Denison Mines Corp. (TSX:DML) made an offer to acquire UEX Corporation (TSX:UEX) for approximately CAD 280 million on July 22, 2022. As per the terms of the transaction, UEX shareholders would receive 0.32 shares of Denison in exchange for each share of UEX held, which represents an implied purchase price of CAD 0.51 per UEX share. UEX has further advised Uranium Energy Corp. (NYSEAM:UEC) that the board of directors of UEX has determined that the Denison Proposal constitutes a "Superior Proposal". Under the arrangement agreement, UEC has the right, for a period of five business days from receipt of UEX's notice, to offer to amend the terms of the arrangement agreement. As of August 8, 2022, the confidential offer to acquire UEX Corporation (“UEX”) dated July 22, 2022 (the “Acquisition Proposal”) has expired. In the event that UEC elects not to match and if UEX terminates the arrangement agreement in order to enter into an agreement with Denison, then UEX is required to pay to UEC a termination fee in the amount of $8.25 million (CAD 10.6 million). The transaction is subject to entering into a definitive arrangement agreement. As of August 5, 2022, Uranium Energy submitting a superior offer to acquire UEX Corporation. Under the terms of UEC's revised offer (the "Revised UEC Offer"), each holder of UEX Shares will now receive 0.089 of one common share of UEC (a "UEC Share") for each UEX Share held, implying consideration of approximately CAD 0.49 per UEX Share. If the board of directors of UEX (the "UEX Board") accepts the Revised UEC Offer, UEC expects that the special meeting of UEX securityholders to approve UEC's acquisition of the UEX Shares based on the Revised UEC Offer will continue to be held as currently scheduled on Tuesday August 9, 2022. In order for the UEX board of directors to consider if the Acquisition Proposal constitutes a “Superior Proposal” under the Amended UEC Agreement, UEX announced that it has postponed the special meeting of UEX securityholders, originally scheduled for August 9, 2022, to August 15, 2022.

Denison Mines Corp. (TSX:DML) cancelled the acquisition of UEX Corporation (TSX:UEX) on August 19, 2022. Uranium Energy Corp. (NYSEAM:UEC) completed the acquisition of UEX Corporation on August 19, 2022.