UEC scales up in Athabasca basin with Rio Tinto project acquisition
NYSE American-listed United Energy Corp (UEC) has announced that it will buy the development-stage Roughrider project, in the Athabasca basin of Canada, from diversified major Rio Tinto for $150-million in cash and stock.
Rio Tinto will receive $80-million in cash and 17 805 815 UEC common shares, valued at $70-million based on the five-day volume-weighted average price of $3.93 a share.
The cash component will be fully funded using UEC's existing balance sheet.