Uranium Energy Acquires Neutron, Impacts Primary Corp.

Primary Corp. (TSX:PYC) announced an unaudited loss of $10.4 million for 2011 and notes it will effected by Uranium Resources (NASDAQ:URRE) acquisition of Neutron Energy.

As quoted in the press release:

The shareholders of Neutron Energy, Inc. (“Neutron”), including Primary Corp., have accepted a term sheet under which Uranium Resources Inc. (NASDAQ:URRE) will acquire the shares of Neutron and amalgamate the two companies. As a result of this agreement, Neutron shareholders will receive URRE shares in exchange for Neutron shares. Primary holds approximately 24% of the outstanding shares of Neutron and will receive approximately 918,000 shares of URRE. As a result of this transaction and the current valuation of URRE shares to be received, Primary will record a loss of $7.7M ($0.41 per share) in the first quarter of 2012 associated with the valuation of this investment. Neutron is a legacy investment from Primary’s non-public portfolio.

Click here to read the Primary Corp. (TSX:PYC) press release.