U3O8 Corp. to Renew Shareholders Rights Plan
May 09 2014 - 11:54AM
Marketwired
U3O8 Corp. to Renew Shareholders Rights Plan
TORONTO, ONTARIO--(Marketwired - May 9, 2014) - U3O8 Corp.
(TSX:UWE)(OTCQX:UWEFF), a Canadian-based company focused on
exploration and development of uranium resources and associated
commodities in South America, announced that its Board of Directors
(the "Board") has adopted a resolution to renew its current
shareholders rights plan, which is due to expire on May 25,
2014.
U3O8 Corp. has had a shareholders rights plan in place since
2008 (the "2008 Plan"). The 2014 shareholders rights plan (the
"2014 Plan") is substantially similar to, and maintains the
protection afforded to shareholders under the 2008 Plan and was not
adopted in response to any anticipated take-over bid.
The 2014 Plan is effective immediately and will be submitted for
shareholder approval at U3O8 Corp's 2014 annual meeting. A complete
copy of the 2014 Plan will be filed on SEDAR at www.sedar.com.
The Plan encourages fair treatment of shareholders should a
take-over bid be made for U3O8 Corp., and will provide the
Company's Board and shareholders more time to consider an
unsolicited take-over bid for U3O8 Corp. The Plan is intended to
discourage coercive or unfair take-over bids and gives the Board
time to pursue alternatives to maximize shareholder's value, if
appropriate, in the event of an unsolicited take-over bid.
About U3O8
Corp.
U3O8 Corp. is focused on exploration and development of uranium
resources and associated commodities in South America. The
company's uranium resources comprise three deposits defined in
accordance with National Instrument 43-101 located in Colombia,
Argentina and Guyana:
- Berlin Deposit, Colombia - a preliminary economic assessment
("PEA") shows that Berlin could be a zero cash cost uranium
producer thanks to revenue from by-products of phosphate, vanadium,
nickel, rare earths (yttrium and neodymium) and other metals
occurring in the same deposit;
- Laguna Salada Deposit, Argentina - a PEA is due shortly on this
near surface, free-digging uranium, vanadium deposit that is
potentially amenable to low-cost mining and processing methods;
and
- Kurupung Deposit, Guyana - an initial uranium deposit in a
large emerging uranium district.
U3O8 Corp. also recently announced an opportunity with potential
to generate modest cash flow in the short-term from the Carina
property in Argentina - various options are being evaluated to
maximize this non-core asset that offers near-term production
prospects for frac sand for potential use in the shale oil and gas
industry.
Additional information on U3O8 Corp., its mineral resources and
technical reports are available at www.u3o8corp.com. Follow U3O8
Corp. on Facebook: www.facebook.com/u3o8corp, Twitter:
www.twitter.com/u3o8corp and Youtube: www.youtube.com/u3o8corp.
Forward-Looking Statements
Certain information in this release are forward-looking
statements with respect to the proposed joint venture and
development plans, economic potential and growth targets of U3O8
Corp's current projects. Forward-looking statements consist of
statements that are not purely historical, including statements
regarding beliefs, plans, expectations or intensions for the
future, and include, but not limited to, statements with respect
to: (a) the low-cost, near-term production goal of Laguna Salada,
(b) the Laguna Salada and Berlin PEAs, (c) the potential of the
Kurupung district in Guyana (d) the 2014 Plan. Basis for such
assumptions include that: (i) actual results of our exploration,
resource goals, metallurgical testing, economic studies and
development activities will continue to be positive and proceed as
planned, (ii) requisite regulatory and governmental approvals will
be received on a timely basis on terms acceptable to U3O8 Corp.,
(iii) economic, political, industry and capital market conditions
will be favourable, (iv) approval by shareholders of the 2014 Plan.
However, such statements are subject to risks and uncertainties
that may cause actual results, performance or developments to
differ materially from those contained in the statements,
including, but not limited to: (1) timing and outcome of the PEA or
that a mine will be achieved on the Laguna Salada Project in
compliance with current Chubut mining law, (2) risks that a mine
will not be achieved on the Berlin Deposit and other exploration
projects, (3) the inherent uncertainties and speculative nature
associated with exploration results, resource estimates, potential
resource growth, future metallurgical test results, changes in
project parameters as plans evolve, (4) volatility of commodity
prices, (5) dependence on regulatory approvals and changes in
legislation, environmental compliance, community support and the
political and economic climate, (6) availability of future
financings, (7) acceptance by shareholders of the 2014 Plan, and
(8) exploration risk and other factors beyond the control of U3O8
Corp. including those factors set out in the "Risk Factors" in our
Annual Information Form available on SEDAR at www.sedar.com.
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. U3O8 Corp.
assumes no obligation to update such information, except as may be
required by law.
U3O8 Corp.Richard SpencerPresident & CEO(416)
868-1491richard@u3o8corp.comU3O8 Corp.Nancy Chan-PalmateerVice
President, Investor Relations(416) 868-1491nancy@u3o8corp.com
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