Western Uranium Corporation
CNSX : WUC

Western Uranium Corporation

August 25, 2015 07:55 ET

Western Uranium Corporation Comments on the Positive Results of Previously Announced Black Range Scheme Meeting

TORONTO, ONTARIO--(Marketwired - Aug. 25, 2015) - Western Uranium Corporation (CSE:WUC) ('Western' or the 'Company') is pleased to comment on the results of the Scheme Meeting recently held in Perth, Australia (the 'Scheme Meeting').

RESULTS OF SCHEME MEETING

As previously announced by Black Range Minerals Limited ("Black Range") Black Range shareholders have voted in favour of the scheme of arrangement ("Scheme") which, subject to the approval of Federal Court of Australia ("Court"), will facilitate the acquisition of all of the ordinary shares on issue in Black Range by Western. The Scheme Meeting results are consistent with the unanimous recommendation of the Black Range directors.

COMMENTS OF GEORGE GLASIER, President & CEO of Western Uranium

GEORGE GLASIER, President & CEO of Western Uranium, commented as follows: "We are pleased with the strong positive results of the Black Range shareholder vote in favour of the scheme of arrangement as recommended by the directors of Black Range. This vote shows strong support for our strategy to build a near term production company in the western United States by merging the two companies. The vote will advance the acquisition by Western of all the Black Range shares subject to the approval of the Federal Court of Australia."

Results of Scheme Meeting

To summarize the previous announcement made by Black Range, the resolution to approve the Scheme was passed at the Scheme Meeting by the following majorities, which exceed the requisite majorities required for the purposes of the Corporations Act 2001 (Cth):

• 98.41% of votes cast in favour of the Scheme resolution; and

• 92.66% of the number of shareholders present and voting (either in person or by proxy) in favour of the Scheme resolution.

The votes cast on the Scheme resolution, which was put to a poll at the Scheme meeting, were as follows:

Number of Votes % of Votes # of Shareholders % of Shareholders
Votes "FOR" the Scheme Resolution 1,714,247,963 98.41 % 328 92.66 %
Votes "AGAINST" the Scheme Resolution 27,685,832 1.59 % 26 7.34 %
TOTAL 1,741,933,795 100.00 % 354 100.00 %

In addition, 8,738,044 "Abstain" votes were recorded from 5 shareholders.

359 valid proxies were received for the Scheme meeting, representing 1,750,671,839 shares. In accordance with section 251AA(2) of the Corporations Act, Black Range has advised that proxy votes were received as follows:

For Against Proxy Holder Discretion Abstain
Scheme Resolution 1,676,196,696 27,685,832 38,051,267 8,738,044

Second Court Hearing

A second hearing before the Court to approve the Scheme is scheduled to be held at 10.15 am WST on 4 September 2015. A further announcement following the second Court hearing will be made by Black Range and Western.

Black Range Shareholder Queries

If Black Range shareholders have any questions about the Scheme or the Scheme Meeting, they should contact Black Range at +61 8 9481 4920 or consult your legal, investment, taxation or other professional adviser.

About Western Uranium Corporation

Western Uranium Corporation is a Colorado based uranium company focused on near production of uranium and vanadium in the western 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.

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