UEX Corp fka UEX

[Destinator]

You asked for some thoughts NewCoreFish. Here are some observations that I make based on the first two paragraphs of the News Release.

Firstly, the Christie Lake drilling program is scheduled to be completed by Sep 27, 2018. Eight Days from now. It is 'unclear' if this includes assaying time. Over the past year the company communications have grown increasingly vague.

The Bought Deal to buy 28,571,429 @.21 equates to $6,000,000. They stipulate that the money is to be used for exploration expense but they don’t say where the exploration is to take place. That said, if they still have $6,000,000 in the bank, which I think they might have they could use some of that money to do a buy back from URA and still live up to their commitment to use the newly raised funds for exploration purposes. If this is to be the case, then a part of this dillution would be wiped out and the URA rebalancing overhang would be gone once and for all. This would be a welcome move I'm sure.

The option to buy 7,142,857 more shares at the Offering Price prior to the Closing date of approx. Oct 10 equates to $1,500,000. That amount equates roughly to what was spent on the recent West Bear drilling program. Perhaps that part will be used for the next drilling phase of West Bear.

I don't know what the --- the last sentence in the quote below means. It may have something to do with tax reporting for the purposes of flow through but I have never seen such a clause before.

The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2018.

The above observation was based on the following two paragraphs from the News Release.

Saskatoon, Saskatchewan, September 18, 2018 – UEX Corporation (TSX:UEX) (“UEX” or the “Company”) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc., pursuant to which the underwriters have agreed to purchase 28,571,429 common shares that qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada) (“Flow-Through Common Shares”) at a price of $0.21 per Flow-Through Common Share of the Company, on a bought deal private placement basis, for aggregate gross proceeds to the Company of approximately C$6.0 million (the “Offering”). The Company has also granted the underwriters an option to sell up to an additional 7,142,857 Flow-Through Common Shares at the offering price up to the Closing Date.

The net proceeds from the sale of the Flow-Through Common Shares will be used to incur “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) related to UEX’s projects in Saskatchewan. The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2018.