Uranium Energy Corp. (UEC) is a junior resource company dedicated to becoming a near-term ISR (in-situ recovery) uranium producer in the United States. ISR mining is a noninvasive, environmentally friendly mining process involving minimal surface disturbance. Uranium Energy Corp. controls one of the largest historical uranium exploration and development databases in America.
The company has acquired advanced uranium properties throughout the southwestern states by utilizing these databases. These databases, combined with a management team comprised of pre-eminent uranium mining and exploration professionals with years of collective experience, has UEC poised for further growth. With their corporate office in Austin, Texas, the company trades on the American Stock Exchange (AMEX) as part of the Industrial Metals and Minerals industry.
Uranium Energy Corp. is focusing their development projects in areas that have historically been locations of significant exploration and development by senior energy companies. These areas are Texas, Wyoming, New Mexico, Arizona, Colorado, and Utah. The company believes targeting acquisitions here is the way to profitable growth based on information gleaned from their extensive databases.
Uranium Energy Corp. recently announced that they have completed the initial closing of a non-brokered private placement offering pursuant to which they have now issued an aggregate of 5,452,749 units (each a “Unit”), at a subscription price of $2.40 per Unit for gross proceeds to the company of $13,086,597. Each Unit is comprised of one common share (each a “Unit Share”) and one-half of one transferable common stock purchase warrant (each a “Warrant”) of the company. Each whole Warrant is exercisable for one additional common share of the company (each a “Warrant Share”) at an exercise price of $3.10 per Warrant Share for a period of two years from closing.
Uranium Energy Corp. also recently announced their addition to the Russell Microcap Index. The Russell indexes are well known, and widely used among investment managers and institutional investors for both active and passive investment strategies. As of the end of May, the Russell indexes have captured the 4,000 largest domestic stocks, which are ranked by market cap to create the Russell 3000 Index and the Russell Microcap Index. Becoming a member of the index ensures Uranium Energy a greater exposure to institutional investors, as well as constant comparison to other industry players.
In addition, on June 5, 2008, Uranium Energy Corp. announced receipt of the Draft Mine Permit for their Goliad ISR Project. This project is in south Texas and the permit came from the Texas Commission on Environmental Quality (TCEQ). This is the first Draft Mine Permit issued in over 10 years to a publicly listed company in the U.S.
Harry Anthony, Chief Operations Officer of Uranium Energy corp. said, “We are very pleased with the rapid progress we are making with the Goliad project. Receiving the Draft Mine Permit for Goliad after a nine-month period of review validates the detailed technical understanding that company staff are developing about the project area.”
Today, Uranium Energy Corp. announced the finalization of drilling plans for their 100 percent-owned Nichols Project in Karnes County, Texas. The Nichols Project consists of 900 acres, and is in the heart of the historic Karnes County uranium-mining district. The company’s plans here are for 30 exploration holes for a total of approximately 18,000 feet of drilling. The Texas Railroad Commission, Division of Surface Mining has approved permits for this project. Development of this project aligns with the Uranium Energy Corp.’s plan to establish satellite facilities for their advanced Goliad ISR Uranium Project. The company is scheduling drilling at Nichols to commence next week.
With the public increasingly realizing that nuclear power plants generate electricity with far less greenhouse emission than fossil fuels, Uranium Energy Corp. sees themselves in a favorable position for funding and exploring all aspects of uranium development. They continue to explore for uranium opportunities to fuel their company’s growth. They see the potential that uranium has for clean nuclear power, their company, and their shareholders.
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