Wyoming Officials Support Uranerz Financing Under Industrial Bond Program
May 2, 2013 (Source: Marketwire) Casper, WY — Uranerz Energy Corporation (“Uranerz” or the “Company”) (TSX:URZ)(NYSE MKT:URZ)(FRANKFURT:U9E) is pleased to announce that the Company’s application to the Wyoming Business Council (“WBC”) for a $20,000,000 loan under the Wyoming Industrial Development Revenue Bond Program has garnered the support of the Attorney General, State Treasurer and Governor. In late 2012 Uranerz submitted an application to the WBC for a $20,000,000 loan. After the Company’s application received a favourable review by independent consultants engaged by the State, the WBC formally recommended approval of the loan to the State officials in March of this year. Those officials have now supported the granting of the loan subject to customary closing conditions. The loan is expected to carry an annual interest rate of 5.75% and be repayable over seven years.
Uranerz is now working with the State administrators to complete the documentation for the closing of this financing.
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“We are very pleased to be working with the State in arranging this non-dilutive, low cost form of financing which will fund completion of construction at our Nichols Ranch ISR Uranium Project in Johnson County,” stated Mr. Glenn Catchpole, Uranerz’ President and CEO. “The Industrial Development Revenue Bond program is another positive example of how the State of Wyoming supports the minerals industry, helping make it number one in America in uranium, trona, bentonite, and coal production.”
The Nichols Ranch ISR Uranium Project is Uranerz’ first ISR mine and is currently under construction. ISR, or in-situ recovery, is a mining process that uses a leaching solution to extract uranium from sandstone-hosted uranium deposits; it is the generally accepted extraction technology used in the Powder River Basin area of Wyoming. Uranerz controls a large strategic land position in the central Powder River Basin. The Company’s management team has specialized expertise in the ISR uranium mining method and a record of licensing, constructing, and operating ISR uranium projects. The Company has entered into long-term uranium sales contracts for a portion of its planned production with Exelon and one other of the largest nuclear utilities in the country.
This press release may contain or refer to “forward-looking information” and “forward-looking statements” within the meaning of applicable United States and Canadian securities laws, which may include, but are not limited to, statements with respect to the Company’s expectations of securing a loan through the Wyoming Industrial Development Revenue Bond Program, the Company’s expectations regarding the terms of such loan and all other statements which describe future activities or express intentions, plans or expectations and all statements in the future tense. The granting of the loan is subject to satisfaction of customary closing conditions which might not be satisfied, and it is possible that the loan will not be granted. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the SEC (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to update forward-looking statements, except as required by law.
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