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Uranium Resources, Inc. (NASDAQ: URRE) (“URI” or the “Company”), today announced that, at a special meeting of URI stockholders held on August 29, 2012, stockholders approved the issuance of 37,000,000 shares of URI common stock in connection with URI’s agreement to acquire 100% of the equity of Neutron Energy, Inc. (“Neutron”) in a stock-for-stock transaction pursuant to the Agreement and Plan of Merger, dated March 1, 2012 (the “Merger Agreement”), by and among URI, Neutron and URI Merger Corporation and the merger (the “Merger”) contemplated by the Merger Agreement.
95.9% of the votes cast at the meeting were “FOR” the share issuance. Approval of the Merger Agreement and the Merger by Neutron stockholders was received at Neutron’s special meeting held on August 23, 2012.
Don Ewigleben, President and CEO of URI, commented, “Our stockholders confirmed with their vote the significance of this acquisition to advance our strategy to consolidate both in situ recovery and conventional assets in New Mexico and to be one of the largest uranium companies based in the U.S.”
The acquisition 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.