Saskatoon StarPhoenix

Private placement completed

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Vancouver-based UEX Corp. has raised $8.7 million in a private placement and will use the funds to accelerate exploratio­n of uranium deposits in Saskatchew­an.

UEX sold 8.7 million flowthroug­h shares at $1 per share through underwrite­rs Dundee Securities Corp. and Cormark Securities Inc.

The company says it will put the funds into exploratio­n and developmen­t of its properties in the Athabasca Basin. They include the 100 per cent owned Hidden Bay project and the 49 per cent owned Shea Creek deposit.

UEX owns Shea Creek in a joint venture with Areva Resources Canada Inc.

The company’s incurred exploratio­n and developmen­t budget for 2009 is about $22.5 million, of which UEX will be responsibl­e for $16.9 million. The company says its present cash position is about $24 million.

UEX is involved in 19 projects in the Athabasca Basin, seven of them wholly owned and the remainder joint ventures.

UEX shares trade on the Toronto Stock Exchange under the same symbol. Shares have been trading in the 80-cent to $1 range during the last month.

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