TORONTO, ONTARIO--(Marketwire - May 17, 2010) - Homeland Uranium Inc., ("Homeland" or the "Company") is pleased to announce the closing of a transaction previously announced on March 2 and April 6, 2010. Pursuant to such transaction, Homeland has gained control of Solex Resources Corp. ("Solex") (TSX VENTURE:SOX).
As previously announced Homeland received 81.7 million (pre-consolidation) common shares of Solex, giving it a majority ownership stake, and received the right to nominate four directors to the Solex board, with former Solex shareholders having the right to nominate two directors to the board, and the right to name the Solex CEO.
At a shareholders meeting of Solex, held on April 27, 2010, the individuals nominated to the Solex board were Messrs. Nick Tintor, Laurence Curtis, James Garcelon, John Cook, Robert Boaz and Jonathan Challis. The Homeland/Solex transaction was also approved at such shareholders' meeting as well as a consolidation of the common shares of Solex and a change of name of Solex. Nick Tintor, President and CEO of Homeland, has been appointed President and CEO of Solex.
Homeland has paid Solex $4 million in cash and approximately 7.6 million shares of Macusani Yellowcake Inc. (TSX VENTURE:YEL), representing a 12.7% interest. Homeland currently holds warrants entitling it to acquire a further 4.6 million Macusani Yellowcake shares. Solex also has the right to purchase any common shares acquired by Homeland if Homeland exercises the warrants.
- Solex name changed to Southern Andes Energy Inc.
- Shares consolidated on a 1:3 basis.
- Shares issued and outstanding total 53,659,709
- New trading symbol: SUR
- Southern Andes is the largest land owner in the emerging Macusani Plateau uranium district in Peru.
- Holds a 100% interest in several advanced stage silver-lead-zinc projects in Peru.
- More than $3.5 million in cash and no debt.
The common shares of Southern Andes Energy Inc., formerly Solex, were acquired by Homeland for investment purposes. Homeland has no current intention to increase or decrease its holdings in Southern Andes Energy Inc.
About Homeland Uranium Inc.
The Company is a natural resource company engaged in the acquisition, exploration and development of uranium properties. The Company's focus is on exploration for uranium in the Arlit region of Niger, where the Company has an interest in the Agelal Project and the Asekra Project, which include eight exploration concessions covering an area of approximately 3,731 square kilometres. The Company also holds rights to 4 exploration properties in Colorado, United States.
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.