Uranium Energy Corp. (NYSE: American)
And UEX Corporation (TSX:UEX), announced that they have entered into a further amending agreement to the previously announced arrangement agreements dated June 13, 2022, as amended June 23, 2022 and August 5, 2022, pursuant to which UEC will acquire all of the issued and outstanding common shares of UEX.
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| UEC | NYSE: UEC |
| Stage | Production + development |
| Metals | Uranium |
| Market cap | US $1.24 Billion @ $4.13 |
| Location | Texas, Wyoming, USA, Paraguay |
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Uranium Energy Corp and UEX Corporation Agree to Amendment to the Arrangement Agreement; Special Meeting of UEX Securityholders will Remain on Monday, August 15, 2022
UEC Pro Forma Ownership Changes to 85.7% Compared to Previously Disclosed at 85.8% on Basic Share Basis.
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Corpus Christi, TX and Saskatoon, Saskatchewan August 15, 2022– Uranium Energy Corp. (NYSE American: UEC, the “Company” or “UEC”) and UEX Corporation (TSX:UEX, “UEX”) are pleased to announce that they have entered into a further amending agreement (the “Amending Agreement”) to the previously announced arrangement agreement dated June 13, 2022, as amended June 23, 2022 and August 5, 2022, among UEX, UEC and UEC 2022 Acquisition Corp., pursuant to which UEC will acquire all of the issued and outstanding common shares of UEX (“UEX Shares”) by way of a statutory plan of arrangement (the “Arrangement”) under theCanada Business Corporations Act(the “Transaction”).
Under the terms of the Amending Agreement, holders of UEX Shares (“UEX Shareholders”) will now receive0.090 of one common share of UEC (a “UEC Share”) for each UEX Share held, 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.
The Amending Agreement also increases the termination fee (to be paid by UEX to UEC if the Transaction is terminated in certain specified circumstances) to U.S.$9 million. In addition, under the terms of the Amending Agreement, UEX has agreed that UEX will accept proxies for the special meeting of UEX Securityholders to approve the Transaction (the “Meeting”), which will be held at 10:00 a.m. (Vancouver time) today, up to the time of the commencement of the Meeting. Other than the foregoing, the terms of the Transaction remain unamended.
The terms of the Amending Agreement were agreed following receipt by UEX of a competing acquisition proposal on August 8, 2022 for all of the issued and outstanding UEX Shares.
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To read the full news release, please click HERE
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Disclosure
At the time of writing the author holds no shares in UEC. nor UEX
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