Uranium Energy buys UEX Corp. in C$234M all-stock deal

Jun. 13, 2022 7:19 AM ETUranium Energy Corp. (UEC), UEX:CABy: Carl Surran, SA News Editor4 Comments


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Uranium Energy Corp. (NYSE:UEC) said on Monday it agreed to acquire UEX Corp. (OTCQB:UEXCF) for ~C$234M in stock, in a deal it says will result in the largest uranium portfolio focused exclusively in the Americas.

Under the deal terms, each UEX (OTCQB:UEXCF) shareholder will receive 0.0831 of one UEC (UEC) common share in exchange for each UEX share, implying consideration of ~C$0.43/share and a ~50% premium based on UEX's June 10 closing price on the Toronto Stock Exchange.

Uranium Energy (UEC) said the deal will double its uranium resources in politically stable, uranium mining jurisdictions at only a 13.7% dilution to outstanding shares.

The acquisition "provides entry into two of Canada's most prospective uranium districts in Saskatchewan and Nunavut, and cements UEC's position as not only a leading American uranium mining company but a North American one as well," President and CEO Amir Adnani said.

Last week, Uranium Energy (UEC) acquired 25 in-situ recovery uranium projects in Wyoming from Uranium One Americas.

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