Uranium Energy (UEC) Acquires South Texas Mining Venture from URN Resources and Everest Exploration
Uranium Energy Corp. (AMEX: UEC) is pleased to announce that it has entered into an agreement with URN Resources Inc., a subsidiary of Uranium One Inc., and an agreement in principle with Everest Exploration Inc., to collectively acquire a 100% ownership interest in the South Texas Mining Venture, L.L.P., a Texas limited liability partnership.
Under the terms of the Agreement with URN, Uranium Energy agreed to issue 2,500,000 shares of common stock to make the acquisition in South Texas Mining Venture.
Uranium Energy also entered into an agreement in principle with Everest to purchase substantially all of the assets of Everest, including its 1% interest in STMV. To make the acquisition, Uranium Energy will pay 200,000 shares of common stock and a cash payment of $1,000,000 to be used, in part, for reclamation work to be performed by Everest and for final reclamation on two properties previously mined and restored by Everest.
As a result of the acquisition of STMV, the Company's Texas land position will now include five additional properties, all with recognized uranium mineralization, and which lie within approximately 100 miles of the licensed Hobson facility (an ISR processing plant owned by STMV). The STMV acquisition will also include significant data files that document decades of South Texas-focused uranium exploration and mining.
Under the terms of the Agreement with URN, Uranium Energy agreed to issue 2,500,000 shares of common stock to make the acquisition in South Texas Mining Venture.
Uranium Energy also entered into an agreement in principle with Everest to purchase substantially all of the assets of Everest, including its 1% interest in STMV. To make the acquisition, Uranium Energy will pay 200,000 shares of common stock and a cash payment of $1,000,000 to be used, in part, for reclamation work to be performed by Everest and for final reclamation on two properties previously mined and restored by Everest.
As a result of the acquisition of STMV, the Company's Texas land position will now include five additional properties, all with recognized uranium mineralization, and which lie within approximately 100 miles of the licensed Hobson facility (an ISR processing plant owned by STMV). The STMV acquisition will also include significant data files that document decades of South Texas-focused uranium exploration and mining.
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