Uranium Resources Sets Record Date for Rights Offering
LEWISVILLE, Texas -- January 18, 2013
Uranium Resources, Inc. (NASDAQ: URRE) (URI) announced today that it has set
5:00 p.m. eastern time on January 28, 2013 as the record date for its
previously-announced shareholder rights offering (“Rights Offering”).
Under the terms of the Rights Offering, the Company will distribute at no
charge to the holders of its common stock and warrants as of 5:00 p.m. eastern
time on January 28, 2013 (the “Record Date”) non-transferable subscription
rights to purchase shares of the Company’s common stock (the “Rights”). The
final terms of the Rights Offering, including the subscription price and the
expiration date for the Rights, will be set forth in a prospectus supplement
that will be distributed to holders of the Company’s common stock and warrants
as of the Record Date.
The Company seeks to raise up to $13.0 million in the Rights Offering. By
giving URI shareholders and warrant holders the right to purchase additional
shares of common stock on a pro-rata basis, the rights offering permits such
holders to maintain their percentage ownership in the Company.
As previously announced, in December 2012, URI and Resource Capital Fund V
L.P. (“RCF”) entered into a standby purchase agreement pursuant to which RCF
agreed, subject to certain conditions, to participate in the proposed Rights
Offering and to exercise rights so that total proceeds to the Company will
equal at least $8.0 million, inclusive of the conversion of the $5.0 million
bridge loan facility.
This news release does not constitute an offer of any securities for sale or a
solicitation of an offer to buy any securities.
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 has over 206,600
acres of uranium mineral holdings and 152.9 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. URI has an additional 1.3 million pounds
of in-place mineralized uranium material in Texas and South Dakota. 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.
Uranium Resources routinely posts news and other information about the Company
on its website at www.uraniumresources.com.
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 estimated mineralized uranium material, the Rights
Offering and RCF’s participation in the Rights Offering 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, the outcome of negotiations with the Navajo Nation,
the Company’s ability to reach agreements with current royalty holders,
weather conditions, operating conditions at the Company’s mining projects,
government and tribal 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, market
reaction to a reverse stock split, determinations of the NASDAQ Hearing Panel
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.
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
Uranium Resources, Inc.
Mat Lueras, 505-269-8317
Vice President, Corporate Development
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