Uranium Participation Corp. Reports Financial Results for the Three Months Ended May 31, 2014
03.07.2014 | Marketwire
TORONTO, ONTARIO -- (Marketwired - July 3, 2014) - Uranium Participation Corporation ("UPC" or the "Corporation") (TSX:U) reports results for the three months ended May 31, 2014. All amounts are in Canadian currency unless otherwise noted.Total equity ("net asset value") decreased $122.1 million in the three months ended May 31, 2014 to $480.4 million ($4.11 per share) at May 31, 2014 from $602.5 million ($5.15 per share) at February 28, 2014.
Period ended
May 31, 2014 February 28, 2014
Net asset value (in thousands) $ 480,390 $ 602,460
Net asset value per common share - basic and diluted 4.11 5.15
U3O8 spot price(1) (US$) at period end date 28.25 35.50
UF6 spot price(1) (US$) at period end date 81.00 99.00
Noon US$"CAD$ exchange rate at period end date 1.0867 1.1075
(1) Spot prices published by Ux Consulting Company, LLC. Translation to Canadian dollars calculated at the period end noon foreign exchange rate.
Net losses incurred of $122.0 million for the three months ended May 31, 2014 (May 31, 2013: net losses of $20.0 million) was primarily due to unrealized losses on investments of $120.3 million (May 31, 2013: unrealized losses of $19.1 million), mainly as a result of the decline in U3O8 and UF6 spot prices.
Significant expenses included management fees of $0.4 million for the three months ended May 31, 2014 (May 31, 2013: $0.4 million), storage fees of $0.5 million (May 31, 2013: $0.5 million), and uranium purchases commissions of $0.5 million (May 31, 2013: $nil).
Cash and cash equivalents amounted to $34,072,000 as at May 31, 2014 (February 28, 2014: $64,553,000).
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About Uranium Participation Corporation
Uranium Participation Corporation is a company that invests substantially all of its assets in uranium oxide in concentrates ("U3O8") and uranium hexafluoride ("UF6") (collectively "uranium"), with the primary investment objective of achieving appreciation in the value of its uranium holdings. Additional information about Uranium Participation Corporation is available on SEDAR at www.sedar.com and on Uranium Participation Corporation's website at www.uraniumparticipation.com.
Contact
Uranium Participation Corporation
Ron Hochstein, President and Chief Executive Officer
(416) 979-1991 Ext. 232
Uranium Participation Corporation
James Anderson
Chief Financial Officer
(416) 979-1991 Ext. 372