Energy

Uranium Energy (NYSE MKT: UEC, the “Company” or “UEC”) is pleased to announce that the Company has exercised its previously disclosed option (the “Option”) to acquire all of the issued and outstanding shares of CIC Resources (Paraguay) (“CIC”), a wholly-owned subsidiary of CIC Resources Inc. (the “Vendor”), in accordance with the terms and conditions of …

Uranium Energy (NYSE MKT: UEC, the “Company” or “UEC”) is pleased to announce that the Company has exercised its previously disclosed option (the “Option”) to acquire all of the issued and outstanding shares of CIC Resources (Paraguay) (“CIC”), a wholly-owned subsidiary of CIC Resources Inc. (the “Vendor”), in accordance with the terms and conditions of the Company’s share purchase and option agreement (the “Share Purchase and Option Agreement”) with the Vendor, dated March 4, 2016, as amended.  As a result, UEC now controls 100% of the Alto Paraná Titanium Project (the “Property”) located in the departments of Alto Paraná and Canindeyú in the Republic of Paraguay.
Amir Adnani, President & CEO, said:

 “Over the last 5 years we have invested in assembling a team of technical and local experts in Paraguay to advance our ISR uranium portfolio.  The acquisition of the Alto Parana project in no way reflects a change in the strategic direction of UEC, rather an opportunity to acquire a large, advanced asset within a familiar jurisdiction.  Leveraging our in-country presence and know-how, we identified a timely and strategic opportunity to consolidate over 70,000 hectares making up the Alto Parana titanium project and its pilot plant for the benefit of UEC shareholders.
Approximately $25 million has been invested in this project to date by CIC Resources and its former JV partner, Tronox. The UEC team and advisors have spent a considerable amount of time reviewing these assets, and in the coming months we will update the market on our go-forward plans to unlock value at Alto Paraná.”

Click here to read the full text release. 

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