This is only a revenue stream for them for which they recieved a premium price just when U308 prices were spiking in
On April 30, 2007, U.S. Energy Corp. completed a sale of its uranium assets (the Shootaring Canyon uranium mill in Utah, unpatented uranium claims in Wyoming, Colorado, Arizona and Utah), and USE's contractual rights with Uranium Power Corp., to subsidiaries of Uranium One Inc. (TSX:UUU), for approximately $100,000,000 in UUU stock and cash.
Additional Consideration
If certain conditions are met by Uranium One, USE will be entitled to receive additional consideration from the sale as follows:
- $20,000,000 cash when commercial production occurs at the Shootaring Canyon Mill (when the Shootaring Canyon Mill has been operating at 60% or more of its design capacity of 750 short tons per day for 60 consecutive days).
- $7,500,000 cash on the first delivery (after commercial production has occurred) of mineralized material from any of the claim properties sold to Uranium One on April 30, 2007 (excluding existing ore stockpiles on the properties).
- From and after commercial production (see above) occurs at the Shootaring Canyon Mill, a production payment royalty (up to but not more than $12,500,000) equal to five percent of (i) the gross value of uranium and vanadium products produced at and sold from the mill; or (ii) mill fees received by Uranium One from third parties for custom milling or tolling arrangements, as applicable. If production is sold to a Uranium One affiliate, partner, or joint venturer, gross value shall be determined by reference to mining industry publications or data.
Uranium Royalty
USE also holds a 4% net profits interest on Rio Tinto's Jackpot uranium property located on Green Mountain in Wyoming.
Recent USEG News
- U.S. Energy Corp. Announces Transformative Acquisition Targeting Helium Production • GlobeNewswire Inc. • 07/01/2024 08:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/12/2024 12:51:16 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/21/2024 08:05:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 08:31:44 PM
- U.S. Energy Corp. Reports Financial and Operating Results for First Quarter 2024 • GlobeNewswire Inc. • 05/09/2024 08:30:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 08:28:02 PM
- U.S. Energy Corp. Announces First Quarter 2024 Results Conference Call Date • GlobeNewswire Inc. • 05/07/2024 08:30:00 PM
- U.S. Energy Corp. Announces Its Participation in the EF Hutton Annual Global Conference • GlobeNewswire Inc. • 04/30/2024 11:15:00 AM
- U.S. Energy Corp. Reports Financial and Operating Results for Full Year and Fourth Quarter 2023 • GlobeNewswire Inc. • 03/26/2024 08:30:00 PM
- U.S. Energy Corp. Announces Fourth Quarter and Year End 2023 Results Conference Call Date • GlobeNewswire Inc. • 03/21/2024 11:05:00 AM
- U.S. Energy Corp. Announces Extension of $5.0 Million Share Repurchase Program • GlobeNewswire Inc. • 03/21/2024 11:00:00 AM
- U.S. Energy Corp. Announces Its Participation in Upcoming Investor Conference • GlobeNewswire Inc. • 03/12/2024 08:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/26/2024 09:00:20 PM
- U.S. Energy Corp. Announces Completion of Asset Divestitures and Provides Liquidity Update • GlobeNewswire Inc. • 01/10/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/12/2023 11:33:11 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/13/2023 09:16:08 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/13/2023 09:15:55 PM
- U.S. Energy Corp. Reports Financial and Operating Results for Third Quarter 2023 • GlobeNewswire Inc. • 11/13/2023 09:15:00 PM
- U.S. Energy Corp. Reports Financial and Operating Results for Second Quarter 2023 • GlobeNewswire Inc. • 08/14/2023 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/14/2023 10:15:20 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2023 10:10:41 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2023 09:29:50 PM
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