Uranium Energy Corp. Completes Acquisition
Ticker: UEC · Form: 8-K · Filed: Dec 6, 2024 · CIK: 1334933
| Field | Detail |
|---|---|
| Company | Uranium Energy CORP (UEC) |
| Form Type | 8-K |
| Filed Date | Dec 6, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $175.4 million, $25 million |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, uranium, us-production
TL;DR
UEC just bought Uranium One Americas, massively boosting their US uranium game.
AI Summary
Uranium Energy Corp. announced on December 5, 2024, the completion of its acquisition of Uranium One Americas, Inc. This strategic move significantly expands Uranium Energy Corp.'s U.S. ISR (in-situ recovery) production capacity and resource base. The acquisition is expected to enhance the company's position as a leading U.S. uranium producer.
Why It Matters
This acquisition bolsters Uranium Energy Corp.'s domestic uranium production capabilities, potentially impacting the supply and price of uranium in the United States.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent integration risks and may not achieve projected synergies, while also impacting the company's financial leverage.
Key Players & Entities
- Uranium ENERGY CORP (company) — Registrant
- Uranium One Americas, Inc. (company) — Acquired entity
- Nevada (jurisdiction) — State of incorporation
- 001-33706 (identifier) — Commission File Number
- 98-0399476 (identifier) — IRS Employer Identification No.
- December 5, 2024 (date) — Date of earliest event reported
FAQ
What was the primary purpose of this 8-K filing?
This 8-K filing reports the completion of Uranium Energy Corp.'s acquisition of Uranium One Americas, Inc., effective December 5, 2024.
What is the significance of acquiring Uranium One Americas, Inc. for Uranium Energy Corp.?
The acquisition significantly expands Uranium Energy Corp.'s U.S. ISR production capacity and resource base, positioning it as a leading U.S. uranium producer.
Where is Uranium Energy Corp. incorporated?
Uranium Energy Corp. is incorporated in Nevada.
What are the principal executive offices of Uranium Energy Corp.?
The U.S. corporate headquarters are located at 500 North Shoreline, Ste. 800, Corpus Christi, Texas, 78401, and the Canadian corporate headquarters are at 1830 – 1188 West Georgia Street, Vancouver, British Columbia, Canada, V6E 4A2.
What is the SIC code for Uranium Energy Corp.?
The Standard Industrial Classification code for Uranium Energy Corp. is 1090 (Miscellaneous Metal Ores).
Filing Stats: 1,801 words · 7 min read · ~6 pages · Grade level 12.7 · Accepted 2024-12-06 16:30:40
Key Financial Figures
- $175.4 million — the Buyer paid the Seller approximately $175.4 million in cash. Upon completion of the Acquis
- $25 million — the Company has replaced approximately $25 million in surety bonds securing future reclama
Filing Documents
- uec20241206_8k.htm (8-K) — 51KB
- ex_754640.htm (EX-99.1) — 23KB
- logos_m.jpg (GRAPHIC) — 8KB
- 0001437749-24-036864.txt ( ) — 231KB
- uec-20241205.xsd (EX-101.SCH) — 3KB
- uec-20241205_def.xml (EX-101.DEF) — 12KB
- uec-20241205_lab.xml (EX-101.LAB) — 15KB
- uec-20241205_pre.xml (EX-101.PRE) — 12KB
- uec20241206_8k_htm.xml (XML) — 3KB
01
Item 2.01 Completion of Acquisition or Disposition of Assets On December 5, 2024, pursuant to the previously announced stock purchase agreement (the " Stock Purchase Agreement "), dated September 20, 2024, between Uranium Energy Corp. (the " Company "), through its wholly-owned subsidiary, UEC Sweetwater Corp., a Delaware corporation (the " Buyer "), and Rio Tinto America Inc., a Delaware corporation (the " Seller "), the Buyer acquired all of the issued and outstanding shares of capital stock (the " Shares ") of (i) Kennecott Uranium Company, a Delaware corporation (" KUC "), which is a joint venture participant of, and owns a 50% ownership interest in, the Green Mountain Mining Venture, and unincorporated Wyoming contractual joint venture (" GMMV "), and (ii) Wyoming Coal Resources Company, a Delaware corporation (" WCRC "), which is a joint participant of, and owns a 50% ownership interest in, GMMV (collectively, the " Acquisition "). KUC, WCRC and GMMV, collectively, own or hold the assets, rights and obligations comprised of: (i) the facilities, equipment, improvements and fixtures for the processing of uranium located in Sweetwater County, Wyoming, owned by KUC, WCRC and GMMV, and related facilities and impoundments; (ii) the Jackpot and Big Eagle properties located in Wyoming; (iii) the mineral and real property interests which are owned or leased by KUC, WCRC or GMMV, subject to the permitted encumbrances, including patented and unpatented mining and millsite claims, leaseholds, material easements and rights-of-way of record; and (iv) the other rights and interests in uranium mineralization located in Fremont and Sweetwater Counties, Wyoming, owned or held by any of KUC, WCRC or GMMV (collectively, the " Project "). Pursuant to the closing of the Acquisition, on December 5, 2024, the Company on behalf of the Buyer paid the Seller approximately $175.4 million in cash. Upon completion of the Acquisition, the Company has replaced approximately $25 millio
01
Item 7.01 Regulation FD Disclosure On December 6, 2024, the Company issued a news release to announce the completion of the previously announced (September 23) agreement with Rio Tinto America Inc. (" Rio Tinto ") to acquire 100% of Rio Tinto's Wyoming assets, comprised of the wholly-owned and fully-licensed Sweetwater Plant and a portfolio of uranium mining properties, including the Red Desert Project and the Green Mountain Project, with approximately 175 million pounds of historic resources (1) (the " Transaction "). The purchase price paid was approximately $175.4 million in cash and was funded with UEC's available liquidity. - 2 - Amir Adnani, President and CEO, stated: " The Transaction presents a rare opportunity to acquire U.S. licensed facilities and uranium mining properties from a leading global miner. These assets will significantly enhance and accelerate UEC ' s production capabilities in Wyoming ' s Great Divide Basin. The Sweetwater Plant, a 3,000-ton-per-day processing mill with a licensed capacity of 4.1 million pounds U 3 O 8 annually, can also be adapted to recover uranium from loaded resins produced by In-Situ-Recovery ( " ISR " ) operations, offering UEC the flexibility to support both ISR and conventional mining. With the addition of the Sweetwater Plant, UEC has the largest licensed production capacity in the U.S. The recent investments in nuclear power by Big Tech companies, including Microsoft, Amazon, Google and Meta, demonstrates unprecedented interest from several of the world ' s largest and most sophisticated companies in expanding America ' s nuclear energy baseload capacity. These companies fully realize nuclear power is a key source of highly reliable, clean and safe energy to power the increased energy demands required by AI computing. As the largest U.S.-based uranium company, UEC will play a critical role in supplying the fuel required for today and the future – a point further underscored by Russia ' s recently announced u
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit Description 99.1 News Release dated December 6, 2024. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document). __________ - 5 -
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. URANIUM ENERGY CORP. DATE: December 6, 2024. By: /s/ Josephine Man Josephine Man, Chief Financial Officer, Treasurer and Secretary __________ - 6 -