The Company issued 6,414,103 common shares of the Company ('Flow-Through Common Shares') that qualify as 'flow-through shares' for the purposes of the Income Tax Act (
The gross proceeds from the sale of the Flow-Through Common Shares will be used to incur 'Canadian exploration expenses' as defined in subsection 66.1(6) of the Tax Act which qualify as 'flow through mining expenditures' as defined in subsection 127(9) of the Tax Act ('Qualifying Expenditures'). The Company will renounce these expenses to the purchasers with an effective date of no later than
The Flow-Through Common Shares issued by UEX in connection with the Offering are subject to a four month plus one day 'hold period' as prescribed by the
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in
About UEX
UEX is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects.
UEX's directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the
UEX is also 50:50 co-owner of
UEX is also leading the discovery of cobalt in
Contact:
Tel: (306) 979-3849
Forward-Looking Information
This news release contains statements that constitute 'forward-looking information' for the purposes of Canadian securities laws. Such forward-looking information concerns the intended use of proceeds from the Offering and the renunciation of Qualifying Expenditures. Such forward-looking information is based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: availability of financing, conditions in general economic and financial markets; timing and amount of capital expenditures and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in such forward-looking information as a result of the risk factors including: the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; general market and industry conditions and failure to incur Qualifying Expenditures. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking information.
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