TSX Trading symbol: U
TORONTO, June 21, 2021 /CNW/ - Uranium Participation
Corporation ("UPC") (TSX: U) is pleased to announce that the
management information circular (the "Circular") and related
meeting and proxy materials have been mailed to shareholders in
connection with the upcoming special meeting of shareholders. A
copy of the Circular is also available on UPC's website at
https://uraniumparticipation.com/ and under UPC's profile at
www.sedar.com. View PDF version.
The special meeting has been called for shareholders of UPC to
consider the proposed plan of arrangement among UPC and
shareholders of UPC, Sprott Asset Management LP ("Sprott Asset
Management"), a wholly owned subsidiary of Sprott Inc. ("Sprott")
(NYSE/TSX: SII), Sprott Physical Uranium Trust (the "Trust"), a
newly formed trust to be managed by Sprott Asset Management, and
2834819 Ontario Inc., a newly formed Ontario subsidiary of the Trust
("Exchangeco")(the "Transaction").
In accordance with the terms of the interim order of the Ontario
Superior Court of Justice (Commercial List) obtained on
June 7, 2021, the special meeting
will be held in a virtual-only format on July 7, 2021 at 10:00
a.m. (Toronto time) via
live webcast available online using
https://web.lumiagm.com/233521073. Only UPC shareholders of record
as of the close of business on May 17,
2021, the record date set for the meeting, will be entitled
to vote their shares at the meeting. Details on how to vote and how
to participate at the meeting via the live webcast are contained in
the Circular.
Pursuant to the arrangement agreement for the Transaction, as
amended (the "Arrangement Agreement") and as further described in
the Circular, among other things: (a) shareholders of UPC will
receive one-half of one unit of the Trust (each whole unit of the
Trust, a "Trust Unit") in exchange for each Common Share (unless,
and subject to certain limits and eligibility, an eligible holder
elects to receive, for each Common Share, one-half of one
redeemable preferred share of Exchangeco, which are exchangeable on
a one whole redeemable preferred share of Exchangeco for one Trust
Unit basis); and (b) UPC will become a subsidiary of the Trust.
Subject to UPC obtaining the requisite approval from shareholders
of UPC at the special meeting, and the satisfaction of other
conditions precedent in accordance with the terms of the
Arrangement Agreement, the Transaction is expected to close in the
early third quarter of 2021.
About Sprott
Sprott is a global leader in precious metal investments. With
offices in Toronto, New York, and London, Sprott is dedicated to providing
investors with specialized investment strategies that include
Exchange Listed Products, Managed Equities, Lending, and Brokerage.
Sprott's common shares are listed on the New York Stock Exchange
under the symbol (NYSE:SII) and on the Toronto Stock Exchange under
the symbol (TSX:SII). For more information, please visit
www.sprott.com.
About Uranium Participation Corporation
Uranium Participation Corporation is a company that 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 through increases in the uranium price. UPC
provides investors with a unique opportunity to gain exposure to
the price of uranium without the resource or project risk
associated with investing in a traditional mining company.
Additional information about Uranium Participation Corporation is
available on SEDAR at www.sedar.com and on UPC's website at
www.uraniumparticipation.com.
Caution Regarding Forward-Looking Information
This press release contains certain forward-looking statements
and forward-looking information that are based on UPC's current
internal expectations, estimates, projections, assumptions and
beliefs. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "may", "will",
"expect", "intent", "estimate", "anticipate", "plan", "should",
"believe" or "continue" or the negative thereof or variations
thereon or similar terminology and include statements with respect
to: the proposed Transaction and the described elements thereof,
including the anticipated timing of closing and the ability of the
parties to complete the Transaction as described; and UPC's
investment objectives.
By their very nature, forward-looking statements involve
numerous factors, assumptions and estimates. A variety of factors,
many of which are beyond the control of UPC, may cause actual
results to differ materially from the expectations expressed in the
forward-looking statement. These factors include, but are not
limited to, potential changes in the terms of the Transaction
and/or Arrangement Agreement and/or the inability to satisfy the
conditions to completion of the Transaction which could result in
the termination of the Arrangement Agreement, including the
inability to obtain the required approvals from UPC's shareholders
at the Meeting and/or the emergence of a superior proposal.
There is a risk that the currently anticipated benefits of a
completed Transaction may not be achieved. For a description
of the principal risks of UPC, see "Risk Factors" in UPC's Annual
Information Form dated May 3, 2021
for the fiscal year ended February 28,
2021, a copy of which is available at www.sedar.com.
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. Under
such circumstances, future performance may differ materially from
those expressed or implied by the forward-looking statements.
Except where required under applicable securities legislation, UPC
does not undertake to update any forward-looking information
statement.
SOURCE Uranium Participation Corporation