XML 141 R27.htm IDEA: XBRL DOCUMENT v3.23.1
Note 21 - Subsequent Event
 12 Months Ended
Jul. 31, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 21:

SUBSEQUENT EVENT

 

On June 13, 2022, we entered into a definitive agreement with UEX pursuant to which UEC would acquire all of the issued and outstanding common shares of UEX in an all-share transaction by way of the UEX Acquisition.  On June 21, 2022, under the UEX Agreement, we completed a private placement in UEX, whereby UEC acquired 11,627,907 UEX common shares at a price of CA$0.43 per UEX common share for total consideration of $3,867.  Subsequently, UEC acquired an additional 6,844,000 UEX common shares for total consideration of $1,914 by making purchases through the facilities of the TSX subject to and in accordance with applicable laws.  As of July 31, 2022, we owned 18,471,907 UEX common shares, representing a 3% interest in UEX, with a fair value of $6,914.  The investment in UEX was accounted for as investment in equity securities with change in fair value of $1,132 recorded as unrealized gain in our consolidated statements of operations and comprehensive income.

 

Subsequent to July 31, 2022, we closed the UEX Acquisition under the Canada Business Corporations Act, pursuant to which UEC acquired all of the issued and outstanding common shares of UEX that UEC did not already own.  The UEX Acquisition was approved at a special meeting of UEX securityholders held on August 15, 2022 and was subsequently approved by the Supreme Court of British Columbia on August 18, 2022. Pursuant to the terms of the UEX Acquisition, UEX shareholders received 0.090 common shares of UEC for each UEX common share held.  As a result, we issued 48,518,745 shares of UEC in exchange for the common shares of UEX that UEC did not already own.  The UEX shares UEC owned before closing the UEX Acquisition were returned to treasury.

 

At the date of these consolidated financial statements are issued, we are not able to gather sufficient information to determine whether the UEX Acquisition is an asset acquisition or business combination.