Pacific Road Resources Funds Announce Completion of Sale of Reno Creek Uranium Project to Uranium Energy

The Pacific Road Resources Funds (“PRRF”) announce that PRRF has sold all of their common shares of Reno Creek Holdings (“RCHI”), the indirect holding company of the Reno Creek Uranium ISR Project in Wyoming, to Uranium Energy (“UEC”).

In consideration for the shares of RCHI, UEC agreed to issue 14,578,738 common shares and 11,000,000 warrants to purchase common shares to PRRF, granted PRRF a 0.5% net profit interest royalty over the Reno Creek Uranium Project and paid an aggregate of US$882,358.55.

The common shares were issued at a deemed issue price of US$1.406 per common share (or US$20,497,705.63 in the aggregate) and represent approximately 9.4% of the outstanding common shares of UEC.

The warrants can be exercised to acquire an aggregate of 11,000,000 common shares of UEC at an exercise price of US$2.30 for a period of five years. Assuming full exercise of PRRF’s warrants, PRRF would hold 25,578,738 common shares, representing approximately 15.4% of the then issued and outstanding common shares of UEC.

PRRF acquired the common shares, warrants and royalty in consideration for the sale of shares of Reno Creek Holdings Inc. The securities of UEC have been acquired for investment purposes.

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