Uranium Participation Corporation

Uranium (Nuclear Minerals) / Exploration, Mining, Marketing, & Acquisitions

Date posted: 12/21/15

UPC is a company which invests at least 85% of the proceeds of its equity offerings in uranium, with the primary objective of achieving appreciation in the value of its uranium holdings. The Corporation also lends its uranium to third parties from time to time. Unless the context requires otherwise, references to "uranium" means uranium oxide in concentrates (U3O8) and uranium hexafluoride (UF6). Since incorporation to the end of the 2015 fiscal year, the Corporation has completed nine public offerings with aggregate gross proceeds of $704.6 million. The Corporation received a further $31.2 million from the exercise of warrants issued under the public offerings and approximately $8.0 million from the exercise of options assumed by UPC. The net proceeds from the offerings, the exercise of warrants and the options were used to or have been set aside to fund the purchase of uranium, the repurchase of shares pursuant to a normal course issuer bid and general corporate purposes. The Corporation uranium is held directly or indirectly through UPC only subsidiary, Uranium Participation Cyprus Limited, which is wholly owned by UPC. UPCL was incorporated under the laws of the Republic of Cyprus on September 10, 2006. In August 2007, UPCL established a branch office in Luxembourg through which the operations of UPCL are conducted. UPCL directly invests in, and holds, uranium. Unless otherwise indicated or where the context otherwise requires, references herein to UPC or the Corporation include UPCL. Upon its formation, UPC appointed Denison Mines Inc., a wholly owned subsidiary of Denison Mines Corp., to manage UPC pursuant to a management services agreement. The Manager provides four officers to the Corporation, being the President and Chief Executive Officer, the Chief Financial Officer, the Vice-President Commercial and the Corporate Secretary. UPC has one employee located at UPCL office in Luxembourg. A Denison-Fission merger was recently rejected by shareholders.