TSX Trading symbol: U
TORONTO, July 7, 2021 /CNW/ - Uranium Participation
Corporation ("UPC") is pleased to announce that, at today's special
meeting of the shareholders of UPC, shareholders approved the
proposed plan of arrangement among UPC, the shareholders of UPC,
Sprott Asset Management LP ("SAM LP"), a wholly owned subsidiary of
Sprott Inc. (NYSE/TSX: SII), Sprott Physical Uranium Trust (the
"Trust"), a newly formed trust to be managed by SAM LP, and 2834819
Ontario Inc., a newly formed Ontario subsidiary of the Trust (the
"Transaction"). View PDF version
The special resolution passed with support from 99.92% of the
votes cast at the meeting (with 68,151,671 shares voted for and
54,397 shares voted against the Transaction). Excluding the
votes held by Kopernik Global Investors, LLC, the special
resolution passed with support from 99.90% of the votes cast (with
53,599,153 shares voted for and 54,397 shares voted against the
Transaction).
UPC has provided more details on the results of the matter
considered at the Meeting in its Report of Voting Results filed
under its profile on SEDAR at www.sedar.com.
Completion of the Transaction remains conditional upon approval
of the Ontario Superior Court of Justice and certain other
customary closing conditions. Assuming that all conditions to
closing of the Transaction are satisfied or waived, the Transaction
is expected to be completed in the early third quarter of 2021.
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 UPC 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;
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. For a
description of the principal risks related to the Transaction, see
the Corporation's management information circular dated
June 7, 2021 with respect to the
Transaction (the "Circular"). 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 (the "AIF"). Copies of the Circular and AIF are
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