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.
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, and 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.
Uranium Resources routinely posts news and other information about the
Company on its website at www.uraniumresources.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are subject to risks, uncertainties and assumptions and are
identified by words such as “expects,” “estimates,” “projects,”
“anticipates,” “believes,” “could,” and other similar words. All
statements addressing operating performance, events, or developments
that the Company expects or anticipates will occur in the future,
including but not limited to statements relating to the Company’s
estimated mineralized uranium material, the anticipated effective date
of the reverse stock split and the benefits of the proposed shareholder
rights offering are forward-looking statements. Because they are
forward-looking, they should be evaluated in light of important risk
factors and uncertainties. These risk factors and uncertainties include,
but are not limited to, the spot price and long-term contract price of
uranium, the outcome of negotiations with the Navajo Nation, the
Company’s ability to reach agreements with current royalty holders,
weather conditions, operating conditions at the Company’s mining
projects, government and tribal regulation of the mining industry and
the nuclear power industry, world-wide uranium supply and demand,
availability of capital, timely receipt of mining and other permits from
regulatory agents and other factors which are more fully described in
the Company’s documents filed with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize, or should any of the Company’s underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. In addition, undue reliance should not be placed on the
Company’s forward-looking statements. Except as required by law, the
Company disclaims any obligation to update or publicly announce any
revisions to any of the forward-looking statements contained in this
news release.
