Uranium Energy Corp reports developments in uranium production, project development and nuclear fuel-cycle infrastructure. Company updates center on in-situ recovery uranium operations in Wyoming and South Texas, including Burke Hollow, Christensen Ranch and the Irigaray Central Processing Plant, as well as uranium inventory, sales activity and unhedged exposure to uranium market pricing.
Recurring news also covers the company’s Canadian uranium portfolio anchored by the Roughrider Project in Saskatchewan, its United States Uranium Refining & Conversion Corp subsidiary, regulatory milestones tied to mining and conversion activities, public financing activity, quarterly operating results and U.S. policy actions affecting uranium as a critical mineral.
Uranium Energy Corp (NYSE American: UEC) announced the closing of its acquisition of UEX Corporation (TSX: UEX) under the Canada Business Corporations Act. This acquisition, approved by UEX shareholders and the Supreme Court of British Columbia, involved UEX shareholders receiving 0.090 UEC shares for each UEX share. UEC aims to delist UEX shares and cease UEX's reporting obligations. This merger positions UEC as the largest diversified North American uranium company, enhancing its resource portfolio and production capabilities while maintaining a robust financial position with over $180 million in cash.
On August 15, 2022, Uranium Energy Corp (UEC) announced an amendment to its acquisition agreement with UEX Corporation. The updated terms specify that UEX shareholders will receive 0.090 UEC shares for each UEX share, valuing UEX shares at approximately C$0.497. A termination fee of US$9 million is included if the deal is terminated under specific circumstances. The deal follows a competing acquisition proposal. The transaction is set for a special securityholders meeting today, with expectations for completion by the end of August, pending necessary approvals.
The latest Technical Report Summary (TRS) from Uranium Energy Corp (NYSE: UEC) reaffirms its leadership as America's premier ISR uranium company, detailing significant mineral resources in South Texas and Wyoming. The South Texas Hub & Spoke platform holds 12 satellite projects with over 71 million lbs of Measured and Indicated resources. The total disclosed Measured and Indicated resources for South Texas stand at 9,126,700 lbs. The projects are production-ready, with UEC aiming to fulfill U.S. uranium supply needs and expand its production capacity.
Uranium Energy Corp (NYSE American: UEC) has received a non-binding acquisition proposal from Denison Mines for UEX Corporation. UEC's accepted offer results in only 15% dilution for its shareholders, compared to Denison's 20% dilution for its own shareholders. UEC highlights significant support from UEX shareholders with 93.4% voting in favor of UEC's proposal. The completion path for UEC's acquisition is quicker than Denison's, which is subject to deal uncertainties. Should UEX terminate their agreement with UEC for Denison's offer, a termination fee of $8.8 million is required.
Uranium Energy Corp (NYSE American: UEC) and UEX Corporation (TSX: UEX) have announced an amending agreement for UEC's acquisition of UEX. Over 38% of eligible UEX securities have been tendered, with 93.4% voting in favor of the transaction. UEX shareholders will receive 0.0890 UEC shares for each UEX share, valuing UEX shares at approximately C$0.49. The increase in the transaction's termination fee by 7% aligns with the enhanced exchange ratio. The Board of Directors of both companies unanimously support the transaction, which is expected to double UEC's uranium resources with minimal dilution.
Uranium Energy Corp (NYSE American: UEC) has submitted a revised acquisition offer for UEX Corporation, valuing UEX at C$0.49 per share, a 72% premium over its price before UEC's initial proposal. Over 38% of eligible UEX securities have been tendered, with 93.7% in favor of the UEC transaction. The revised offer increases the break fee by 7% and offers better financial terms and greater deal certainty than Denison Mines Corp's competing proposal. UEC aims to create the largest diversified North American uranium company with this acquisition, while maintaining a strong cash position with no debt.
Uranium Energy Corp (NYSE American: UEC) has submitted an offer to supply uranium to the U.S. Department of Energy's National Nuclear Security Administration (NNSA) as part of a $10 billion Uranium Reserve program. NNSA aims to purchase one million pounds of uranium, emphasizing the need for domestic supply to minimize reliance on foreign sources, particularly from Russia and China. UEC's acquisition of Uranium One Americas enhances its domestic mining capabilities. The company supports legislation to ban Russian uranium imports to bolster U.S. energy independence and security.
On July 28, 2022, Uranium Energy Corp (NYSE American: UEC) announced it received a notice from UEX Corporation regarding a competing acquisition proposal from Denison Mines Corp. UEX's board determined Denison's offer as a 'Superior Proposal' under the existing Arrangement Agreement, allowing UEC a five-business-day period to match it. If UEC opts not to match, UEX is required to pay UEC a termination fee of US$8.25 million. CEO Amir Adnani emphasized UEC's disciplined approach to accretive transactions amid market challenges, hinting at potential growth opportunities.
Uranium Energy Corp (UEC) has achieved a major milestone by completing the installation of 106 monitor wells for its Burke Hollow Project in South Texas. This marks the first Production Area Authorization (PAA-1) and establishes the largest in-situ recovery (ISR) wellfield in the U.S. The project supports U.S. uranium production to reduce reliance on imports, notably from Russia, aligning with the National Nuclear Security Administration's initiative to purchase domestically produced uranium. UEC plans further exploration within the project's expansive 19,336 acres.
Uranium Energy Corp (NYSE American: UEC) announced results from its annual general meeting on July 21, 2022, where stockholders ratified several key proposals. Over 90% approval was achieved for the election of board members, appointment of PricewaterhouseCoopers LLP as auditors, adoption of the 2022 Stock Incentive Plan, and approval of executive compensation. Following the AGM, Amir Adnani was re-appointed as President and CEO, with Pat Obara and Scott Melbye also retaining their executive roles. UEC continues to be a leader in low-cost uranium mining.