Uranium Energy Corp Commences Trading on OTC Bulletin Board Friday February 17, 9:00 am ET
AUSTIN, Texas--(BUSINESS WIRE)--Feb. 17, 2006--Uranium Energy Corp ("UEC") (OTCBB:URME - News) announces that the Company has commenced trading on the OTC Bulletin Board, under the symbol URME: OTCBB. The company became effective in January 2006 following the filling of its SB-2 registration statement with the US Securities and Exchange Commission. ADVERTISEMENT
Uranium Energy Corp is a US-based junior resource company with the near-term objective of uranium production in the United States. The company's management is comprised of veteran mining and exploration professionals eminent in the field of uranium, whose collective experience in the mining industry, and specifically in the uranium mining sector, gives the Company over 150 years of uranium mine-finding and uranium mine development expertise. UEC is well positioned to capitalize on the world's first significant alternative energy boom.
The company has focused its early property acquisition program primarily in the southwestern US states of Texas, Wyoming, Arizona, Colorado and Utah. This region has historically been the most concentrated area for uranium mining in the US. With the use of historical exploration databases, UEC has been able to target properties for acquisition that have already been the subject of significant exploration and development by senior energy companies in the past. UEC's strategy of acquiring exploration databases and leveraging those databases to generate acquisition targets has been effective thus far. The Company will continue to aggressively pursue this formula on an ongoing basis.
The company's exploration mandate is to identify and acquire properties that demonstrate historical uranium resources. To date, the Company has successfully acquired property containing 10.7 million pounds of historic uranium resources, with a potential of 26.5 million pounds in additional resources being identified by the Company's databases.
The Company's foundation asset, located in Goliad County, Texas, has 5.2 million pounds of historic and ISL-amenable (In Situ Leaching) uranium resource with potential targets of 10 million pounds in additional resources. Planning for the first phase of confirmation drilling and ISL permitting is underway.
Alan Lindsay, Chairman of the board of Uranium Energy Corp states, "Our public listing is the next important step in the evolution of Uranium Energy Corp. Over the past year and a half, we have built a significant portfolio of personnel and resources. We now have the ingredients necessary to build a formidable uranium mining company. UEC is an extremely well-timed production development venture."
About Uranium
Domestic uranium development in the United States has been widely ignored up until recently when uranium prices started increasing dramatically from record lows. The spot price of uranium has increased 75% in the last twelve months, and 500% in the last five years, following over twenty years of severely depressed prices. Investment analysts and government agencies universally forecast continuing price increases in the future due to a lack of supply of uranium, and due to strong positive sentiment towards nuclear power as a safe and emission-free alternative to fossil fuels.
About Uranium Energy Corp
Uranium Energy Corp (OTCBB:URME - News) is a US-based junior resource company with the near-term objective of uranium production in the United States. The company has a mandate to acquire historical uranium resources that can be developed into producing uranium mines. Its management is comprised of veteran mining and exploration professionals eminent in the field of uranium, whose collective experience in the mining industry, and specifically in the uranium mining sector, gives the Company over 150 years of uranium mine-finding and uranium mine development expertise. UEC is well positioned to capitalize on the world's first significant alternative energy boom. See www.uraniumenergy.com for more information.
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The Company is authorized to issue 750,000,000 common shares with a par value of $0.001. As of February 9, 2006, there are 14,153,722 common shares outstanding. Upon liquidation, dissolution or winding up of the Company, the holders of the common stock are entitled to share ratably in all net assets available for distribution to common stockholders after payment to creditors
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Change in Directors or Principal Officers, Financial Statements and Exhibits
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS Appointment of Chief Operating Officer and Director
Effective February 15, 2006, the Board of Directors of Uranium Energy Corp., a Nevada corporation (the "Company"), announced the appointment of Harry Anthony as the Chief Operating Officer and as a director of the Company. On February 15, 2006, the Board of Directors of the Company, pursuant to unanimous written consent, authorized and approved the execution of an employment agreement dated February 15, 2006 between the Company and Mr. Anthony (the "Employment Agreement").
Pursuant to the terms and provisions of the Employment Agreement: (i) Mr. Anthony shall provide duties to the Company commensurate with his executive position as the Chief Operating Officer of the Company and he will also become a member of the Board of Directors of the Company; (ii) the Company shall pay to Mr. Anthony a monthly fee of $10,000.00; (iii) the Company shall grant an aggregate of 250,000 Stock Options to Mr. Anthony to purchase shares of restricted common stock of the Company at $0.50 per share for a ten-year term; and (iv) the Employment Agreement may be terminated without cause by either the Company or Mr. Anthony by providing prior written notice of the intention to terminate at least 120 days prior to the effective date of such termination.
Mr. Anthony has over thirty years of experience in the uranium mining industry. From approximately 1997 to present, Mr. Anthony has been a consultant through Anthony Engineering Services for several major uranium companies and international agencies, which duties generally include project evaluation, operations "trouble shooter" and technical and financial expert. From approximately 1990 through 1997, Mr. Anthony was a senior vice president of Uranium Resources, Inc., where he managed all facets of operations and technical support to achieve production goals, drilling, ion exchange, reverse osmosis, software development and equipment design. His duties also included oversight of construction, technical aspects, and daily operations of plants and wellfields, budget planning and forecasting, property evaluations and reserve estimations. Mr. Anthony also previously served as the vice-president of engineering/engineering manager of Uranium Resources, Inc., and a project superintendent and project engineer for Union Carbide Corp. Mr. Anthony was on the board of directors of Uranium Resources, Inc. from 1984 through 1994. He is the author of several publications and the recipient of the awards "Distinguished Member of the South Texas Mineral Section of AIME -1987" and "1999 Outstanding Citizen of the Year - Kingsville Chamber of Commerce". Mr. Anthony received an M.S. in Engineering Mechanics in 1973 and a B.S. in Engineering Mechanics in 1969 from Pennsylvania State University.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits
10.01 Employment Agreement Agreement between Uranium Energy Corp. and Harry Anthony dated February 15, 2006.
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This basically started trading at 11:00 and had these large trades that stayed in between 1.25-1.50, after 11:30 all it took were 100-500 share size blocks to run this. It might be possible these first large blocks were just MM's shuffling shares, if you take out all of the blocks of 5000+ share trades then after that we have less than 20,000 shares trading hands... Any thoughts
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