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Uranium Resources, Inc. (NASDAQ: URRE) (“URI” or the “Company”), today announced that at a special meeting of stockholders of Neutron Energy, Inc. (“Neutron”), held on August 23, 2012, Neutron stockholders approved the Agreement and Plan of Merger, dated March 1, 2012 (the "Merger Agreement"), by and among Neutron, URI and URI Merger Corporation, and the merger (the "Merger") contemplated by the Merger Agreement.
Of the shares voted at Neutron’s special meeting of stockholders, 99.9% of the votes cast were “FOR” approval of the Merger Agreement and the Merger, which represents approximately 61.5% of Neutron’s outstanding shares as of the record date for the meeting.
Approval of the Merger Agreement and the Merger by Neutron stockholders satisfies one of the conditions to complete the acquisition of Neutron by URI. The closing of the transactions contemplated by the Merger Agreement remains subject to URI stockholder approval of the issuance of 37,000,000 shares of URI common stock in connection with the Merger at the special meeting of URI stockholders being held on August 29, 2012. Assuming URI stockholder approval is received, the transaction is expected to close on or about August 31, 2012.
About Uranium Resources, Inc.
Uranium Resources Inc. explores for, develops and mines uranium. Since its incorporation in 1977, URI has produced over 8 million pounds of uranium by in-situ recovery (ISR) methods in the state of Texas. URI also has 183,000 acres of uranium mineral holdings and 101.4 million pounds of in-place mineralized uranium material in New Mexico and an NRC license to produce up to 1 million pounds of uranium per year. The Company acquired these properties over the past 20 years along with an extensive information database of historic drill hole logs, assay certificates, maps and technical reports. None of URI’s properties is currently in production.
URI’s strategy is to fully develop its resource base in New Mexico and Texas, expand its asset base both within and outside of New Mexico and Texas, partner with larger mining companies that have undeveloped uranium assets or with junior mining companies that do not have the mining experience of URI, as well as provide restoration expertise to those that require the capability or lack the proficiency.