UEX Announces Completion of $9
Million Private Placement
View News Release in PDF Format
UEX Corporation ("UEX") announced today that it has completed its
previously announced private placement of 5,500,000 flow-through common shares
at $1.65 per share for total gross proceeds of $9,075,000 through Dundee
Securities Corporation and Middlefield Capital Corporation on an underwritten
basis.
Proceeds from the sale of the flow-through common shares will be used to fund
exploration and development budgets for UEX's present and future projects,
including its projects in the western Athabasca Basin and its 100%-owned Hidden
Bay Project located in the eastern Athabasca Basin. These activities will be
eligible for Canadian exploration expenses and renounced in favour
of the subscribers of the flow-through common shares effective on or before
December 31, 2010.
About UEX
UEX is a Canadian uranium exploration and development company actively involved
in 18 uranium projects, including six that are 100% owned and operated by UEX,
one joint venture with AREVA Resources Canada Inc. ("AREVA") that is
operated by UEX, ten joint-ventured with AREVA and one under option from JCU
(Canada) Exploration Company, Limited, which are operated by AREVA. The 18
projects, totaling 338,972 hectares (837,618 acres), are located in the
eastern, western and northern perimeters of the Athabasca Basin, the world's
richest uranium belt, which accounts for approximately 22% of the global
primary uranium production. UEX is currently developing several uranium
deposits in the Athabasca Basin which include the Kianna,
Anne, Colette and 58B Deposits at its 49%-owned Shea Creek Uranium Project, a
joint venture with AREVA in the western Athabasca Basin, and the Horseshoe,
Raven and West Bear Deposits located at its 100%-owned Hidden Bay Project in
the eastern Athabasca Basin.
FOR FURTHER INFORMATION PLEASE CONTACT
Graham C. Thody, President &
CEO, (604) 669-2349
Forward-Looking
Information
This news release may contain
statements that constitute "forward-looking information" for the
purposes of Canadian securities laws. Such statements are based on UEX's
current expectations, estimates, forecasts and projections. Such
forward-looking information includes statements regarding UEX's outlook for our
future operations, plans and timing for exploration activities, and other
expectations, intention and plans that are not historical fact. The words
"estimates", "projects", "expects", "intends",
"believes", "plans", or their negatives or other comparable
words and phrases are intended to identify forward-looking information. Such
forward-looking information is based on certain factors and assumptions and are subject to risks, uncertainties and other factors that
could cause actual results to differ materially from future results expressed
or implied by such forward-looking information. Important factors that could
cause actual results to differ materially from UEX's expectations include
uncertainties relating to interpretation of drill results and geology,
additional drilling results, continuity and grade of deposits, public
acceptance of uranium as an energy source, fluctuations in uranium prices and
currency exchange rates, changes in environmental and other laws affecting uranium
exploration and mining, and other risks and uncertainties disclosed in UEX's
Annual Information Form and other filings with the applicable Canadian
securities commissions on SEDAR. Many of these factors are beyond the control
of UEX. Consequently, all forward-looking information contained in this news
release is qualified by this cautionary statement and there can be no assurance
that actual results or developments anticipated by UEX will be realized. For
the reasons set forth above, investors should not place undue reliance on such
forward-looking information. Except as required by applicable
law, UEX disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new information, future
events or otherwise.