Interview with Roger Lemaitre, President and CEO of Uranium Explorer, UEX Corporation (TSX:UEX)
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UEX Corporation is a Canadian uranium exploration and development company formed in 2002 under an agreement between Cameco Corporation and Pioneer Metals Corporation. The company is listed on the Toronto Stock Exchange (TSX-V: UEX), and the OTC Markets (OTCQX: UEXCF). The company is an active explorer in the Athabasca Basin in northern Saskatchewan, the most important uranium-producing district in the world, accounting for 16% of the global uranium production in 2014.
UEX Corp. has made significant advancements in the discovery and development of new and existing uranium and cobalt deposits in the Athabasca Basin. The company has 4 flagship projects in its portfolio, the Christie Lake Project, the West Bear cobalt-nickel project, the Horseshoe-Raven Deposit, and the Shea Creek property.
UEX Corp. recently raised $21.2M through a bought deal with a half warrant at $0.29 for a 3-year term. This will allow the company to pay back the Denison loan. Since this is a bought deal, there's no risk at the company's end. This deal was made with Denison Mines Corp, who acquired 50% ownership of JCU from UEX Corporation for a cash consideration of $20.5M. As per UEX's press release, the company also has an OURD Agreement with Denison Mines Corp. to acquire 100% ownership of JCU, a wholly-owned subsidiary of OURD for a price of $41M.
Denison currently owns 95% of the Wheeler River Project, while UEX retains a 5% stake. UEX Corp. is expecting a budget similar to last year based on the progression of the development cycle. Since the project already resides under JCU, the company won't need to raise additional capital. The company's JCU budget currently stands at $2.6M.
UEX Corp. decided to offload company shares before raising money as they had options that were nearing expiry. The company faced a blackout for 5-6 months just before Christmas 2020. To remove this blackout and exercise the expiring options, the company had to offload the shares.
0:00 – Company Overview
00:34 – Prospectus Financing, New Deals, and Current Constraints
03:36 – Extending Deadlines, Paperwork, and Financial Obligations
06:38 – Awaiting Budget, People's Feedback, and Dennison's Cash Commitment
09:52 – Background Company Work, Selling Shares & Recognizing Challenges
13:50 – Another Failed Catalyst Movement & Signed Contracts
19:58 – Outro
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