The Conversation (0)
Uranium Energy Corp (AMEX:UEC) reports that it has entered a definitive purchase and sale agreement with Uranium One Inc. (TSE:UUU) acquiring South Texas uranium database package from Uranium One.
The press release is quoted as saying:
This strategic Database is to be acquired for a value of $900,000, comprised of $400,000 in cash and 159,236 common shares of the Company at a price of $3.14, and will significantly advance the Company’s ongoing exploration efforts in South Texas. The Database contains over 40 uranium targets that the Company plans to evaluate.
The Database is an evaluation of the uranium potential within the Goliad Formation located along the South Texas Uranium Belt, an area extending from south of Houston to the Mexican border. The Company’s Palangana, Goliad, Salvo and Nichols projects are all within the Goliad Formation. The study encompasses an area approximately the size of Pennsylvania.
Uranium Energy Corp.’s President and CEO, Amir Adnani says:
“UEC’s Hobson processing plant forms the basis of our regional production strategy in South Texas and is located in the area of study, making this Database particularly useful for us. UEC is incorporating this Database and the associated acquisition and exploration targets into its ongoing efforts to develop additional uranium sources for processing at the Hobson plant.”