Uranium Energy News Releases
Uranium Energy Corp Extends Option Agreement Deadline for $11-Million Sale of Interest in New Mexico Project
January 5, 2010
AUSTIN, TX – Further to its news release dated November 12, 2009, Uranium Energy Corp. (NYSE-AMEX: UEC, “the Company”) has granted a three-month extension to Neutron Energy Inc. (“Neutron”), until March 31, 2010, to provide written notice of its intention to purchase the Company’s 49% joint venture interest in Cibola Resources LLC (“Cibola”) for a cash payment of US$11,000,000. If Neutron elects to exercise the option to purchase the Company’s interest in Cibola, the date by which funds must be paid and the transaction closed has been extended to April 12, 2010. If Neutron does not provide written notice of its intention to exercise the option by March 31, 2010, the option will terminate, and the option agreement will be of no further force or effect.
Additionally, the option agreement provides that Neutron will fund Cibola’s obligations for the months of August 2009, through March 2010. Regardless of whether Neutron exercises its option, Neutron has agreed to release the Company from all liabilities with respect to these obligations, and the Company’s interest in Cibola will not be diluted due to Neutron’s funding of the project during this period.
Cibola is the owner of the Cebolleta uranium project, a mining lease covering approximately 6,700 acres in the Cebolleta Land Grant, located 45 miles west of Albuquerque, New Mexico. Cibola is owned 49% by the Company and 51% by Neutron, a private corporation based in Englewood, Colorado.
About Uranium Energy Corp
Uranium Energy Corp (NYSE-AMEX: UEC) is a U.S.-based exploration and development company with the objective of near-term uranium production in the U.S. The Company’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Goliad and Palangana in-situ recovery uranium projects which are in the final stages of mine permitting for production. The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining. The Company is well financed to execute on its key programs.
Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (512) 535-0832
E-mail: [email protected]
Stock Exchange Information:
NYSE AMEX: UEC
Frankfurt Stock Exchange Symbol: U6Z
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These statements involve risks and uncertainties, which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time with the United States Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.