Wyoming Officials Support Uranerz Financing Under Industrial Bond Program
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Casper, Wyoming, May 2, 2013 -- Uranerz Energy Corporation ("Uranerz" or the "Company") (NYSE MKT and TSX: URZ; Frankfurt: U9E) is pleased to announce that the Company's application to the Wyoming Business Council ("WBC") for a $20,000,000 loan under the Wyoming Industrial Development Revenue Bond Program has garnered the support of the Attorney General, State Treasurer and Governor. In late 2012 Uranerz submitted an application to the WBC for a $20,000,000 loan. After the Company's application received a favourable review by independent consultants engaged by the State, the WBC formally recommended approval of the loan to the State officials in March of this year. Those officials have now supported the granting of the loan subject to customary closing conditions. The loan is expected to carry an annual interest rate of 5.75% and be repayable over seven years.
Uranerz is now working with the State administrators to complete the documentation for the closing of this financing.
"We are very pleased to be working with the State in arranging this non-dilutive, low cost form of financing which will fund completion of construction at our Nichols Ranch ISR Uranium Project in Johnson County," stated Mr. Glenn Catchpole, Uranerz' President and CEO. "The Industrial Development Revenue Bond program is another positive example of how the State of Wyoming supports the minerals industry, helping make it number one in America in uranium, trona, bentonite, and coal production."
The Nichols Ranch ISR Uranium Project is Uranerz' first ISR mine and is currently under construction. ISR, or in-situ recovery, is a mining process that uses a leaching solution to extract uranium from sandstone-hosted uranium deposits; it is the generally accepted extraction technology used in the Powder River Basin area of Wyoming. Uranerz controls a large strategic land position in the central Powder River Basin. The Company's management team has specialized expertise in the ISR uranium mining method and a record of licensing, constructing, and operating ISR uranium projects. The Company has entered into long-term uranium sales contracts for a portion of its planned production with Exelon and one other of the largest nuclear utilities in the country.
For further information, please contact Derek Iwanaka, Manager of Investor Relations at 1-800-689-1659 or by email at [email protected]. Alternatively, please refer to the Company's website at www.uranerz.com, review the Company's filings with the Securities and Exchange Commission at www.sec.gov, or visit the Company's profile on SEDAR at www.sedar.com.