The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Uranium Participation Corporation Announces Normal Course Issuer Bid

Friday, June 10, 2011

Uranium Participation Corporation Announces Normal Course Issuer Bid09:00 EDT Friday, June 10, 2011TORONTO, ONTARIO--(Marketwire - June 10, 2011) -THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.Uranium Participation Corporation ("Uranium Corp" or the "Corporation") (TSX:U) announced today that it has received approval from the Toronto Stock Exchange (the "TSX") to acquire for cancellation, by way of normal course issuer bid (the "Bid"), up to 7,886,393 common shares of the Corporation ("Shares"), which, at the date hereof, represent approximately 10% of the public float. The Corporation may purchase up to 2,151,196 Shares in any 30-day period which is 2% of the 107,559,813 issued and outstanding Shares as at June 9, 2011.The purchases may commence on June 14, 2011 and will terminate on June 13, 2012 or on such earlier date as Uranium Corp completes its purchases. The purpose for the Bid is to provide Uranium Corp with a mechanism to decrease the potential spread between the net asset value per Share and the market price of the Shares.Purchases will be made by the Corporation in accordance with TSX requirements, and the price which the Corporation will pay for any Shares will be the market price of the Shares at the time of acquisition. All purchases will be effected through the facilities of the TSX. All purchased Shares will be cancelled.Since being listed on the TSX in May 2005, the Corporation has not repurchased any of its outstanding Shares.To the knowledge of the Corporation, no director, senior officer or other insider of the Corporation currently intends to sell any Shares under the Bid. However, sales by such persons through the facilities of the TSX may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose Shares are purchased would be the same as the benefits available to all other holders whose Shares are purchased.A copy of the Corporation's Notice filed with the TSX may be obtained, by any shareholder without charge, by contacting Uranium Corp's Corporate Secretary.CAUTION REGARDING FORWARD LOOKING INFORMATIONCertain of the statements contained herein may contain forward looking statements and forward looking information that are based on the Corporation's current internal expectations, estimates, assumptions and beliefs. Forward looking statements generally can be identified by the use of forward looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "plan", "should", "believe" or "continue" or the negative thereof or variations thereon or similar terminology. By their very nature, forward looking statements involve numerous assumptions and estimates. The Corporation has made certain assumptions about the forward looking statements and information contained herein, including its ability to acquire Shares in the market through the Bid and in compliance with regulatory requirements. A variety of factors, many of which are beyond the control of the Corporation, may cause actual results to differ materially from the expectations expressed in the forward looking statements, such as future market conditions and the behaviors of other market participants. For a list of the principal risks of an investment in Uranium Corp, please refer to the "RISK FACTORS" section of the Corporation's Annual Information Form ("AIF") dated May 19, 2011 available on Uranium Corp's website and SEDAR. These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward looking statements. Although management reviews the reasonableness of its assumptions and estimates, unusual and unanticipated events may occur which render them inaccurate. Except where required under applicable securities legislation, the Corporation does not undertake to update any forward looking information.About Uranium Participation Corporation Uranium Participation Corporation is an investment holding company which invests substantially all of its assets in uranium oxide in concentrates (U3O8) and uranium hexafluoride (UF6) (collectively "uranium"), with the primary investment objective of achieving appreciation in the value of its uranium holdings. Additional information about Uranium Participation Corporation is available on SEDAR at www.sedar.com and on Uranium Participation Corporation's website at www.uraniumparticipation.com.FOR FURTHER INFORMATION PLEASE CONTACT: Ron HochsteinUranium Participation CorporationPresident(416) 979-1991 Ext. 232ORJames AndersonUranium Participation CorporationChief Financial Officer(416) 979-1991 Ext. 372