As of June 30, 2006, USEG
and Crested held about 33,000 acres of mineral claims and leases and owned several uranium mineral libraries with historic geologic, exploration and production data covering Utah, Colorado, Arizona and Wyoming.
Their online marketing efforts can also be used to support personal visits to the region, via USEG Tours and on their own.
For the past 15 years, we have carefully established the leading international education fairs in the Middle East," said Joseph Humadi, CEO and Founder of USEG.
In accordance with the agreement and USEG
's effective Form S-4 registration statement for the transaction, USEG
will issue up to 2,876,188 shares of common stock to all former shareholders of Crested (except USEG
), on an exchange ratio of 1 USE share for every 2 Crested shares.
Opportunities in the energy and minerals sector remain robust for our Company, and our strong balance sheet has allowed USEG
to review a number of attractive ventures," stated Mark J.
If any of the targets is developed to a mining stage then the Shootaring Canyon Mill, owned by USEG
, (and in which Crested has an interest), and would be the likely location for processing.
We are pleased that our mining venture with Uranium Power has now been formalized," said Keith Larsen, president of USEG
believes that numerous prospects will be generated, leased and drilled potentially resulting in $10,000,000 to $15,000,000 in exploration and development expenditures for the Company over the course of the anticipated three to five year program.
The management of USEG
has received conditional approval to finance up to $21 million on the project and expects to receive a construction finance commitment soon.
In consideration for the asset purchase, subject to the execution of definitive acquisition documentation, Uranium One will deliver to USEG
and Crested at closing approximately 6.
In the event that uranium prices rise above $30 per pound for a period of 30 days, an additional $6 million in cash will be paid to USEG
5% gross royalty to each USEG
and Crested to a 1% gross royalty each by a total payment of US$10 million, in cash or KBX stock at USEG
and Crested's sole option.