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Azarga Uranium and URZ Energy complete merger
Azarga Uranium and URZ Energy announce the completion of the previously announced merger between the two companies. Azarga Uranium has acquired all of the issued and outstanding shares of URZ Energy for consideration of 2.0 Azarga Uranium shares for each URZ Energy share held (the “Exchange Ratio”) pursuant to a court approved plan of arrangement (the “Plan of Arrangement”). Effective immediately, the shares of URZ Energy are no longer trading. In addition to the merger, Azarga Uranium will be making application to the OTCQB for trading in the United States, which is expected within a few weeks.
Blake Steele, CEO, commented, “We would like to thank the shareholders of both Azarga Uranium and URZ Energy for their overwhelming support of this strategic transaction. This merger brings together two companies with a similar goal of developing US-focused in-situ recovery ('ISR') uranium production at a time when domestic supply has emerged as a critical factor in the push for energy security. URZ Energy’s asset base and management expertise combined with ours will further bolster our growth pipeline and position us to continue to advance the development of the Dewey Burdock Project for the benefit of all shareholders and to create the preeminent ISR uranium development company in America.”
Glenn Catchpole, Chairman, added, “Our (now) collective shareholders, will have an opportunity to share in the success of building this company together. The transaction is timely, with the worldwide growth in nuclear reactor construction and confidence returning to the uranium sector. I look forward to working with the Azarga team.”
Sandra MacKay, Glenn Catchpole and Todd Hilditch will join Joseph Havlin, Delos Cy Jamison and Matthew O’Kane to make up the Azarga Uranium Board of Directors, with Glenn Catchpole acting as Chairman. Richard Clement and Dennis Higgs will continue as advisors to the Company.