UEX Corp., a uranium exploration vehicle formed by Cameco (CCO-T) (40%) and Pioneer Metals (PSM-T) (60%) to focus on the Athabasca Basin of Saskatchewan, is going ahead with an initial public offering of common shares.
The company expects to sign a definitive agency agreement and file a final prospectus for the offering within the next few days. Dundee Securities, Northern Securities and Griffiths McBurney & Partners will act as agents for the offering. Slated for completion in July.
The IPO of between $4 million and $8 million worth of shares was originally slated for April, but was delayed until May. The Toronto Stock Exchange has conditionally approved the listing of UEX’s common shares.
Proceeds from the offering will be used to explore the Hidden Bay and Riou Lake properties.
Exploration planned for this summer at Hidden Bay includes a budget of $600,000 for 4,000 metres of diamond drilling. Drilling will begin in late July or early August 2002. About 3,400 metres will target geophysical anomalies outlined this past winter in the Telephone zone area and near the Raven-Horseshoe uranium deposit.
Plans also call for a re-logging of drillcore and three-dimensional geological modeling of the Raven-Horseshoe deposit. Another 600 metres of drilling aimed at further delineate mineralized areas in the area will follow.
Cameco will run the Hidden Bay exploration program.
At Riou Lake, a 5-hole, 4,100-metre summer drilling program is designed to test targets south of Riou Lake, where previous drilling and ground electromagnetic surveying have identified significant faults, conductive graphitic gneiss units and locally anomalous uranium mineralization near the unconformity. The $600,000 drilling program will begin in late July or early August 2002.
Work at Riou will also include surface structural, alteration and geochemical mapping on outcropping areas of Athabasca sandstone over an 8-km strike length in the hanging wall of the Riou Lake fault.
UEX’s exploration team will manage the Riou Lake summer program.
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