Uranium Resources, Inc. (Nasdaq: URRE; URI) held its URI Annual
Meeting of Stockholders today at which the URI shareholders
overwhelmingly voted to approve the issuance of shares to effect the
combination with Anatolia Energy Ltd. Of the votes cast regarding the
share issuance, 98.6% voted in support of the share issuance. A total of
21.6 million shares or 72% of shares eligible to vote were cast at the
Annual Meeting.
Christopher M. Jones, President and Chief Executive Officer of URI, said,
“We thank our shareholders for their continued support for this
proposed combination with Anatolia, which we believe will transform URI
into a near term, low-cost uranium producer. We are committed to
advancing the Temrezli in-situ recovery project through its final
permitting process and into development as efficiently and quickly as
possible.
“Key management from URI and Anatolia have been working together closely
to maximize the synergies to be realized through the relocation of URI’s
idled Rosita plant for use at the Temrezli Project for the benefit of
all shareholders.”
The Anatolia securityholders’ meetings will be held on October 9, 2015
local time in Perth. Pending approval by Anatolia securityholders and
the Federal Court of Australia, the combination is expected to close in
early November 2015.
In regards to the other proxy matters at the URI Annual Meeting,
shareholders re-elected to the URI Board of Directors Terence J. Cryan,
Mr. Jones, Marvin K. Kaiser, Tracy A. Stevenson and Mark K. Wheatley.
For the third consecutive year, URI shareholders also approved URI’s
executive compensation in an advisory vote with support of 98%. Finally,
Hein & Associates LLP was ratified as the independent registered public
accounting firm for URI.
About Uranium Resources
Uranium Resources, Inc. was incorporated in 1977 to explore, develop and
recover uranium. Uranium Resources has two licensed and currently idled
processing facilities and approximately 17,000 acres of prospective in
situ recovery (ISR) projects in Texas. In New Mexico, the Company holds
a federal Nuclear Regulatory Commission license to recover up to three
million pounds of uranium per year using the ISR process at certain
properties and controls minerals rights encompassing approximately
190,000 acres in the prolific Grants Mineral Belt in New Mexico, which
holds one of the largest known concentrations of sandstone-hosted
uranium deposits in the world. The Company acquired these properties
along with an extensive uranium information database of historic drill
hole logs, assay certificates, maps and technical reports for the
Western United States.
About Anatolia Energy
Anatolia Energy Ltd. is a uranium exploration and development company
holding an extensive portfolio of licences within the Republic of
Turkey, and is well placed to become a key explorer and miner in
Turkey’s emerging uranium sector. Anatolia Energy has a 100% interest in
9 licences covering over 18,000ha of ground, including several advanced
exploration and development opportunities, in the central Anatolian
region of Turkey.
Anatolia has completed Pre-Feasibility Study (PFS) for the development
of its Temrezli ISR Project, which is premised on the construction of a
central processing plant (CPP) at the Temrezli site, and will process
uranium bearing solutions from the Temrezli well field, with potential
to process uranium-loaded resin transported from any satellite uranium
deposits developed in the future from Anatolia’s other projects in the
region.
Cautionary 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 consummation and benefits of the combination
with Anatolia Energy and the timing or occurrence of production at the
Company’s properties, 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, (a) the Company's ability to raise additional
capital in the future; (b) spot price and long-term contract price of
uranium; (c) the failure to obtain Anatolia Energy securityholder
approval or court or regulatory approval for the combination, (d) the
Company's ability to reach agreements with current royalty holders; (e)
operating conditions at the Company's projects; (f) government and
tribal regulation of the uranium industry and the nuclear power
industry; (g) world-wide uranium supply and demand; (h) maintaining
sufficient financial assurance in the form of sufficiently
collateralized surety instruments; (i) unanticipated geological,
processing, regulatory and legal or other problems the Company may
encounter, including in Turkey; (j) the ability of the Company to enter
into and successfully close acquisitions or other material transactions,
and other factors which are more fully described in the Company's Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings
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.
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