US- based Uranium Energy (UEC) has signed a definitive merger agreement & plan of merger with Concentric Energy corp, to acquire 100% interest in the Anderson property in Arizona, US.
Upon completion of the merger, a total of 1,253,440 shares of UEC common stock will be issued to the former Concentric stockholders to acquire Concentric and its 100% interest in the Anderson property, a 5,785-acre mineral claim block.
A wholly-owned subsidiary of UEC will be the surviving corporation and become vested with all of Concentric’s assets and property.
The merger is also subject to closing of a previous option and joint venture agreement signed last year between Concentric Energy and Global Uranium Corp (Global) for rights to the Anderson property.
UEC has now entered into an acquisition agreement with Global to acquire rights in consideration for $500,000 and 350,000 restricted shares of the company’s common stock .
The merger will be complete within 30 days and is subject to various other conditions, including approval of the Concentric’s stockholders.