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Trading Symbol: UEX-TSX
VANCOUVER, Sept. 29, 2014 /CNW/ - UEX Corporation
(UEX:TSX) ("UEX" or the "Company") is pleased to announce that it
has closed its previously announced flow-through common share
offering (the "Offering") with Raymond James Ltd. (the "Agent") on
a "best efforts" private placement basis for 7,176,390 common
shares of the Company which qualify as "flow-through" shares
pursuant to the Income Tax Act (Canada) at a price of $0.43 per flow‑through share for total gross
proceeds to UEX of $3,085,848.
Cameco Corporation has advised the Company that it intends to waive
its pre-emptive right to participate in the Offering.
The Agent received a cash commission on the sale of the
flow-through shares equal to 5% of the gross proceeds raised.
UEX intends to use the proceeds of the Offering to fund
exploration of the Company's uranium properties.
The securities issued by UEX in connection with the Offering are
subject to a four month plus one day "hold period" as prescribed by
the Toronto Stock Exchange and applicable securities laws.
On behalf of the Board of Directors of UEX
"Roger Lemaitre"
Forward-Looking Information
This news release may contain statements that constitute
"forward-looking information" for the purposes of Canadian
securities laws. Such statements are based on UEX's current
expectations, estimates, forecasts and projections. Such
forward-looking information includes statements regarding the use
of the proceeds from the Offering, UEX's mineral resource and
mineral reserve estimates, outlook for our future operations, plans
and timing for exploration activities, and other expectations,
intentions and plans that are not historical fact. The words
"estimates", "projects", "expects", "intends", "believes", "plans",
"will", "may", or their negatives or other comparable words and
phrases are intended to identify forward-looking information. Such
forward-looking information is based on certain factors and
assumptions and is subject to risks, uncertainties and other
factors that could cause actual results to differ materially from
future results expressed or implied by such forward-looking
information. Important factors that could cause actual results to
differ materially from UEX's expectations include uncertainties
relating to interpretation of drill results and geology, additional
drilling results, continuity and grade of deposits, participation
in joint ventures, reliance on other companies as operators, public
acceptance of uranium as an energy source, fluctuations in uranium
prices and currency exchange rates, changes in environmental and
other laws affecting uranium exploration and mining, and other
risks and uncertainties disclosed in UEX's Annual Information Form
and other filings with the applicable Canadian securities
commissions on SEDAR. Many of these factors are beyond the control
of UEX. Consequently, all forward-looking information contained in
this news release is qualified by this cautionary statement and
there can be no assurance that actual results or developments
anticipated by UEX will be realized. For the reasons set forth
above, investors should not place undue reliance on such
forward-looking information. Except as required by applicable law,
UEX disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new
information, future events or otherwise.
SOURCE UEX Corporation