UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 29, 2013
URANIUM RESOURCES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware |
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001-33404 |
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75-2212772 |
(State or Other Jurisdiction |
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(Commission File Number) |
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(IRS Employer |
of Incorporation) |
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Identification No.) |
6950 S. Potomac Street, Suite 300 |
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80112 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Registrants telephone number, including area code: (303) 531-0470
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.02 Termination of a Material Definitive Agreement.
On November 29, 2013, Cameco Texas Inc. (CTI) notified URI, Inc. (URI), a wholly-owned subsidiary of Uranium Resources, Inc. (the Company), of CTIs intent to terminate the Exploration Agreement dated May 10, 2011 between URI and CTI (as amended, the Exploration Agreement). The Exploration Agreement set forth the terms of an exploration program relating to the Los Finados and Tecolote projects located in Kenedy County, Texas. Under the Exploration Agreement, CTI funded the majority of the exploration costs and had the opportunity to earn up to a 70% interest in the projects in consideration for its investment.
CTI has represented to URI that CTI has paid its share of all exploration expenditures incurred through the termination date and that CTI consequently has no further obligations under the Exploration Agreement.
URI continues to retain its rights under the Uranium Mining Lease Option Agreement (as amended), pursuant to which URI has the right (i) to conduct exploration and development activities on the Tecolote project and (ii) to enter into one or more in-situ uranium mining leases covering the exploration lands.
Item 8.01 Other Events.
On December 5, 2013, the Company issued a press release relating to the termination of the Exploration Agreement. The press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
99.1 |
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Press Release dated December 5, 2013. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 5, 2013 |
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URANIUM RESOURCES, INC. | |
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By: |
/s/ Jeffrey L. Vigil |
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Name: |
Jeffrey L. Vigil |
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Title: |
Vice PresidentFinance and Chief |
Exhibit 99.1
NEWS RELEASE |
6950 South Potomac St.
Suite 300
Centennial, CO 80112
Investor Contact:
Deborah K. Pawlowski
Kei Advisors LLC
716.843.3908
dpawlowski@keiadvisors.com
Uranium Resources Provides Update on
South Texas Exploration Program
Cameco and URI Ending Current Joint Venture
CENTENNIAL, CO, December 5, 2013 Uranium Resources, Inc. (NASDAQ: URRE) (URI or the Company) today announced that Cameco (NYSE: CCJ) has elected to discontinue the joint venture exploration agreement in Kenedy County, Texas. This exploration agreement was first announced in May 2011 and was most recently expanded and extended in December 2012.
Christopher M. Jones, President and Chief Executive Officer of URI, commented, This was a greenfield exploration site that to date has not generated significant finds. Given the current economics of exploration, we certainly understand Camecos decision to focus its resources on more developed projects. We remain committed to developing uranium in South Texas as we aim to leverage our two processing plants in the region.
With the termination of the agreement, Cameco retains no interest in URIs business activities.
About Uranium Resources, Inc.
Uranium Resources, Inc. explores for, develops and mines uranium. URI has over 206,600 acres of uranium mineral holdings in New Mexico, processing facilities and properties in Texas, and an NRC license to produce up to three million pounds of uranium per year. The Company acquired these properties over the past 20 years, along with an extensive information database of historic drill hole logs, assay certificates, maps and technical reports.
Uranium Resources routinely posts news and other information about the Company on its website at www.uraniumresources.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as expects, estimates, projects, anticipates, believes, could, and other similar words. All statements addressing operating performance, events, or developments that the Company expects or anticipates will occur in the future, including but not limited to statements relating to the development of uranium properties in Kenedy County and elsewhere in Texas and leveraging the Companys two processing plants in the region are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include, but are not limited to, the Companys ability to raise additional capital in the future, spot price and long-term contract price of uranium, the outcome of negotiations with the Navajo Nation, the Companys ability to reach agreements with current royalty holders, weather conditions, operating conditions at the Companys mining projects, government and tribal regulation of the mining industry and the nuclear power industry, world-wide uranium supply and demand, availability of capital, maintaining sufficient financial assurance in the form of sufficiently collateralized surety instruments and other factors which are more fully described in the Companys documents filed with the Securities
and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Companys underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Companys forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
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