UEX Announces Further Amended Arrangement Agreement with Uranium Energy Corp.

(TheNewswire)

UEX Corporation

Recommends Vote i n Favour o f UEC Arrangement

Saskatoon, Saskatchewan TheNewswire - August 15, 2022 UEX Corporation (TSX:UEX) (OTC: UEXCF) (" UEX " or the " Company ") is pleased to announce that it has entered into a further amendment (the " Amended UEC Agreement ") to the arrangement agreement dated June 13, 2022, as amended June 23, 2022 and August 5, 2022 among Uranium Energy Corp. (" UEC "), UEC 2022 Acquisition Corp. (the " Purchaser ") and UEX (the " UEC Agreement "). Pursuant to the Amended UEC Agreement, the Purchaser, a wholly-owned subsidiary of UEC, will acquire all of the issued and outstanding common shares of UEX (the " UEX Shares ") pursuant to a statutory plan of arrangement under the Canada Business Corporations Act and in return UEX shareholders (" UEX Shareholders ") will receive, for each UEX Share held, 0.09 of one share of UEC (" UEC Shares ") as consideration (the " UEC Arrangement ").

The following represents a summary of the key amendments set forth in the Amended UEC Agreement:

  • UEX Shareholders will now receive 0.09 UEC Shares for each UEX Share, implying consideration of approximately C$0.497 per UEX Share based on the closing price of UEX Shares and UEC Shares on the Toronto Stock Exchange and the NYSE American Exchange, respectively, and the spot exchange rate as of August 12, 2022 , replacing the previous exchange ratio of 0.0890 UEC Shares for each UEX Shares as agreed to in the UEC Agreement; and

  • a further increase in the termination fee payable to UEC if the UEC Agreement is terminated in certain circumstances, including if UEX enters into an agreement with respect to a superior proposal or if the Board of Directors of UEX (the Board ") withdraws its recommendation with respect to the UEC Arrangement, from US$8,800,000 to US$9,000,000.

The Board, after receiving guidance from our Advisors, approved the Amended UEC Agreement early today after consideration of a further offer received from Denison Mines Corp. in the late evening yesterday.

The Company confirms that the UEX special meeting of securityholders (the " Meeting ") currently slated for 10:00 a.m. (Vancouver time) on Monday, August 15, 2022 will continue as scheduled. Preliminary results from the Meeting indicate that over 93% of the votes cast on the special resolution approving the UEC Arrangement have been voted in favour of the UEC Arrangement. No further action is required by UEX securityholders who have already voted if there is no change to your vote.

The Board unanimously recommends that the UEX securityholders vote in favour of the resolution to approve the UEC Arrangement pursuant to the UEC Arrangement Agreement, as amended by the Amended UEC Agreement, at the Meeting.

All terms and conditions of the UEC Agreement not modified by the Amended UEC Agreement remain unchanged. For further details with respect to the material terms of the UEC Agreement, please refer to the press release of UEX dated June 13, 2022 and August 5, 2022, and the UEC Agreement which, together with the Amended UEC Agreement, will be available on the Company's SEDAR profile on www.sedar.com .

About UEX

UEX is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects.

UEX's directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium region which in 2020 accounted for approximately 8.1% of the global primary uranium production. In addition to advancing its uranium development projects through its ownership interest in JCU, UEX is currently advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and Ōrora deposits at the Christie Lake Project , the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.

UEX is also 50:50 co-owner of JCU (Canada) Exploration Company, Limited ("JCU"). JCU's portfolio of projects includes interests in some of Canada's key future uranium development projects, notably a 30.099% interest in Cameco's Millennium Project, a 10% interest in Denison's Wheeler River Project, and a 33.8123% interest in Orano Canada's Kiggavik Project, located in the Thelon Basin in Nunavut, as well as minority interests in nine other grassroots uranium projects in the Athabasca Basin.

UEX is also leading the discovery of cobalt in Canada, with three cobalt-nickel exploration projects located in the Athabasca Basin of northern Saskatchewan, including the only primary cobalt deposit in Canada. The 100% owned West Bear Project hosts the West Bear Cobalt-Nickel Deposit, the newly discovered Michael Lake Co-Ni Zone, and the West Bear Uranium Deposit. UEX also owns 100% of two early-stage cobalt exploration projects, the Axis Lake and Key West Projects.

For further information, please contact:

Roger Lemaitre

President & CEO

(306) 979-3849

www.uexcorp.com

Copyright (c) 2022 TheNewswire - All rights reserved.

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About Global Atomic

Global Atomic Corporation ( https://www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The Company's Uranium Division has identified three additional deposits in Niger additional to the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger , the Dasa Project is fully permitted for commercial production. Mine excavation began in Q1 2022, and commissioning of the processing plant is expected at the end of 2025/ beginning 2026.

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The information in this release may contain forward-looking information under applicable securities laws.  Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks.   Generally, forward-looking statements can be identified by forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved".  All information contained in this news release, other than statements of current or historical fact, is forward-looking information.   Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made.  Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance upon forward-looking statements.  Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law.  Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

Global Atomic Corporation (CNW Group/Global Atomic Corporation)

SOURCE Global Atomic Corporation

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