Uranium Resources, Inc. (NASDAQ: URRE) (URI) announced that its stockholders have approved the charter amendment that will permit the Company to conduct a reverse stock split of its issued and outstanding common stock. Of the outstanding shares entitled to vote at a special meeting of stockholders held on January 14, 2013, 73.9 percent were “FOR” the reverse stock split.
The amendment allows URI to effect a reverse stock split by a ratio of not less than 1-for-5 and not more than 1-for-15. The final ratio will be determined by the Company’s Board of Directors and URI anticipates the reverse stock split will take effect prior to the end of January 2013. The primary intent of the reverse split is to enable URI to regain compliance with the NASDAQ minimum bid price requirement to maintain the Company's stock listing on NASDAQ.
“Seeing an overwhelming majority of the votes cast in favor of the reverse stock split confirms the value our shareholders place on maintaining our NASDAQ listing,” stated Terence J. Cryan, Interim President and CEO of URI. “Upon successful completion of the reverse stock split, URI will shift its focus to the previously announced shareholder rights offering. The shareholder rights offering is designed to provide additional capital necessary to progress our core projects while minimizing shareholder dilution.”
This news release does not constitute an offer of any securities for sale or a solicitation of an offer to buy any securities.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 has over 206,600 acres of uranium mineral holdings and 152.9 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. URI has an additional 1.3 million pounds of in-place mineralized uranium material in Texas and South Dakota. 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.