Form 8-K Western Uranium Corp For: Sep 18

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the  

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 18, 2018

 

WESTERN URANIUM CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Ontario, Canada		000-55626		98-1271843
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

330 Bay Street, Suite 1400, Toronto, Ontario, Canada		M5H 2S8
(Address of Principal Executive Offices)		(Zip Code)

 

Registrant’s telephone number, including area code: (970) 864-2125

 

N/A

(Former Name or Former Address, if Changed Since Last Report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

þ  Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 8.01. Other Events.

 

Western Uranium Corporation (“Western” or the “Company”) issued a news release dated September 18, 2018 providing some market updates, including (1) the mutual agreement of Western and Battery Mineral Resources Nevada Inc. to discontinue efforts to form a joint venture for vanadium development at the Sage Mine Project; (2) the Company’s payment in full on August 31, 2018 of a $500,000 promissory note that was secured by the Colorado and Utah mineral properties acquired in the August 18, 2014 transaction between Pinon Ridge Mining LLC, a wholly owned subsidiary of Western, and Energy Fuels Holding Corporation; and (3) an update regarding the U.S. Department of Commerce’s Section 232 investigation of the national security impact caused by uranium imports.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press Release dated September 18, 2018

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:  September 21, 2018	WESTERN URANIUM CORPORATION
	By:	/s/ Robert Klein
		Robert Klein Chief Financial Officer

 

Exhibit 99.1

 

 

September 18, 2018

  

Western Uranium Provides Market Update

 

FOR IMMEDIATE RELEASE

 

Toronto, Ontario and Nucla, Colorado - Western Uranium Corporation (CSE: WUC) (OTCQX: WSTRF) (“Western” or the ”Company”) is pleased to provide the following updates. Western has continued to benefit from the positive momentum in the prices of both uranium and vanadium as its resource values have accreted strongly during 2018.

 

SAGE MINE PROJECT UPDATE:  On June 8, 2018, Western announced the signing of a Letter Agreement (“Agreement”) with Battery Mineral Resources Nevada Inc., a wholly-owned subsidiary of Battery Minerals Resources Limited (“BMR”) to form a joint venture for vanadium development at the Sage Mine Project (“Sage”). On August 15, 2018, Western announced that BMR provided notification of their desire to exercise the purchase option rather than pursue a joint venture. The change in transaction approach caused each party to seek amendments to the transaction. Consequently, the parties have not been able to reach an amended agreement and have mutually agreed to discontinue the transaction. Western will continue to focus on monetizing its high-grade vanadium resources and baseload production either directly or through an alternative transaction in order to enhance shareholder value.

 

PROMISSORY NOTE REPAYMENT: The $500,000 promissory note which was secured by the Colorado and Utah mineral properties acquired in the August 18, 2014 transaction between Pinon Ridge Mining LLC, a wholly owned subsidiary of Western, and Energy Fuels Holding Corporation was paid in full on August 31, 2018. The San Rafael Uranium Project, Sunday Mine Complex, Van 4 Mine, and the Sage Mine Project which were formerly secured by a first priority interest are now held by the Company free and clear of encumbrances.

 

SECTION 232 URANIUM INVESTIGATION UPDATE: On January 17, 2018, two U.S. uranium mining companies filed a petition requesting that the United States Department of Commerce (“Commerce”), initiate a Section 232 investigation into uranium imports. On July 18, 2018, U.S. Secretary of Commerce Wilbur Ross announced the launch of an investigation studying the national security impact caused by uranium imports. This initialized a 270-day period, until April 2019, to study the issue and deliver a report for President Trump’s consideration. Commerce opened up a comment period on July 25, 2018 through September 10, 2018 however due to public requests, the comment period was extended until September 25, 2018. Approximately, 800 comment letters have already been submitted, including a letter from Western in support of the petitioner proposed remedy of reserving 25% of the U.S. uranium market for U.S. producers.

 

About Western Uranium Corporation

 

Western Uranium Corporation is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of ablation mining technology.

 

This news release may contain forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made.

 

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

 

George Glasier

President and CEO

970-864-2125

[email protected]

 

Robert Klein

Chief Financial Officer

908-872-7686

[email protected]

 

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