Cameco To Participate In UEX Private PlacemenI'm not a shareholder of CCO, Just so you guys are aware...
Cameco To Participate In UEX Private Placement
Friday April 2, 3:11 pm ET
Trading Symbol: UEX-T
VANCOUVER, April 2 /CNW/ - UEX Corporation ("UEX") announced today that Cameco Corporation ("Cameco") will participate in UEX's previously announced private placement by subscribing for 2,000,000 common shares at a price of $0.50 per share. Under the provisions of the agreement dated October 23, 2001 entered into by Pioneer Metals Corporation, UEX and Cameco, at the time UEX was formed, Cameco was granted a right to participate on a pro rata basis in any future common share offerings by UEX so long as Cameco holds not less than 20% of the issued and outstanding common shares of UEX. Cameco currently owns approximately 28.4% of UEX's outstanding shares.
Cameco's participation in the offering increases the private placement to an aggregate of 10,000,000 common shares for gross proceeds of $5,000,000. The proceeds of the private placement will be used by UEX to fund exploration on its various uranium projects, including the 8 projects acquired under option from COGEMA Resource Inc. (see News Release, March 18, 2004) and for general corporate purposes. After completion of this financing, UEX will have a cash position in excess of $7,000,000.
About UEX
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UEX is a uranium exploration company formed under agreement between Cameco Corporation and Pioneer Metals Corporation. UEX began trading on the Toronto Stock Exchange in July 2002 and is an active explorer in the Athabasca Basin. UEX has a total of 11 projects either 100% owned, joint ventured or under option totaling approximately 226,000 hectares (558,000 acres) located in the eastern, western and northern perimeters of the Athabasca Basin in Northern Saskatchewan.
ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION
"signed"
Stephen H. Sorensen, President & C.E.O.