Pacific Road Resources Funds Announce Completion of Sale of Reno Creek Uranium Project to Uranium Energy Corp.

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| Source: Pacific Road Resources Funds

VANCOUVER, British Columbia, Aug. 10, 2017 (GLOBE NEWSWIRE) -- The Pacific Road Resources Funds (“PRRF”) announce that PRRF has sold all of their common shares of Reno Creek Holdings Inc. (“RCHI”), the indirect holding company of the Reno Creek Uranium ISR Project in Wyoming, to Uranium Energy Corp. (“UEC”).

In consideration for the shares of RCHI, UEC agreed to issue 14,578,738 common shares and 11,000,000 warrants to purchase common shares to PRRF, granted PRRF a 0.5% net profit interest royalty over the Reno Creek Uranium Project and paid an aggregate of US$882,358.55. The common shares were issued at a deemed issue price of US$1.406 per common share (or US$20,497,705.63 in the aggregate) and represent approximately 9.4% of the outstanding common shares of UEC. The warrants can be exercised to acquire an aggregate of 11,000,000 common shares of UEC at an exercise price of US$2.30 for a period of five years. Assuming full exercise of PRRF’s warrants, PRRF would hold 25,578,738 common shares, representing approximately 15.4% of the then issued and outstanding common shares of UEC.

PRRF acquired the common shares, warrants and royalty in consideration for the sale of shares of Reno Creek Holdings Inc. The securities of UEC have been acquired for investment purposes. PRRF currently has no other plans or intentions that relate to its investment in UEC. Depending on market conditions, general economic and industry conditions, UEC’s business and financial condition and/or other relevant factors, PRRF may develop other plans or intentions in the future relating to one or more of the above items.

In connection with the acquisition of the common shares and warrants, PRRF entered into a registration rights agreement with UEC, pursuant to which UEC agreed to grant PRRF registration rights.

A copy of the early warning report filed in connection with the investment will be available on the Corporation’s profile on SEDAR at www.sedar.com or may be obtained by contacting Greg Dick at +61 2 9241 1000.

About Pacific Road Resources Funds and Pacific Road Capital Management Pty Limited

The Pacific Road Resources Funds are private equity funds investing in the global mining industry. They provide expansion and buyout capital for mining projects, mining related infrastructure and mining services businesses located throughout resource-rich regions of the world. The Pacific Road Resources Funds are managed and advised by Pacific Road Capital Management Pty Ltd (“PRCM”). The PRCM team, located in Sydney, Australia and Vancouver, Canada, is comprised of experienced mining investment professionals that have extensive knowledge and experience in the mining and infrastructure sectors, including considerable operating, project development, transactional and investment banking experience. For further information on the Pacific Road Resources Funds and PRCM, please go to their website at www.pacroad.com.  

CONTACT:

Greg Dick
+61 2 9241 1000