Paladin’s Fission Uranium takeover delayed by Canada security review
The takeover has faced several hurdles, including a delayed shareholder vote in August and opposition from Fission’s largest investor.
Uranium Energy Corp (NYSE AMEX:UEC, the “Company”) is pleased to announce that it has secured its first multi-year uranium sales contract. The sales contract provides for the delivery of 300,000 pounds of U3O8 over a period of three years starting in August 2011 from its Hobson processing facility, with the price to be based on published market price indicators at the time of delivery.
Amir Adnani, President and CEO, stated, “The Company’s first-ever sales contract is a significant achievement and further validates our status as North America’s newest emerging uranium producer. The agreement provides for the Company as the seller to dictate when deliveries will occur. This unique feature will allow us to manage our cash flow more effectively as we pursue our corporate objectives. Moving forward, we anticipate that our uncommitted production will be sold through a combination of spot market sales and long-term contracts towards establishing a balanced portfolio of sales points and prices for our uranium production.”
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium production, development and exploration company operating North America’s newest emerging uranium mine. The Company’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the Palangana in-situ recovery project, which is ramping up initial production, and the Goliad in-situ recovery project which is in the final stages of mine permitting for production. The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.
