NYSE Amex Equities Exchange Symbol -
CORPUS CHRISTI, TX
Sept. 12, 2011
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
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
stated, "With the acquisition of the Anderson project, UEC is now the leading uranium player in
, as well as in
is both a business and energy-friendly state. Three of the largest nuclear power plants in the U.S. are in
, 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.