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Project located in Wyoming, and a portfolio of resource staged projects throughout the United States. Producing uranium production facilities in South Texas, the advanced stage Dewey Burdock development project in South Dakota, which has been issued its key federal permits, the PEA-staged Gas Hills The Transaction consolidates an industry leading pipeline ofĮxploration and development staged in-situ recovery (" ISR") focused uranium projects located in the United States, including the licensed Rosita & Kingsville Dome past Issued and outstanding common shares of Azarga pursuant to a court-approved plan of arrangement (the " Transaction"). (TSX:AZZ, OTCQB:AZZUF, FRA:P8AA) are pleased to announce that they have entered into a definitive arrangement agreement (the " Agreement") whereby enCore will acquire all of the
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(" enCore") (TSXV:EU, OTCQB:ENCUF) and Azarga Uranium Corp. Shares of enCore fell 3.3% by midday Wednesday following the merger news, giving the US uranium developer a market value of C$343.0 million.Īzarga’s stock was also in the red, down 4.8% with a market capitalization of C$139.2 million.CORPUS CHRISTI, TX / ACCESSWIRE / Septem/ enCore Energy Corp. and the company’s Texas uranium production assets (Rosita & Kingsville).Īccording to Haywood Research’s latest commentary, the “combination of enCore and Azarga create a stronger, more diversified platform for growth in the US.” As such, the firm has assigned a “Tender” rating in favor of the transaction. In September 2020, enCore announced its acquisition of then Nasdaq-listed Westwater Resources Inc. The Azarga merger represents the second major acquisition for enCore within the last 12 months. The 0.375:1 exchange ratio is subject to an adjustment mechanism, which could see the exchange terms amended to a ratio calculated as C$0.54 divided by enCore’s 15-day volume-weighted average price prior to the closing of the transaction, subject to a maximum closing exchange ratio of 0.49:1.Ī special meeting of Azarga shareholders is set to be held in October or November to vote on the all-stock merger, which requires two-thirds of the votes cast in favor of this deal to pass. Pursuant to a court-approved plan of arrangement, Azarga shareholders would receive three-eighth (0.375) of an enCore common share for each Azarga share held, implying a consideration of C$0.71 per Azarga common share based on the closing price on the TSX Venture Exchange on September 3, 2021. “Scale is important in the natural resource sector and this transaction will position the new company among the top uranium miners based in the US,” Azarga president and CEO Blake Steele added. “This strategic acquisition fills the gap in enCore’s pipeline of projects with key intermediate development opportunities in Wyoming and South Dakota, in between initial production in Texas and longer-term opportunities in New Mexico,” enCore’s executive chairman William Sheriff said in a press release. Together, the total uranium resource base for these assets amounts to 90 million pounds in the measured and indicated category, 9.9 million pounds in the inferred category, as well as 68.4 million pounds in the historic category. The Azarga merger represents the second major acquisition for enCore within the last 12 months The portfolio also consists of a large uranium resource endowment in New Mexico including the Marquez-Juan Tafoya project, for which a recent preliminary economic assessment was published, and the Crownpoint and Hosta Butte project.