Uranium Energy Corp said it has completed its acquisition of a Paraguayan company which holds a 100% legal and beneficial interest in two unencumbered prospecting permits in the Coronel Oviedo area of Paraguay.

The permits cover over 247,000 acres in central Paraguay, and most of the uranium occurrences in this environment are ‘roll-front’ type deposits similar to those currently producing uranium by low-cost in-situ recovery (ISR) methods in Texas, the western US, Central Asia and Australia.

Uranium Energy has issued 225,000 restricted common shares in the capital of the company to complete the acquisition.

Uranium Energy president and CEO Amir Adnani said that the Coronel Oviedo project makes an excellent fit for the company’s technical team, and the geology is very similar to the South Texas uranium belt and is anticipated to be ISR-amenable.

Uranium Energy is a US-based uranium production, development and exploration company.