Uranium Energy To Acquire Roughrider Uranium Development Project From Rio Tinto

(RTTNews) - Uranium Energy Corp (UEC) has entered into a definitive agreement with a subsidiary of Rio Tinto plc, pursuant to which Uranium Energy will acquire 100% of Rio Tinto's wholly-owned Roughrider uranium development project in the Athabasca Basin in Saskatchewan, Canada. Upon close, Rio Tinto will receive $80 million in cash and 17,805,815 UEC common shares, valued at $70 million.

Amir Adnani, CEO of UEC, said: "With this accretive fully funded acquisition of the Roughrider Project, we're able to achieve multiple objectives: 1) We're adding a world-class project to anchor our Canadian high-grade conventional business; 2) unlock value from the recently acquired UEX portfolio in the eastern Athabasca Basin; and 3) accelerate production plans for our Canadian high-grade conventional business."