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Trading Symbol: UEX-TSX
VANCOUVER, Sept. 19, 2014 /CNW/ - UEX Corporation (UEX:TSX)
("UEX" or the "Company") is pleased to announce that it has
increased the size of its previously announced flow-through common
share offering (the "Offering") with Raymond James Ltd. (the
"Agent"). Under the Offering, the Agent has agreed to act as agent
for the offering of common shares of the Company which will qualify
as "flow-through" shares pursuant to the Income Tax Act
(Canada) at a price of
$0.43 per flow-through share to raise
approximately $3,000,000 (previously
approximately $2,000,000), on a "best
efforts" private placement basis.
Cameco Corporation ("Cameco") has a pre-emptive right under the
provisions of the agreement dated October
23, 2001 among UEX, Cameco and Pioneer Metals Corporation to
purchase shares from UEX on the same terms and conditions as the
Offering so as to maintain its current approximate 21.95% ownership
interest in UEX.
The Agent will receive a cash commission on the sale of the
flow-through shares equal to 5% of the gross proceeds raised.
The Company intends to use the gross proceeds of the Offering to
fund exploration of the Company's uranium properties.
Closing of the Offering is anticipated to occur on or about
September 29, 2014 and is subject to
receipt of applicable regulatory approvals. The securities
issued by UEX in connection with the Offering are subject to a four
month plus one day "hold period" as prescribed by the Toronto Stock
Exchange and applicable securities laws.
The Offering is being made in the provinces of British Columbia, Alberta and Ontario, and other jurisdictions as may be
determined between the Company and the Agent, and is subject to the
approval of regulatory authorities. The securities offered have not
been registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in the
United States absent registration or an applicable exemption
from the registration requirements. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
On behalf of the Board of Directors of UEX
"Roger Lemaitre"
Forward-Looking Information
This news release may contain statements that constitute
"forward-looking information" for the purposes of Canadian
securities laws. Such statements are based on UEX's current
expectations, estimates, forecasts and projections. Such
forward-looking information includes statements regarding the
Offering, the use of the proceeds from the Offering, UEX's mineral
resource and mineral reserve estimates, outlook for our future
operations, plans and timing for exploration activities, and other
expectations, intentions and plans that are not historical fact.
The words "estimates", "projects", "expects", "intends",
"believes", "plans", "will", "may", or their negatives or other
comparable words and phrases are intended to identify
forward-looking information. Such forward-looking information is
based on certain factors and assumptions and is subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from future results expressed or implied by such
forward-looking information. Important factors that could cause
actual results to differ materially from UEX's expectations include
UEX's ability to complete the Offering, uncertainties relating to
interpretation of drill results and geology, additional drilling
results, continuity and grade of deposits, participation in joint
ventures, reliance on other companies as operators, public
acceptance of uranium as an energy source, fluctuations in uranium
prices and currency exchange rates, changes in environmental and
other laws affecting uranium exploration and mining, and other
risks and uncertainties disclosed in UEX's Annual Information Form
and other filings with the applicable Canadian securities
commissions on SEDAR. Many of these factors are beyond the control
of UEX. Consequently, all forward-looking information contained in
this news release is qualified by this cautionary statement and
there can be no assurance that actual results or developments
anticipated by UEX will be realized. For the reasons set forth
above, investors should not place undue reliance on such
forward-looking information. Except as required by applicable law,
UEX disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new
information, future events or otherwise.
SOURCE UEX Corporation