Uranium Energy Corp. (UEC) Signs Merger Deal with Private Mining Company
Uranium Energy Corp. recently reported that the company has entered into a merger deal with Concentric Energy, a privately owned mining company with operations in Arizona.
Uranium Energy Corp. will issue 1.25 million shares of the company’s common stock in exchange for all outstanding shares of Concentric Energy Corp. The merger has been approved by the boards of directors of both companies.
Concentric Energy Corp. owns a 100% interest in the Anderson property, a uranium production area located in Yavapai County, Arizona. The property is composed of 289 contiguous mineral claims on 5,785 acres.
Uranium Energy Corp. said that open pit mining of uranium ore at the Anderson property began in 1955 after levels of radioactivity were found at the site. The company said that more than 10,000 tons of uranium ore were mined at the Anderson property and transported off site for further processing. Production from the property ended in 1959 after the Atomic Energy Commission ended its uranium purchasing program.
In the late 1970’s, approximately 1,400 exploration holes were drilled at the site by various mining companies to assess the feasibility of constructing a mining and processing facility on the property. These feasibility studies did not lead to the construction of any mining operations.
Concentric Energy staked a claim to the Anderson property in 2001, and began a drill program in 2006. The company has drilled 25 exploratory holes totaling more than 8,000 feet.
For more information on the company, go to www.uraniumenergy.com
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