uranium UEC Uranium Energy to acquire Roughrider uranium project from Rio Tinto for $150 million
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The company said that under the terms of the transaction, upon close, Rio Tinto will receive $80 million in cash and 17,805,815 UEC common shares, valued at $70 million based on the 5-day VWAP of $3.93 per share as of October 7, 2022. The project is located approximately 13 km west of Orano’s McClean Lake Mill, in close proximity to UEC’s existing Athabasca Basin properties, and covers an area of 597 hectares. The Roughrider West Zone was discovered by Hathor Exploration during the winter drilling program in February 2008.
“Roughrider will be a 100% owned cornerstone asset that when combined with recently acquired UEX Corporation projects in the eastern Athabasca, positions UEC with a critical mass of resources to enhance future production plans. Recently acquired and nearby UEC projects to Roughrider include Raven-Horseshoe, Hidden Bay and Christie Lake,” UEC noted in its press-release.
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