SYDNEY, Australia, Dec. 12, 2018 (GLOBE NEWSWIRE) -- The Pacific Road Resources Funds (“PRRF”) announce that PRRF has disposed of an aggregate of 12,350 common shares (“Common Shares”) of Uranium Energy Corp. (“UEC”) pursuant to market sales over the facilities of the NYSE American at an average price of US$1.30 per Common Share. The sales of the Common Shares, when combined with other Common Shares sold by PRRF, represent a decrease in PRRF’s holdings of approximately 2.1%.
As a result of the sales, PRRF holds an aggregate of 9,837,779 Common Shares and 11,000,000 Warrants. The Common Shares represent approximately 5.5% of the outstanding Common Shares. The Warrants can be exercised to acquire an aggregate of 11,000,000 Common Shares at an exercise price of US$2.30 until August 9, 2022. As a result of the sale of Common Shares, the Offeror’s interest in the Corporation has been reduced to approximately 11.1% of the issued and outstanding Common Shares, assuming full exercise of the Warrants.
The Offeror disposed of the Common Shares for investment purposes and anticipates in the future, depending on market conditions, general economic and industry conditions, the Corporation’s business and financial condition and/or other relevant factors, disposing of some or all of its Common Shares and Warrants over the facilities of NYSE American, through private transactions or otherwise. In addition, the Offeror may develop other plans or intentions in the future relating to one or more of the above items.
A copy of the early warning report filed in connection with the investment will be available on the Corporation’s profile on SEDAR at www.sedar.com or may be obtained by contacting Adrian Martin at +61 2 9241 1000.
About Pacific Road Resources Funds and Pacific Road Capital Management Pty Limited
The Pacific Road Resources Funds are private equity funds investing in the global mining industry. They provide expansion and buyout capital for mining projects, mining related infrastructure and mining services businesses located throughout resource-rich regions of the world. The Pacific Road Resources Funds are managed and advised by Pacific Road Capital Management Pty Ltd (“PRCM”). The PRCM team, located in Sydney, Australia, is comprised of experienced mining investment professionals that have extensive knowledge and experience in the mining sector, including considerable operating, project development, transactional and investment banking experience. For further information on the Pacific Road Resources Funds and PRCM, please go to their website at www.pacroad.com.