U3O8 Corp. Consolidates Position as South America's Leading Uranium Exploration Company by Acquiring Calypso Uranium Corp.
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/11/13 -- U3O8 Corp. (TSX: UWE)(OTCQX: UWEFF), a Canadian-based company focused on exploration and resource expansion of uranium and associated commodities in South America, has signed a definitive agreement to acquire all of the shares of Calypso Uranium Corp. ("Calypso"). The acquisition will expand U3O8 Corp's strategic land position around the state-owned Cerro Solo and Sierra Pintada uranium deposits in Argentina and adds about $3.3 million in cash in exchange for 20,252,327 common shares of U3O8 Corp.
Strategic benefits of the combined U3O8 Corp. and Calypso entity include:
"Firstly, I welcome Calypso shareholders as future shareholders in U3O8 Corp. - a company that has rapidly advanced uranium discoveries through to defined deposits that have positive economics," said Dr. Richard Spencer, U3O8 Corp's President and CEO. "With this transaction, U3O8 solidifies its position as a leading uranium company in Argentina at a time when the country is calling for local uranium resources to fuel its growing nuclear reactor fleet. We also consolidate our strategic land holdings that cover likely extensions of Argentina's two largest known uranium deposits."
Stephen Barley, Calypso's President and CEO, added, "We are excited at this opportunity to leverage our company into a larger platform from which to advance our exploration properties in Argentina and come together with U3O8 Corp. to be part of an emerging mid-tier uranium company."
Transaction Details
Under the proposal, Calypso shareholders will receive 0.40 of one common share of U3O8 Corp. for every one Calypso share held (the "Exchange Ratio"). Currently, U3O8 Corp. has 138,355,495 shares outstanding. After completion of the acquisition, there will be 158,607,822 shares outstanding of U3O8 Corp. of which approximately 13% will be held by Calypso shareholders.
Also in connection with the acquisition, an aggregate of 3,690,000 stock options of Calypso which are exercisable at prices ranging from $0.15 to $0.16, will remain outstanding. Following the closing, these Calypso options will become exercisable to acquire common shares of U3O8 Corp. in lieu of common shares of Calypso upon the same terms, subject to adjustment in number and exercise price on the basis of the Exchange Ratio. In the event that all such stock options are exercised, an additional 1,476,000 common shares of U3O8 Corp. would be issuable.
There will be no changes to the management or board of directors of U3O8 Corp. as a result of the acquisition.
The acquisition is subject to various conditions, including approval by the Toronto Stock Exchange, TSX Venture Exchange and Calypso shareholders.
About U3O8 Corp.
U3O8 Corp. is an advanced exploration company focused on exploration and resource expansion of uranium and associated commodities in South America - a promising new frontier for uranium exploration and development. From 2010 to 2012, U3O8 Corp's uranium resources grew 7-fold with deposits now in Colombia, Argentina and Guyana comprising of:
Additional information on U3O8 Corp. and its mineral resources are available at . Follow U3O8 Corp. on: Facebook: , Twitter: , YouTube: .
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects and the PEA will be achieved on the Berlin Project and other exploration projects, currency fluctuations, legislative change, dependence upon shareholder and regulatory approvals, and the uncertainty of obtaining additional financing, exploration risk and that the acquisition of Calypso will be completed and its exploration assets will result in a mineral resource. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Contacts:
U3O8 Corp.
Nancy Chan-Palmateer
Vice President, Investor Relations
(416) 868-1491
U3O8 Corp.
Richard Spencer
President & CEO
(416) 868-1491
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Datum: 11.03.2013 - 12:45 Uhr
Sprache: Deutsch
News-ID 237954
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TORONTO, ONTARIO
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Mining & Metals
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