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LONDON, UK / ACCESSWIRE / February 12, 2018 / Active-Investors.com has just released a free research report on Uranium Energy Corp. (NYSE: UEC). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=UEC as the Company's latest news hit the wire. On February 09, 2018, the Company declared that it has signed a definitive Property Purchase Agreement with Nuinsco Resources Ltd to acquire Diabase project, located on the south rim of the Athabasca Basin uranium district in Saskatchewan, Canada, for approximately $500,000. The Company also announced the appointment of Darcy Hirsekorn as the District Geologist of Uranium Energy. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Details of the Deal
The acquisition price is comprised of approximately $240,000 in cash paid to Nuinsco, and 139,418 common shares issued to Nuinsco and 25,349 common shares issued to the original Project property owner, at a deemed issuance price of $1.60 per common share. The acquisition is expected to preserve balance sheet flexibility in the bottom of the uranium cycle at less than 0.1% dilution to current UEC's shareholders.
Nuinsco intends to use the proceeds from the sale principally to add new exploration and development properties to its project portfolio and to facilitate the relisting of the Company's shares on a Canadian stock exchange as soon as possible.
Project is an Excellent Addition to Uranium Energy's Pipeline of Exploration Properties
Clyde Yancey, Vice President-Exploration of Uranium Energy, stated that the Company's acquisition strategy focuses on low-cost, high value projects, the Diabase project is consistent with those objectives and Uranium Energy gains an opportunistic foothold in the Athabasca Basin.
Clyde further added that the project is an excellent addition to the Company's pipeline of exploration properties for future development in a premier uranium district.
Darcy Hirsekorn's Career Path
Darcy Hirsekoris a seasoned professional geoscientist with over 20 years of experience in the exploration field working with Cameco Corporation. He held increasingly senior roles with the company culminating in the position of District Geologist in 2016. He was part of an exploration group that outlined over 200 million pounds of uranium resources including involvement with the Millennium, Fox Lake, Eagle Point, and Tamarack deposits. Darcy is active in the mining and exploration industry, having sat on the board of the Nunavut/NWT Chamber of Mines, the executive of the local Canadian Institute of Mining Geological Section, and is currently a member of the Environment and Sustainability Committee for the Saskatchewan Association of Professional Engineers and Geoscientists of Saskatchewan. He earned his bachelor's degree in Geology from the University of Saskatchewan.
Uranium Energy's Last Acquisition Agreement
On November 02, 2017, the Company inked an agreement with Uranerz Energy Corporation, a wholly owned subsidiary of Energy Fuels Inc., to acquire its advanced stage North Reno Creek project located immediately adjacent to and within UEC's existing Reno Creek Project permitting boundary in the Powder River Basin, Wyoming. Addition of North Reno Creek added further scale to an already large, fully permitted, and construction ready ISR project located in the United States. The Company paid approximately $2,940,000 in cash to Uranerz Energy, and $2,450,000 in common shares of the Company.
About Diabase Project
The Diabase Project delivers a significant land package of 21,949 hectares, which overlies a highly prospective regional corridor within 75 km of Cameco's Key Lake mill in a stable and leading jurisdiction for uranium exploration and mining. Project work completed to date includes 67 diamond drill holes, regional electromagnetic, magnetic, and gravity geophysical surveys, and surficial geochemistry.
About Nuinsco Resources Ltd
Established in 1977 and headquartered in Toronto, Canada, Nuinsco Resources is one of Canada's most experienced, growth-oriented, multi-commodity mineral exploration company that is focused on world-class mineralized belts in Canada and internationally.
About Uranium Energy Corp.
Founded in 2003, Uranium Energy is a US based uranium mining and exploration company. The Company controls one of the largest databases of historic uranium exploration and development in the country. The Company has acquired and is advancing exploration properties of merit throughout the southwestern US.
Stock Performance Snapshot
February 09, 2018 - At Friday's closing bell, Uranium Energy's stock declined 2.22%, ending the trading session at $1.32.
Volume traded for the day: 2.13 million shares, which was above the 3-month average volume of 1.66 million shares.
Stock performance in the previous three-month period – up 20.00%
After last Friday's close, Uranium Energy's market cap was at $210.80 million.
The stock is part of the Basic Materials sector, categorized under the Industrial Metals & Minerals industry. This sector was up 0.2% at the end of the session.
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