UEX Corporation Announces Receipt Of Superior Proposal

UEX Corporation


UEX Corporation

Saskatoon, Saskatchewan –

TheNewswire –

July 29, 2022 – UEX Corporation




” or the “



announces that it has received an unsolicited
non-binding proposal from Denison Mines Corp.



”) for the acquisition of all of the
issued and outstanding common shares of UEX (the “

Denison Offer

The Board of Directors of the Company (the “


”) has
unanimously determined, after consultation with its financial and
legal advisors, that the Denison Offer constitutes a “Superior
Proposal” under the arrangement agreement dated June 13, 2022, as
amended June 23, 2022, among UEX, Uranium Energy Corp.


”) and UEC 2022 Acquisition Corp. (the “

UEC Arrangement Agreement


In accordance with the UEC Arrangement Agreement, the
Company notified UEC on July 28, 2022 that it considers the Denison
Offer to be a Superior Proposal. UEC has the right, for a period of
five business days from receipt of UEX’s notice, to offer to amend the
terms of the UEC Arrangement Agreement.

About UEX

UEX is a Canadian uranium and cobalt exploration and
development company involved in an exceptional portfolio of uranium

UEX’s directly-owned portfolio of projects is located
in the eastern, western and northern perimeters of the Athabasca
Basin, the world’s richest uranium region which in 2020 accounted for
approximately 8.1% of the global primary uranium production. In
addition to advancing its uranium development projects through its
ownership interest in JCU, UEX is currently advancing several other
uranium deposits in the Athabasca Basin which include the Paul Bay,
Ken Pen and Ōrora deposits at the Christie Lake Project, the Kianna,
Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek
Project, the Horseshoe and Raven deposits located on its 100%-owned
Horseshoe-Raven Project and the West Bear Uranium Deposit located at
its 100%-owned West Bear Project.

UEX is also 50:50 co-owner of JCU (Canada) Exploration
Company, Limited (“JCU”). JCU’s portfolio of projects includes
interests in some of Canada’s key future uranium development
projects, notably a 30.099% interest in Cameco’s Millennium Project,
a 10% interest in Denison’s Wheeler River Project, and a 33.8123%
interest in Orano Canada’s Kiggavik Project, located in the Thelon
Basin in Nunavut, as well as minority interests in nine other
grassroots uranium projects in the Athabasca Basin.

UEX is also leading the discovery of cobalt in Canada,
with three cobalt-nickel exploration projects located in the Athabasca
Basin of northern Saskatchewan, including the only primary cobalt
deposit in Canada. The 100% owned West Bear Project hosts the West
Bear Cobalt-Nickel Deposit, the newly discovered Michael Lake Co-Ni
Zone, and the West Bear Uranium Deposit. UEX also owns 100% of two
early-stage cobalt exploration projects, the Axis Lake and Key West

For further information, please

Roger Lemaitre

President & CEO

(306) 979-3849


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