UEX: Pay off Denison’s loan


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SaskatoonUEX Company (TSX: UEX) (OTC: UEXCF) (“UEX” or the “Company”) is pleased to announce that the Company has repaid its outstanding term loan from Denison Mines Corp.

The term loan was used by UEX to purchase JCU (Canada) Exploration Company, Limited (“JCU”), as more particularly described in UEX’s press release dated August 3, 2021.

UEX reimbursed the unpaid balance of 20.45 million Canadian dollars to Denison on September 17, 2021. Previously, 20.5 million Canadian dollars of the term loan was repaid upon the transfer by UEX of 50% of the shares of JCU to Denison immediately after the closing of the acquisition of JCU. The JCU shares held by UEX which were pledged to Denison were returned to UEX.

About UEX

UEX is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects.

The project portfolio owned by UEX is located in the east, west and north perimeters of the Athabasca Basin, the richest uranium belt in the world, which in 2020 accounted for around 8.1% of global primary uranium production. In addition to advancing its uranium development projects through its stake in JCU, UEX is currently advancing several other uranium deposits in the Athabasca Basin who understand the Paul Bay, Ken pen and rora deposits in Christie Lake Project , the Kianna, Anne, Colette and 58B deposits at its property currently owned at 49.1% Shea Creek Project, the Horseshoe and Raven deposits located on its 100% owned territory Horseshoe-Raven Development Project and the West Bear uranium deposit located on its 100% property West Bear Project.

UEX also co-owns JCU at 50:50 with Denison. JCU’s project portfolio includes participations in some of the from Canada major future uranium development projects, in particular a 30.099% stake in Cameco’s Millennium Uranium Development Project, a 10% stake in Denison Mines Wheeler River Project, and a 33.8123% stake in Orano Canada Kiggavik project, located in the Thélon Basin in Nunavut, as well as minority interests in nine other basic uranium projects in the Athabasca Basin.

UEX is also leading the discovery of cobalt in Canada, with three cobalt-nickel exploration projects located in the Athabasca Basin North Saskatchewan, including the only primary cobalt deposit in Canada. 100% ownership West Bear Project hosts the West Bear cobalt-nickel deposit, the newly discovered deposit Lake Michael Co-Ni Zone, and the West Bear uranium deposit. UEX also owns 100% of two early stage cobalt exploration projects, the Ax Lake and the Key West projects.

Contact:

Roger lemaître

Phone. : (306) 979-3849

Forward-looking information

This press release contains statements that constitute “forward-looking information” for the purposes of Canadian securities laws. This forward-looking information is based on a number of assumptions, which may prove to be inaccurate. Actual results could differ materially from those anticipated in this forward-looking information due to risk factors, in particular: the timing and content of work programs; the results of exploration activities on mining properties; interpretation of drilling results and other geological data and general market and industry conditions. Many of these factors are beyond the control of the UEX. Consequently, all forward-looking information contained in this press release is qualified by this cautionary statement and there can be no assurance that the actual results or developments anticipated by UEX will be achieved. For the reasons set out above, investors should not place undue reliance on this forward-looking information.

(C) 2021 Electronic News Publishing, source ENP press wire

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