CALGARY, AB, March 31, 2021 /CNW/ - Uravan Minerals Inc.
(TSXV: UVN) ("Uravan") announces the termination of the
Halliday-Stewardson Joint Venture with Cameco Corporation
("Cameco") (the "H-S JV"). Due to Uravan's current
financial constraints, weak spot natural uranium prices and lack of
access to financial markets or other sources of financing, Uravan
determined it is in the best interest of its shareholders to
withdraw its participation in the H-S JV. This will result in
Cameco being the sole participant in the H-S JV, thereby retaining
all the interest in the mineral dispositions making up the Halliday
– Stewardson properties (the "Claims").
Effective upon Uravan's withdrawal from the H-S JV, and under
the terms of a termination agreement, Cameco agrees to indemnify
and save harmless Uravan and its successors, assigns, affiliates,
directors, officers, employees, and agents from any liabilities and
obligations that may be related to past H-S JV
operations. Further, Cameco shall grant Uravan a 1% Net
Smelter Return royalty on the Claims.
Uravan will continue to pursue and evaluate other businesses and
strategic opportunities, both within and outside the mineral
exploration industry, to include mergers and RTO arrangements and
will make further announcements with respect to these efforts in
due course.
Cautionary Statement
This press release may contain
forward looking statements including those describing Uravan's
plans and the expectations of management that a stated result or
condition will occur. Any statement addressing future events or
conditions necessarily involves inherent risk and uncertainty.
Actual results can differ materially from those anticipated by
management at the time of writing due to many factors, much of
which are beyond the control of Uravan and its management. This
news release contains forward-looking statements pertaining.
Readers are cautioned that the foregoing list of risk factors
should not be construed as exhaustive. These statements speak only
as of the date of this release or as of the date specified in the
documents accompanying this release. The Corporation undertakes no
obligation to publicly update or revise any forward-looking
statements except as expressly required by applicable securities
laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Uravan Minerals Inc.
