Uranium Resources, Inc. (NASDAQ: URRE) ('URI? or the 'Company?), today
announced that, at a special meeting of URI stockholders held on August
29, 2012, stockholders approved the issuance of 37,000,000 shares of URI
common stock in connection with URI′s agreement to acquire 100% of the
equity of Neutron Energy, Inc. ('Neutron?) in a stock-for-stock
transaction pursuant to the Agreement and Plan of Merger, dated March 1,
2012 (the 'Merger Agreement?), by and among URI, Neutron and URI Merger
Corporation and the merger (the 'Merger?) contemplated by the Merger
Agreement.
95.9% of the votes cast at the meeting were 'FOR? the share issuance.
Approval of the Merger Agreement and the Merger by Neutron stockholders
was received at Neutron′s special meeting held on August 23, 2012.
Don Ewigleben, President and CEO of URI, commented, 'Our stockholders
confirmed with their vote the significance of this acquisition to
advance our strategy to consolidate both in situ recovery and
conventional assets in New Mexico and to be one of the largest uranium
companies based in the U.S.?
The acquisition is expected to close on or about August 31, 2012.
About Uranium Resources, Inc.
Uranium Resources Inc. explores for, develops and mines uranium. Since
its incorporation in 1977, URI has produced over 8 million pounds of
uranium by in-situ recovery (ISR) methods in the state of Texas. URI
also has 183,000 acres of uranium mineral holdings and 101.4 million
pounds of in-place mineralized uranium material in New Mexico and an NRC
license to produce up to 1 million pounds of uranium per year. The
Company acquired these properties over the past 20 years along with an
extensive information database of historic drill hole logs, assay
certificates, maps and technical reports. None of URI′s properties is
currently in production.
URI′s strategy is to fully develop its resource base in New Mexico and
Texas, expand its asset base both within and outside of New Mexico and
Texas, partner with larger mining companies that have undeveloped
uranium assets or with junior mining companies that do not have the
mining experience of URI, as well as provide restoration expertise to
those that require the capability or lack the proficiency.
Uranium Resources routinely posts news and other information about the
Company on its website at
Additional Information
Uranium Resources, Inc., a Delaware corporation ('URI?) entered into,
among other transaction documents, a definitive merger agreement on
March 1, 2012, by and among URI, URI Merger Corporation, a Nevada
corporation and an indirect wholly-owned subsidiary of URI ('Merger
Sub?), and Neutron Energy, Inc., a Nevada corporation ('Neutron?) under
which Merger Sub will be merged with and into Neutron, with Neutron
continuing as the surviving corporation and becoming an indirect
wholly-owned subsidiary of URI (the 'Transaction?). In connection with
the proposed Transaction, URI has filed a registration statement on Form
S-4, including a joint proxy statement/prospectus and other relevant
documents with the Securities and Exchange Commission (the 'SEC?) and
has mailed the joint proxy statement/prospectus to stockholders.
Stockholders are urged to read the registration statement and joint
proxy statement/prospectus, and any other relevant documents filed with
the SEC, as well as any amendments or supplements to those documents,
because they will contain important information. The registration
statement and joint proxy statement/prospectus as well as other filings
containing information about URI and Neutron, can be obtained without
charge at the Company′s website or by directing a request to URI′s proxy
solicitor: Regan & Associates, Inc., 1.800.737.3426.
URI and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the stockholders of URI
in connection with the proposed Transaction. Information about the
directors and executive officers of URI is set forth in the proxy
statement for URI′s 2012 annual meeting of stockholders, as filed with
the SEC on April 30, 2012. Additional information regarding the
interests of those participants and other persons who may be deemed
participants in the proposed Transaction may be obtained by reading the
joint proxy statement/prospectus regarding the proposed Transaction.
Investors may obtain free copies of these documents as described above.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are subject to risks, uncertainties and assumptions and are
identified by words such as 'expects,? 'estimates,? 'projects,?
'anticipates,? 'believes,? 'could,? and other similar words. All
statements addressing operating performance, events, or developments
that the Company expects or anticipates will occur in the future,
including but not limited to statements relating to the Company′s
mineralized uranium materials, timing of receipt of mining permits,
production capacity of mining operations planned for properties in South
Texas and New Mexico, planned dates for commencement of production at
such properties, revenue, cash generation and profits are
forward-looking statements. Because they are forward-looking, they
should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties include, but are not
limited to, the spot price and long-term contract price of uranium,
weather conditions, operating conditions at the Company′s mining
projects, government regulation of the mining industry and the nuclear
power industry, world-wide uranium supply and demand, availability of
capital, timely receipt of mining and other permits from regulatory
agents and other factors which are more fully described in the Company′s
documents filed with the Securities and Exchange Commission. Should one
or more of these risks or uncertainties materialize, or should any of
the Company′s underlying assumptions prove incorrect, actual results may
vary materially from those currently anticipated. In addition, undue
reliance should not be placed on the Company′s forward-looking
statements. Except as required by law, the Company disclaims any
obligation to update or publicly announce any revisions to any of the
forward-looking statements contained in this news release.
