Business
Encore Energy and Azarga Uranium Provide Update on Proposed Transaction and Shareholder Vote
CORPUS CHRISTI, TX / ACCESSWIRE / October 21, 2021 / enCore Energy Corp. (" enCore ") (TSXV:...
About this update from Encore Energy Corp.
[{"type":"text","content":"Encore Energy and Azarga Uranium Provide Update on Proposed Transaction and Shareholder VoteCORPUS CHRISTI, TX / ACCESSWIRE / October 21, 2021 / enCore Energy Corp. (\"enCore\") (TSXV:EU)(OTCQB:ENCUF) and Azarga Uranium Corp. (\"Azarga\") (TSX:AZZ)(OTCQB:AZZUF)(FRA:P8AA) are pleased to provide a corporate update including information concerning the definitive agreement (the \"Agreement\") whereby enCore will acquire all of the issued and outstanding common shares of Azarga pursuant to a court-approved plan of arrangement (the \"Transaction\"). An Azarga information circular will be mailed on or before October 26, 2021 to Azarga shareholders of record as of October 12, 2021. The shareholder vote will be held on November 16, 2021 at 10:00 AM (Vancouver time) at the offices of Azarga at Unit 1 - 15782 Marine Drive, White Rock, BC, V4B 1E6.Terms of the AgreementUnder the terms of the Agreement, Azarga shareholders will receive 0.375 common shares of enCore for each Azarga common share held (the \"Exchange Ratio\") subject to adjustment as described in the information circular. The Exchange Ratio implied consideration of $0.71 per Azarga common share based on the closing price of the enCore common shares on the TSX Venture Exchange on September 3, 2021. Additional details may be found in the Azarga information circular.Transaction HighlightsCreation of a top-tier American uranium in-situ recovery (\"ISR\") mining company with multiple assets at various stages of development;Two licensed ISR production facilities and multiple potential satellite exploration and development projects in South Texas;Advanced stage Dewey Burdock development project in South Dakota with key federal permits issued;Recently published preliminary economic assessment for the Gas Hills project in Wyoming;Large uranium resource endowment in New Mexico including the Marquez-Juan Tafoya project, for which a recent preliminary economic assessment was published and the Crownpoint and Hosta Butte project;Well positioned to benefit from America's nuclear renaissance, which boasts bi-partisan political support; andManagement team and board with unrivaled experience in the permitting, development, and mining of ISR uranium deposits in the USA.Transaction DetailsThe proposed Transaction will be effected by way of a plan of arrangement completed under the Business Corpora...