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Uranium Energy Completes Acquisition of UEX Corporation to Create the Largest Diversified North American Focused Uranium Company
CORPUS CHRISTI, Texas and SASKATOON, SK, Aug. 22, 2022 /CNW/ - Uranium Energy Corp (NYSE American: UEC) (the "Company" or "UEC") and UEX Corporation (TSX: UEX)
About this update from Uranium Energy Corp.
[{"type":"text","content":" CORPUS CHRISTI, Texas and SASKATOON, SK, Aug. 22, 2022 /CNW/ - Uranium Energy Corp (NYSE American: UEC) (the \"Company\" or \"UEC\") and UEX Corporation (TSX: UEX) (\"UEX\") are pleased to announce the closing of the previously announced plan of arrangement (the \"Arrangement\") under the Canada Business Corporations Act, pursuant to which UEC acquired all of the issued and outstanding common shares of UEX that it did not already own. The Arrangement was approved at a special meeting of UEX securityholders held on August 15, 2022 and was subsequently approved by the Supreme Court of British Columbia on August 18, 2022. Pursuant to the terms of the Arrangement, UEX shareholders received 0.090 common shares of UEC for each UEX common share held. UEC 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. Amir Adnani, President and CEO stated: \"We are pleased to have completed our acquisition of UEX. This marks UEC's second successful highly accretive M&A transaction in the last year, creating the largest diversified North American focused uranium company. We welcome UEX shareholders to UEC and appreciate the vote of confidence in supporting our transaction. 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.\" Mr. Adnani continued: \"The Company's acquisitions of Uranium One Americas (\"U1A\") and UEX have created substantial shareholder value, with meaningful expansion of our production capabilities and resource pipeline. The U1A transaction doubled UEC's processing capacity, In-Situ Recovery (\"ISR\") resources and permitted projects in the United States, while the UEX transaction doubles the size of our measured and indicated uranium resources. With no debt and over $180 million of cash and liquid assets, including physical uranium, UEC has an unparalleled industry position to capitalize on nuclear power's growing role as a climate change solution, contributing to...