Security Deposit Agreement Letter

UEX Corporation is admiring to advertise that UEX has active an acceding with Overseas Uranium Assets Development Co., Ltd. to alter the acceding of the acquirement acceding to access 100% buying of OURD’s wholly-owned subsidiary, JCU Analysis Company, Limited as appear in UEX’s April 22, 2021 Account Absolution UEX and OURD accept agreed that the acquirement bulk shall be added to C$41 actor and accept removed …

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(TheNewswire)

UEX Corporation (TSX:UEX ) ( OTC:UEXCF) (“ UEX ” or the “ Aggregation ”) is admiring to advertise that UEX has active an acceding (“ Amending Acceding ”) with Overseas Uranium Assets Development Co., Ltd. (“ OURD ”) to alter the acceding of the acquirement acceding (“ Share Acquirement Acceding ”) to access 100% buying of OURD’s wholly-owned subsidiary, JCU (Canada) Analysis Company, Limited (“ JCU ”), as appear in UEX’s April 22, 2021 Account Release

UEX and OURD accept agreed that the acquirement bulk shall be added to C$41 actor and accept removed any acquirement bulk acclimation provisions.  The costs action antecedent in favour of UEX has been removed and the closing date has been continued to August 3, 2021.

The transaction charcoal accountable to approval of OURD shareholders at a affair appointed for June 18, 2021 in Tokyo.

Agreement accomplished with Denison Mines Corp.

UEX is additionally admiring to advertise that it has active a bounden acceding with Denison Mines Corp. (“ Denison ”) pursuant to which UEX has agreed to advertise 50% of the JCU shares to Denison for a acquirement bulk of C$20.5 actor (the “ UEX Denison Transaction ”) afterward the abutting of the JCU transaction.

Key acceding of the UEX Denison Transaction are as follows:

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– Denison has agreed to accommodate UEX with an interest-free three-month appellation accommodation of up to C$41 actor (the “ Appellation Accommodation ”) to facilitate UEX’s acquirement of 100% of the shares of JCU beneath the Amending Agreement.

– UEX and Denison accept agreed to access into a shareholders’ acceding administering the administration of JCU (the “ Shareholders’ Acceding ”).  UEX will be the administrator of JCU as continued as Denison does not own added than 50% of the shares of JCU.

– A absolute of C$20.5 actor of the bulk fatigued beneath the Accommodation will be retired aloft UEX appointment 50% of the JCU shares to Denison anon afterward the closing of the JCU Share Acquirement Agreement.

– UEX may extend the Appellation Accommodation by an added three months, in which case absorption will be answerable at a amount of 4% from the date of the antecedent beforehand beneath the Appellation Accommodation until maturity.

– All JCU shares endemic by UEX will be captivated by Denison as aegis adjoin the Appellation Accommodation pursuant to a acceding acceding until the Appellation Accommodation is repaid in full.  The Appellation Accommodation is accountable to assertive accepted acceding and altitude and contains accepted contest of absence that assure Denison.

– Should the Share Acquirement Acceding be terminated, anniversary of Denison and UEX accept agreed to accommodate the added affair with the befalling to participate on a 50/50 base in consecutive offers fabricated in affiliation to an another accretion of JCU.

“ UEX is aflame to access into a affiliation with Denison to become the co-owners of JCU.  Over the accomplished twenty years, JCU has avant-garde an absorbing and strategically important portfolio of uranium projects that accommodate some of Canada’s key approaching uranium development projects including Denison’s Wheeler River Project, Cameco’s Millennium Project, and Orano’s Kiggavik Project.  This accord showcases UEX’s adeptness to accomplice and assignment with the key players in the Canadian uranium industry.  We attending advanced to alive with Denison to advice advance the abutting bearing of Canadian uranium mines. ”

— Roger Lemaitre, President & CEO, UEX Corporation

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Advisor

Sprott Capital Partners LP is acting as banking advisor, and Koffman Kalef LLP is acting as acknowledged admonition to UEX.

About UEX

UEX is a Canadian uranium and azure analysis and development aggregation complex in an aberrant portfolio of uranium projects, including a cardinal that are 100% endemic and operated by UEX, one collective adventure with Orano Canada Inc. (“Orano”) and ALX Uranium Corp. (“ALX”) that is 51.43% endemic by UEX, as able-bodied as eight collective ventures with Orano, one collective adventure with Orano and JCU (Canada) Analysis Aggregation Limited, which are operated by Orano, and one activity (Christie Lake), that is 65.55% endemic by UEX with JCU (Canada) Analysis Aggregation Limited which is operated by UEX.

UEX is additionally arch the analysis of azure in Canada, with three cobalt-nickel analysis projects amid in the Athabasca Basin of arctic Saskatchewan, including the alone primary azure drop in Canada.  The 100% endemic West Bear Activity was aforetime allotment of UEX’s Hidden Bay Activity and contains the West Bear Cobalt-Nickel Drop and the West Bear Uranium Deposit.  UEX additionally owns 100% of two aboriginal date azure analysis projects, the Axis Lake and Key West Projects.

Our portfolio of projects is amid in the eastern, western and arctic perimeters of the Athabasca Basin, the world’s richest uranium belt, which in 2019 accounted for about 12.6% of the all-around primary uranium production.  UEX is currently advancing several uranium deposits in the Athabasca Basin which accommodate the Christie Lake deposits, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Activity (located 50 kilometres arctic of Fission’s Triple R Drop and Patterson Lake South Project, and NexGen’s Arrow Deposit), the Horseshoe and Raven deposits amid on its 100%-owned Horseshoe-Raven Development Activity and the West Bear Uranium Drop amid at its 100%-owned West Bear Project.

FOR FURTHER INFORMATION PLEASE CONTACT

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Roger Lemaitre

President & CEO

(306) 979-3849

Forward-Looking Information

This account absolution contains statements that aggregate “forward-looking information” for the purposes of Canadian balance laws. Such statements are based on UEX’s accepted expectations, estimates, forecasts and projections. Such advanced advice includes statements apropos UEX ’s cardinal plans, achievement of the accretion of JCU, estimates of mineral assets on UEX’s backdrop and absolute estimates of mineral assets on the JCU properties, the angle for approaching operations, affairs and timing for analysis activities, and added expectations, intentions and affairs that are not absolute fact. Such advanced advice is based on assertive factors and assumptions, including actor approval of the auction of JCU by OURD shareholders, the believability of celebrated ability estimates on JCU’s mineral backdrop and liabilities and Denison’s due activity analysis of the Share Acquirement Agreement. Important factors that could account absolute after-effects to alter materially from UEX’s expectations accommodate uncertainties apropos to the celebrated ability estimates on the JCU properties, chain and brand of deposits, fluctuations in uranium, azure and nickel prices and bill barter rates, changes in ecology and added laws affecting uranium, azure and nickel analysis and mining, and added risks and uncertainties appear in UEX’s Annual Advice Form and added filings with the applicative Canadian balance commissions on SEDAR. Many of these factors are aloft the ascendancy of UEX. Consequently, all advanced advice independent in this account absolution is able by this cautionary account and there can be no affirmation that absolute after-effects or developments advancing by UEX with account to the accretion of JCU or the UEX Denison Transaction will be realized. For the affidavit set alternating above, investors should not abode disproportionate assurance on such advanced information. Except as appropriate by applicative law, UEX disclaims any ambition or obligation to amend or alter advanced information, whether as a aftereffect of new information, approaching contest or otherwise.

Copyright (c) 2021 TheNewswire – All rights reserved.

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