The Securities Commission has granted an order for UEX Corporation (the Filer) to cease being a reporting issuer. This decision is based on an application by the Filer under the securities legislation of British Columbia and Ontario, with the British Columbia Securities Commission acting as the principal regulator.
The Filer, incorporated under the Canada Business Corporations Act, was previously headquartered in North Vancouver, British Columbia. Its common shares were traded on the Toronto Stock Exchange and the OTCQB. Uranium Energy Corp. (UEC), a Nevada corporation, acquired all issued and outstanding shares of the Filer through a statutory plan of arrangement.
Following the arrangement, all UEX shares were acquired by UEC, all restricted share units vested and were extinguished, all stock options were exchanged for replacement options to acquire UEC shares, and all warrants were adjusted to entitle holders to receive UEC shares upon exercise.
The Filer’s shares were delisted from the TSX, and it is no longer an OTC issuer. The Filer has no intention of seeking public financing and has no securities traded on any marketplace. It has not filed its interim financial statements for the period ended September 30, 2022, but is not in default of securities legislation otherwise.
The Filer did not qualify for the simplified procedure to cease being a reporting issuer because its warrants are owned by more than the threshold number of securityholders. However, upon granting the order, the Filer will no longer be a reporting issuer in any Canadian jurisdiction.
The decision was made under the authority of the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii), and is supported by the representations of the Filer regarding its current status and the completion of the arrangement with UEC.