also has seven U.S. ISR uranium projects with all of their major permits in place.
UEX is a Canadian uranium and cobalt exploration and development company. 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 which in 2020 accounted for approximately 8.1% of the global primary uranium production.
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