URI Set to List on Australian Securities Exchange
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.
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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.
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Contact
Uranium Resources, Inc.
Wendy Yang, 303-531-0478
www.uraniumresources.com
or
Alpha IR Group
Robert Winters, 929-266-6315
or
Anatolia Contacts:
Paul Cronin, Managing Director
+44-7912-35-1031 (UK)
+61-428-638-291 (Australia)
www.anatoliaenergy.com.au
or
Cannings Purple
Andrew Rowell, +61-400-466-266
