NYSE Amex Equities Exchange Symbol - UEC
CORPUS CHRISTI, TX, Sept. 12, 2011 /PRNewswire/ - Uranium Energy Corp (NYSE-AMEX: UEC; the "Company" or "UEC") and Concentric Energy Corp. ("Concentric") are pleased to announce the completion of the stock-for-stock merger (the "Merger") effected under the laws of Nevada on September 9, 2011.
Under the Merger, which was previously announced on May 6, 2011, UEC has issued 1,253,440 common shares of the Company to the former Concentric stockholders to acquire Concentric. The sole purpose of the Merger is to acquire Concentric's undivided 100% interest in the Anderson Property, a 7,581-acre mineral claim block located in Yavapai County, Arizona, with a previous history of small-scale uranium production.
President and CEO Amir Adnani stated, "With the acquisition of the Anderson project, UEC is now the leading uranium player in Arizona, as well as in South Texas. Arizona is both a business and energy-friendly state. Three of the largest nuclear power plants in the U.S. are in Arizona, and all three plants have recently received their 20-year license extensions. The current temporary downturn in the uranium market is providing the Company with an excellent opportunity to make strategic acquisitions at a viable cost, and this includes the Anderson Property. As these new projects come on-line, they bolster the Company's already strong and diversified project portfolio of mining, development and exploration-stage properties to ensure on-going rapid growth."Company geologists are currently compiling all data, rectifying historic bore hole coordinates, and initiating development of an up-to-date three-dimensional model of the Anderson mineralization. The results of these efforts will eventually culminate in an updated NI 43-101 Technical Report. Concurrent with these efforts, planning for various environmental baseline studies is underway and field implementation of these studies should occur during the final quarter of this year.