Uranium Participation Corporation

TSX : U


Uranium Participation Corporation

May 05, 2014 18:03 ET

Uranium Participation Corporation Reports Financial Results for the Year Ended February 28, 2014

TORONTO, ONTARIO--(Marketwired - May 5, 2014) - (TSX:U) -

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Uranium Participation Corporation ("UPC") reports results for the year ended February 28, 2014. All amounts are in Canadian currency unless otherwise noted.

Total equity ("net asset value") decreased $13.5 million in the year to $602.5 million ($5.15 per share) at February 28, 2014 from $615.9 million ($5.79 per share) at February 28, 2013.

Year ended
February 28,
2014
February 28,
2013
Net asset value (in thousands) $ 602,460 $ 615,949
Net asset value per common share - basic and diluted 5.15 5.79
Net loss for the period (68,445 ) (96,211 )
U3O8 spot price(1)(US$) at period end date 35.50 42.00
UF6 spot price(1)(US$) at period end date 99.00 120.00
Noon US$-CAD$ exchange rate at period end date 1.1075 1.0285

1 Reflects spot prices published by Ux Consulting Company, LLC. Translation to Canadian dollars calculated at the period end noon foreign exchange rate.

Net losses incurred of $68.4 million (2013-$96.2 million) for the year ended February 28, 2014 was primarily due to unrealized losses on investments of $64.1 million (2013-$96.0 million), a result of the decline in U3O8 and UF6 spot prices, and by a decrease in foreign exchange rates in the year.

Management fees of $1.7 million (2013-$1.6 million) and storage fees of $2.2 million (2013-$1.6 million) were incurred.

Total equity also includes net proceeds of $55 million from a common share issue which closed in February, 2014.

About Uranium Participation Corporation

Uranium Participation Corporation is a company that invests substantially all of its assets in uranium oxide in concentrates ("U3O8") and uranium hexafluoride ("UF6") (collectively "uranium"), with the primary investment objective of achieving appreciation in the value of its uranium holdings. Additional information about Uranium Participation Corporation is available on SEDAR at www.sedar.com and on Uranium Participation Corporation's website at www.uraniumparticipation.com.

Contact Information

  • Ron Hochstein
    President and Chief Executive Officer
    (416) 979-1991 Ext. 232

    James Anderson
    Chief Financial Officer
    (416) 979-1991 Ext. 372