URI Set to List on Australian Securities Exchange
October 23 2015 - 8:00AM
Business Wire
Uranium Resources, Inc. (Nasdaq: URRE; URI) and Anatolia
Energy Ltd. (ASX: AEK; Anatolia) jointly announce that
orders by the Federal Court of Australia approving the Australian
schemes of arrangement under which URI will acquire Anatolia
(Schemes), have taken effect. A copy of the orders is
attached to this announcement.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20151023005355/en/
As a result, new URI securities exchanged for Anatolia
securities are expected to begin trading on Nasdaq and as CHESS
Depository Instruments (CDIs) on the Australian Securities Exchange
(ASX) on November 10, 2015. Anatolia securities will be suspended
from trading on the ASX from the close of trading today.
Under Australian regulations, the Effective Date of the
transaction is October 23, 2015 and the Record Date for determining
entitlements for Anatolia security holders under the consideration
provided in the Schemes of Arrangement is 7 p.m. on October 30,
2015, Australian Western Daylight Time. The closing of the merger
is expected on November 9, 2015.
Shares Trading on ASX as “URI”
On November 10, 2015, the new URI shares exchanged for Anatolia
shares will begin trading on Nasdaq under its existing trading
symbol (as URRE) and on the ASX as CDIs under the new trading
symbol “URI”. On the same day, new URI options exchanged for
Anatolia options will begin trading on the ASX as CDIs under the
new trading symbol “URIO”.
Progress at the Temrezli Project
Christopher M. Jones, President and Chief Executive Officer of
URI, said, “The Australian Federal Court approval yesterday puts
our transaction one important step closer to being completed.
During this time, we have been working hard on advancing the
high-grade, low-cost Temrezli ISR Project as the first uranium
producer in Central Turkey. The more we study Temrezli, the more
confident we are that this is one of the best undeveloped in-situ
recovery uranium projects in the world.
“URI has retained Roscoe Postle Associates, Inc. (RPA) to update
the February 2015 Temrezli Preliminary Feasibility Study (PFS)
economics, something that we expect to have ready in early 2016.
Included in the updated PFS economics will be the consideration of
the substantial capital cost savings and other synergies expected
to be realized through the merger. Concurrent with the ongoing
environmental permitting process for Temrezli in Turkey, our
experienced technical team is working on multiple fronts, from
relocating our Rosita processing plant and wellfield design to
securing current drilling quotes and sourcing of new equipment for
inclusion in the updated PFS.”
Paul Cronin, Managing Director and Chief Executive Officer of
Anatolia, said, “Anatolia shareholders should know that the
management of the Temrezli project is in good hands. The combined
management team created via this merger have all the capabilities
required to bring this world-class project to production quickly
and the unique synergies provided by this merger will ensure that
Uranium Resources is positioned to become one of the lowest cost
uranium producers globally, with a strong pipeline of mid-term
projects that complement Temrezli.”
About Uranium Resources
Uranium Resources, Inc. was incorporated in 1977 to explore,
develop and recover uranium. Uranium Resources has two licensed and
currently idled processing facilities and approximately 17,000
acres of prospective in situ recovery (ISR) projects in Texas. In
New Mexico, the Company holds a federal Nuclear Regulatory
Commission license to recover up to three million pounds of uranium
per year using the ISR process at certain properties and controls
minerals rights encompassing approximately 190,000 acres in the
prolific Grants Mineral Belt in New Mexico, which holds one of the
largest known concentrations of sandstone-hosted uranium deposits
in the world. The Company acquired these properties along with an
extensive uranium information database of historic drill hole logs,
assay certificates, maps and technical reports for the Western
United States.
About Anatolia Energy
Anatolia Energy Ltd. is a uranium exploration and development
company holding an extensive portfolio of licences within the
Republic of Turkey, and is well placed to become a key explorer and
miner in Turkey’s emerging uranium sector. Anatolia Energy has a
100% interest in 9 licences covering over 18,000ha of ground,
including several advanced exploration and development
opportunities, in the central Anatolian region of Turkey.
Cautionary 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 closing, timing of closing and benefits
of the combination with Anatolia Energy, the timing, occurrence or
cost of production at the Company’s properties, and the timing and
conclusions of the updated technical report and economic analysis
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, (a) the Company's ability to raise additional
capital in the future; (b) spot price and long-term contract price
of uranium; (c) the Company's ability to reach agreements with
current royalty holders; (d) operating conditions at the Company's
projects; (e) government and tribal regulation of the uranium
industry and the nuclear power industry; (f) world-wide uranium
supply and demand; (g) maintaining sufficient financial assurance
in the form of sufficiently collateralized surety instruments; (h)
unanticipated geological, processing, regulatory and legal or other
problems the Company may encounter, including in Turkey; (i) the
ability of the Company to enter into and successfully close
acquisitions or other material transactions, and other factors
which are more fully described in the Company's Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and other filings 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151023005355/en/
Uranium Resources, Inc.Wendy Yang,
303-531-0478www.uraniumresources.comorAlpha IR GroupRobert Winters,
929-266-6315orAnatolia Contacts:Paul Cronin, Managing
Director+44-7912-35-1031 (UK)+61-428-638-291
(Australia)www.anatoliaenergy.com.auorCannings PurpleAndrew Rowell,
+61-400-466-266
Anatolia Fpo (ASX:AEK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Anatolia Fpo (ASX:AEK)
Historical Stock Chart
From Jul 2023 to Jul 2024