2022-07-04 | TSXV:UWE.H | Press release

Toronto, Ontario–(Newsfile Corp. – July 4, 2022) – U3O8 Corp. (TSXV: UWE.H) (“U3O8“or the”Company“) is pleased to announce that all matters before shareholders were approved at its Annual and Special Meeting (“ASM”) held in Toronto on June 30, 2022, including the election of a new Board of Directors. administration and other matters as described in the management information circular dated May 31, 2022.

Richard Spencer, President and CEO of U3O8 Corp., said, “I welcome the new shareholder-elected board members and look forward to working with them. mining engineering, law and in-depth knowledge we need to move the Berlin deposit forward and to thoroughly evaluate M&A opportunities. I would like to thank the outgoing board members for their guidance and their advice throughout a difficult period in the company’s development. board members were not paid and in addition, Keith Barron, the founder and former chairman, provided the company with a loan which allowed the company to weather the storm of a l ‘dull uranium.’

Presentation of the new independent members of the Board of Directors

Trumbull Fisherman

Trumbull is a capital markets professional with over 15 years of investment banking and investment management experience. He has experience raising capital for small cap companies while working for institutional investment banks and working with start-up companies. Trumbull co-founded an offshore hedge fund which was successfully acquired by another fund after several years of management. Trumbull has extensive experience serving on public and private boards in addition to having held other roles including Chairman, CEO, President and Advisor to public and private companies.

Michel Skutezky

Michael has over 40 years of experience in the financial and resource sector in Canada and has held positions including Assistant General Counsel at RBC Royal Bank, where he focused on financing international and Canadian projects , followed by a tenure as Senior Vice President, Personal Trusts, National Trust Company prior to its acquisition by The Bank of Nova Scotia and as General Counsel of Telesysteme Internationale, a Montreal-based wireless startup in Eastern Europe. ‘East. Michael has practiced law with major law firms and has served as an officer, legal counsel, president and director of several private and public companies and was one of the founders of the listing of several TSX resource companies , TSX-V, CSE, OTC QX. companies.

Michael holds a Bachelor of Commerce from Bishop’s University and a Bachelor of Laws from Dalhousie Law School. He is a member of the Canadian and International Bar Associations and is a former member of the Nova Scotia Barristers’ Society and a member of the Law Society of Ontario.

Marty Tunney

Marty brings extensive mining experience, having been in the industry for 18 years. As a professional mining engineer, Marty worked for several majors, including Inco Limited and Newmont Corporation, and held management positions at NewCastle Gold Ltd. (formerly Castle Mountain Mining Company Ltd.) and Solstice Gold Corp. Marty has worked in several provinces and territories in Canada, as well as the Southwestern United States, where he successfully enabled exploration and development projects and was instrumental in bringing projects into production. . Marty Tunney also spent several years in the capital markets with an international investment bank and a Canadian bank-owned broker on their global mining team, working on transactions of all types and sizes. Marty is currently President and Chief Operating Officer of Consolidated Uranium Inc.


The results of the election of the list of directors of the Company are presented below:

Candidate Name vote for Votes withheld
Number % Number %
Trumbull Fisherman 6,059,154 97.51 154,745 2.49
Michel Skutezky 6,066,154 97.62 147,745 2.38
Richard Spencer 6,059,504 97.51 154,395 2.49
Marty Tunney 6,067,154 97.64 146,745 2.36

At a board meeting after the ASM, Trumbull Fisher was elected president of the company.

The number of shares voted was 8,349,386, representing 23.52% of the outstanding shares of the Company.

For more information on the ASM and the matters to be voted on, please refer to the Company’s management information circular dated May 31.st2022 available on the Company’s SEDAR profile at www.sedar.com.

Issuance of stock options

The Company has issued an aggregate total of 2,250,000 stock options to members of the Board of Directors, management and consultants. The stock options have a term of five years and an exercise price of $0.16, corresponding to the closing price of the Company’s shares on the NEX platform of the TSX Venture Exchange on the 30 Junee2022. These options conform to the Company’s standard option practice with one-quarter of the options vesting on the date of grant and one-quarter vesting on each of the six-month, 12-month and 18-month anniversaries of the date of grant.

About U3O8 Corp.

U3O8 Corp. focuses on the development of the Berlin field in Colombia. In addition to uranium for clean nuclear power, the Berlin repository contains battery products including nickel, phosphate and vanadium. Phosphate is a key component of lithium-ion ferro-phosphate (“LFP”) batteries that are used by BYD, Tesla and a growing list of electric vehicle manufacturers. Nickel is a component of various lithium-ion batteries, while vanadium is the element used in vanadium redox flow batteries. Neodymium, one of the rare earth elements contained in the Berlin deposit, is a key component of powerful magnets that are used to increase the efficiency of electric motors and generators in wind turbines.

For more information, please contact:

Richard Spencer, President and CEO, U3O8 Corp., Tel. : (647) 292-0225 [email protected]

Forward-looking statements

This press release includes certain “forward-looking statements” relating to the development plans, economic potential and growth objectives of U3O8 Corp’s Berlin project. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions for the future, and include, but are not limited to, statements regarding: ( a) the completion of a successful reactivation or reactivation operation of the Berlin Project; (b) the potential of membrane technology to increase the efficiency of metal and phosphate extraction on the Berlin project, (c) the price and market for uranium, batteries and earth elements rare, and (d) the future price of uranium. These statements are based on assumptions, including: (i) the ability to find a profitable business or successfully complete the purchase of such a business or on commercially acceptable terms; (ii) actual results of our exploration, resource targets, metallurgical testing, economic studies and development will continue to be positive and will proceed as planned, (iii) regulatory and governmental approvals required will be received in a timely manner on terms acceptable to U3O8 Corp., (iv) economic, political and industrial market conditions will be favourable, and (v) financial markets and the market for uranium, batteries and land few will continue to strengthen. These statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in these statements, including, but not limited to: (1) changes general economic and financial market conditions, (2) changes in mineral demand and prices, (3) the Company’s ability to find commercially viable reactivation transactions and/or establish appropriate joint venture partnerships, (4) litigation, regulatory and legislative developments, dependence on regulatory approvals and changes in environmental compliance requirements, community support, and political and economic climate, (5) inherent uncertainties and speculative nature associated with exploration results, resource estimates, potential resource growth, future results metallurgical test conditions, changes in project parameters as plans evolve, (6) competitive developments, (7) availability of future funding, (8) effects of COVID-19 on the business of Company, including but not limited to the effects of COVID-19 on capital markets, commodity prices, labor regulations, supply chain disruptions, and domestic and international travel restrictions , (9) exploration risks and other factors beyond U3O8 Corp.’s control, including the factors set forth in “Risk Factors” in our MD&A dated May 2, 2022 for the fiscal year ended December 31, 2021 available on SEDAR at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of this information, while believed to be reasonable at the time of preparation, may prove to be imprecise and, accordingly, undue reliance should not be placed on any forward-looking statements. U3O8 Corp. assumes no obligation to update this information, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129878

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