Uranium Energy Corp (AMEX:UEC) & Concentric Energy Corp. announced the completion of the stock-for-stock merger.
The press release is quoted as saying:
Under the Merger, which was previously announced on May 6, 2011, UEC has issued 1,253,440 common shares of the Company to the former Concentric stockholders to acquire Concentric. The sole purpose of the Merger is to acquire Concentric’s undivided 100% interest in the Anderson Property, a 7,581-acre mineral claim block located in Yavapai County, Arizona, with a previous history of small-scale uranium production.
Uranium Energy Corp.’s President and CEO, Amir Adnani stated:
“With the acquisition of the Anderson project, UEC is now the leading uranium player in Arizona, as well as in South Texas. Arizona is both a business and energy-friendly state. Three of the largest nuclear power plants in the U.S. are in Arizona, and all three plants have recently received their 20-year license extensions. The current temporary downturn in the uranium market is providing the Company with an excellent opportunity to make strategic acquisitions at a viable cost, and this includes the Anderson Property. As these new projects come on-line, they bolster the Company’s already strong and diversified project portfolio of mining, development and exploration-stage properties to ensure on-going rapid growth.”