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TIDM | RRR |
Headline | Uranium Energy Corp to acquire Cue Resources Ltd. |
Released | 09:45 24-Jan-2012 |
Number | 0686W09 |
RNS Number : 0686W Red Rock Resources plc
24 January 2012
RED ROCK RESOURCES PLC Uranium Energy Corp to acquire Cue Resources Ltd. Dated: 24 January 2012
Red Rock Resources plc ("Red Rock" or the
"Company"), the gold mining and exploration
company
with projects in Greenland, Colombia and Kenya, and interests
in steel feed, uranium, and rare earths, notes the joint
announcement made yesterday by Uranium Energy Corp.
(NYSE-AMEX: UEC) and Cue Resources Ltd. (TSX-V: CUE) in which
they announced that they had entered into an Arrangement
Agreement under which UEC is to acquire all of the
outstanding common shares of CUE by way of a plan of
arrangement (the "Arrangement"). Upon completion of
the Arrangement (which is currently expected to occur around
the end of March 2012), UEC will acquire CUE and its
wholly-owned subsidiary holding an undivided 100% legal and
beneficial interest in and to certain concession contracts
covering a 230,650-hectare uranium exploration property
located in southeastern Paraguay and known as the Yuty
Project.
Red Rock holds 18,900,066 shares of CUE common stock,
acquired at a cost of £1,041,902 with a book value at 30 June
2011 of £727,509. Under the terms of the Arrangement
Agreement, CUE's shareholders will receive 0.0195 of one
share of UEC common stock for every one share of CUE common
stock. With 119,808,067 shares of CUE common stock
outstanding, it is anticipated that approximately 2,336,260
shares of UEC common stock will be issued to the former CUE
shareholders upon completion of the Arrangement, representing
approximately 3.1% of the issued and outstanding common stock
of UEC. It is anticipated that Red Rock will be issued
368,551 shares of UEC common stock which at yesterday's
closing price of US$3.82 per share would be valued at
approximately £0.902 million.
UEC expects to apply to list its shares issuable under the
proposed Arrangement on the NYSE Amex equities exchange on
closing. It is anticipated that the shares of CUE will be
delisted from the TSX Venture Exchange following completion
of the Arrangement.
Uranium Energy Corp. is a U.S.-based uranium production,
development and exploration company operating North
America's newest emerging uranium mine. UEC's fully
licensed and permitted Hobson processing facility is central
to all of its projects in South Texas, including the
Palangana in- situ recovery project, which is ramping up
initial production, and the Goliad in-situ recovery project,
which has been granted its Mine Permit and is in the initial
stages of mine construction.
UEC'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.
For detailed information visit UEC's web site at:
www.uraniumenergy.com.
Cue Resources Ltd. is focused on its Yuty Uranium Project
located in southeastern Paraguay. This property was
extensively explored in the late 1970's and early
1980's, leading to the discovery of significant uranium
mineralization in a roll-front environment. Activities then
ceased with the global fall in uranium prices. Worldwide,
projects of this nature are commonly recoverable through the
use of in situ recovery technology (ISR). Four major drilling
campaigns have now been completed by CUE. For detailed
information visit CUE's web site at:
www.cue-resources.com.
The full text of the joint announcement may be read at:
http://uraniumenergy.com/news_media/news_releases/index.php?&content_id=440.
Andrew Bell | 020 7402 4580 or 07766 474849 | Red Rock Resources plc | Chairman |
Sandra Spencer | 020 7402 4580 or 07757 660 798 | Red Rock Resources plc | Public and Investor Relations |
Peter Trevelyan-Clark Philip Davies | 020 7444 0800 | Religare Capital Markets | Nominated Adviser |
Nick Emerson | 01483 413500 | Simple Investments Ltd | Broker |
Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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Regulatory
distribué par | Ce noodl a été diffusé par Red Rock Resources plc et initialement mise en ligne sur le site http://www.rrrplc.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-24 16:58:45 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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