Calgary, Alabama, May 30, 2023 /CNW/ – Uravan Minerals Co., Ltd. (“Uravan” or “company“) (TSXV:UVN) held its Annual General Meeting and Special General Meeting (the “General Meeting”) on May 23, 2023 for the financial year ending December 31, 2022. At the general meeting, the shareholders passed, inter alia, the following resolutions: General approval of the Company’s proposed acquisition (the “Transaction”) of Nuclear Fuels, Inc. (“Nuclear Fuels”) in the business combination agreement dated April 19, 2023 (the “Definitive Agreement”) Resolution, announced in press release May 8, 2023.
Transaction overview
The transaction, which was approved by shareholders at the Company’s general meeting, includes:
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- All outstanding shares of Nuclear Fuels will be acquired in exchange for 41,750,225 common shares of the Company after consolidation. A Nuclear Fuels shareholder will own approximately 90.4% of the resulting issuer’s common stock, and our current shareholder will own his remaining 9.6%.
- Company name changed from Uravan Minerals Inc. to Nuclear Fuels Inc.
- Share consolidation of the Company’s common stock on the basis of 1 existing common share for every 8/10 (0.8) of 1 common share after consolidation;
- Continuing the company from Alberta to British Columbia,
- Listing of our common stock on the Canadian Stock Exchange (“Outcome Issuer”) after closing of the transactionCSE“), and its corresponding delisting from the TSX Venture Exchange (“TSXV“).
Details of the transaction between Uravan and Nuclear Fuels are set out in our Corporate Information Circular and can be viewed on our website together with the final agreement. www.uravanminerals.com and/or our submissions are: www.sedar.com.
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The definitive agreement provides that, upon closing of the transaction, the board of directors of the resulting issuer (Nuclear Fuels) will consist of Michael Collins, William Sheriff, David Miller, Eugene Spiering and Larry Lafsen. . In addition, Mr. Monty Sutton and Mr. Jacqueline Collins have agreed to serve as Chief Financial Officer and Corporate Secretary, respectively, of the resulting Issuer (Nuclear Fuels).
Upon completion of the transaction, enCore Energy US Corp., a wholly owned subsidiary of enCore Energy Corp. (NYSE:EU, TSXV:EU), will own approximately 19.9% of the resulting issuer (Nuclear Fuels).
Trading in Uravan common stock has been suspended in connection with the announcement of the transaction and will remain suspended until the transaction is completed and the resulting issuer (Nuclear Fuels) is listed on the CSE or the transaction closes. will remain. Completion of the transaction is subject to approval of the listing of the Company’s common stock on the CSE. There is no guarantee that the transaction will be completed as proposed or that it will be completed at all. Transactions between the Company and nuclear fuels were negotiated independently.
Information on nuclear fuel
Nuclear Fuels was established on May 25, 2022 and focuses on exploration for important metals and natural uranium. Nuclear Fuels he owns two wholly owned subsidiaries. One is the Delaware-incorporated Hydro Restoration Corporation, which holds the Casey uranium assets in Johnson County, Wyoming and his Bootsheel his uranium project in Albany County, Wyoming. Belt Line Resources was incorporated in Texas and holds uranium assets at Moonshine Springs in Mojave County, Arizona. Nuclear Fuels also holds options to acquire his LAB Critical Metals projects in Newfoundland and Labrador and the High Test Bootheal uranium assets in Albany County, Wyoming.
Nuclear Fuels is well-funded, with approximately $7 million (CAD) in cash.
Upon completion of the transaction, the resulting Issuer (Nuclear Fuels) business is expected to focus on advancing the LAB Critical Metals project and Casey Real Estate. The resulting issuer (Nuclear Fuels) intends to consider other property potential exploration opportunities and actively investigate other potential uranium acquisitions. For more information on projects currently held by Nuclear Fuels, please see our Corporate Information Circular.
The closing of the transaction is subject to a number of conditions, including approval of the resulting company’s listing on the CSE. There is no guarantee that the transaction will be completed as proposed or that it will be completed at all. Investors agree that, except as disclosed in a business circular or listing statement made in connection with the Transaction, any information published or received in connection with the Transaction may not be accurate or complete and should not be relied upon. Note that it shouldn’t.
Neither TSX Venture Exchange, Inc. nor its regulated service providers (as that term is defined in TSX Venture Exchange’s policies) endorse or disapprove of the contents of this press release.
Source: Uravan Minerals Inc.
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