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Red Rock gets shares in Uranium Energy Corp as CUE deal completes

Red Rock gets shares in Uranium Energy Corp as CUE deal completes

Red Rock Resources (LON:RRR) has now received 368,551 shares of Uranium Energy Corp (NYSE:UEC) as the latter’s all-paper acquisition of Cue Resources (CVE:CUE) has now completed.

Late January, UEC announced a deal to acquire the Toronto listed junior in a deal valued at nearly £6 million (US$8.9 million). Red Rock owned 18.9 billion Cue shares, or 15.71 per cent of the company.

Red Rock today confirmed it has been issued with 368,551 UEC shares which at Friday's closing price of US$3.92 per share are valued at approximately US$1.445 million.

Red Rock had acquired the shares in Cue at a cost of £1,041,902 with a book value at June 30 2011 of £727,509.

CUE has focused on the exploration and development of the Yuty uranium project in southeastern Paraguay.

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