Trading Symbol: UEX-TSX
VANCOUVER, June 29 /CNW/ - UEX Corporation ("UEX") announced today that
it did not receive shareholder approval for its previously announced
Shareholder Rights Plan ("Rights Plan") at its Annual General Meeting ("AGM")
held on June 26, 2007. As a result, the Rights Plan terminated following
completion of the AGM.
Approximately 111 million shares (61% of UEX's 182.1 million issued and
outstanding common shares) were represented at the AGM. As proxies
representing approximately 52% of these shares (including the proxy
representing the approximately 40 million shares held by Cameco Corporation)
were against approval of the Rights Plan, UEX withdrew this item of business
from the agenda for the AGM. UEX noted that over 95% of the shares represented
at the AGM voted in favour of the re-election of UEX's board of directors.
"I am very disappointed that the Rights Plan was not approved, as
management believes that the Rights Plan would be in the best interest of
minority shareholders," said Stephen Sorensen, President and C.E.O. of UEX.
UEX is a Canadian uranium exploration and development company formed
under an agreement between Pioneer Metals Corporation and Cameco Corporation
("Cameco"). Cameco, the world's largest supplier of uranium, is UEX's largest
shareholder. UEX began trading on the Toronto Stock Exchange in July 2002 and
is actively involved in the exploration and development of 19 uranium
projects, including seven that are 100% owned and operated by UEX, one joint
venture with AREVA Resources Canada Inc. ("AREVA") that is operated by UEX,
ten under option from AREVA and one under option from Japan-Canada Uranium
Company, Limited, which are operated by AREVA. The 19 projects, totaling
386,650 hectares (955,400 acres), are located in the eastern, western and
northern perimeters of the Athabasca Basin, the world's richest uranium belt,
which accounts for approximately 30% of the global primary uranium production.
UEX's exploration budget for 2007 is $25.0 million, and the Company has a cash
position of approximately $68.0 million.
ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION
Stephen H. Sorensen
President & C.E.O.
Forward looking statements:
This news release contains certain forward-looking statements. These
forward-looking statements are subject to a variety of risks and uncertainties
beyond UEX's ability to control or predict, which could cause actual events or
results to differ materially from those anticipated in such forward-looking
statements. Although UEX believes that the assumptions inherent in the
forward-looking statements are reasonable, undue reliance should not be placed
on these forward-looking statements.
For further information:
For further information: UEX CORPORATION, SUITE 1007 - 808 NELSON
STREET, VANCOUVER, B.C., CANADA, V6Z 2H2, PH: (604) 669-2349, FAX (604)
669-1240, Website: www.uex-corporation.com, e-mail: email@example.com