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CORPUS CHRISTI, TX,
Aug. 31, 2011 /PRNewswire/ - Uranium Energy Corp (NYSE-AMEX: UEC, "UEC" or the "Company") is pleased to announce that it has entered into a definitive purchase and sale agreement with Uranium One Inc. which provides for the acquisition by the Company of a
South Texas uranium database package (the "Database") from Uranium One.
This strategic Database is to be acquired for a value of
$900,000, comprised of
$400,000 in cash and 159,236 common shares of the Company at a price of
$3.14, and will significantly advance the Company's ongoing exploration efforts in South Texas. The Database contains over 40 uranium targets that the Company plans to evaluate.
The Database is an evaluation of the uranium potential within the
Goliad Formation located along the South Texas Uranium Belt, an area extending from south of
Houston to the Mexican border. The Company's Palangana,
Goliad, Salvo and Nichols projects are all within the
Goliad Formation. The study encompasses an area approximately the size of
Amir Adnani, President and CEO, stated, "UEC's
Hobson processing plant forms the basis of our regional production strategy in
South Texas and is located in the area of study, making this Database particularly useful for us. UEC is incorporating this Database and the associated acquisition and exploration targets into its ongoing efforts to develop additional uranium sources for processing at the
The acquisition of this data fits into Uranium Energy Corp's strategy of targeting properties for acquisition that have already been the subject of significant exploration and development by senior energy companies in the past.