URANIUM ENERGY CORP. (NYSEMKT:UEC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement |
On March 3, 2017, Uranium Energy Corp. (the
Company) entered into an amendment (the
Amendment) to the share purchase and option
agreement (the SPOA) between CIC Resources Inc.
(the Vendor) and the Company, which is dated for
reference as at March 4, 2016, a copy of which was filed as
Exhibit 10.1 to the Companys Form 8-K filed with the SEC on March
10, 2016, to which the Company and the Vendor agreed to extend
the current Option Period under the SPOA for an additional period
of one year.
to the Amendment, 6.1 of the SPOA was deleted with the following
provision being substituted in its stead:
6.1 If, during the period beginning on the Acquisition Closing
Date and ending on that date that is two years from the
Acquisition Closing Date (the Option Period),
the Purchaser has paid or caused to be paid to or on the Vendors
behalf the Option Price Maintenance Payments as directed by the
Vendor from time to time, then:
| (a) |
the Purchaser may, in its sole discretion, by giving Notice to the Purchaser (the Voluntary Option Notice), exercise the Option, or |
|
| (b) |
if, prior to the exercise of the Option by the Purchaser in Section 6.1(a), the Relinquishment contemplated by Section 7 is achieved and the size of the Property is reduced to the Post-Relinquishment Area, the Vendor shall give Notice to the Purchaser (the Mandatory Option Notice) that the Relinquishment has occurred and, upon receipt of the Mandatory Option Notice, the Option is deemed to have been exercised by the Purchaser, |
and, in the case of either (a) or (b), the Vendor shall assign,
sell and transfer all of its right, entitlement and interest in
and to all of the CIC Securities to the Purchaser and the
Purchaser shall purchase all of the CIC Securities from the
Vendor free of all Encumbrances on the terms and subject to the
conditions contained in this Agreement..
The Company and the Vendor agreed that other than the Amendment
as set forth above, all other provisions of the SPOA remain in
full force and effect as of the March 3, 2017 and that the SPOA,
together with the Amendment, constitutes the entire agreement to
date between the Company and the Vendor.
The description of the Amendment set forth above is qualified in
its entirety by the Amendment, which is filed as Exhibit 10.1 to
this Current Report and is incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits |
| (a) | Financial Statements of Business Acquired |
Not applicable.
| (b) | Pro forma Financial Information |
Not applicable.
|
– – |
| (c) | Shell Company Transaction |
Not applicable.
| (d) | Exhibits |
|
Exhibit |
Description |
|
| 10.1 |
Amendment to Share Purchase and Option Agreement between Uranium Energy Corp. and CIC Resources Inc., dated March 3, 2017. |
__________
|
– – |
About URANIUM ENERGY CORP. (NYSEMKT:UEC)
Uranium Energy Corp. is engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium concentrates, on projects located in the United States and Paraguay. The Company utilizes in-situ recovery (ISR) mining. The Company has uranium mine located in the state of Texas, the Palangana Mine, which utilizes ISR mining and extracts uranium oxide (U3O8). The Company has uranium processing facility located in the state of Texas, the Hobson Processing Facility, which processes material from the Palangana Mine into drums of U3O8. The Hobson Processing Facility has a physical capacity to process uranium-loaded resins up to a total of two million pounds of U3O8 annually and is licensed to process up to a total of one million pounds of U3O8 annually. The Company holds certain mineral rights in various stages in the States of Arizona, Colorado, New Mexico, Texas and Wyoming and in the Republic of Paraguay. URANIUM ENERGY CORP. (NYSEMKT:UEC) Recent Trading Information
URANIUM ENERGY CORP. (NYSEMKT:UEC) closed its last trading session down -0.05 at 1.34 with 2,307,509 shares trading hands.
