Urex Energy Corp., a Nevada-based company focused on active exploration and development of uranium properties in Argentina and New Mexico, announced that it has completed the sale of its 100% owned Argentine subsidiary, United Energy Metals SA, to the British Virgin Islands corporation Patagonia Resources Ltd.
It was reported in a news release dated December 1, 2009 that Urex signed a letter of intent with UrAmerica Ltd of London, UK, for the sale of United Energy Metals SA. The UK company then transferred the acquisition rights of United Energy Metals to the BVI corporation.
By terms of the agreement, US$500,000 cash will be paid to Urex, and UrAmerica will assume a maximum liability of US$275,000 for the outstanding debts of the purchased company
The exploration company plans to use the proceeds of the sale to pay down debt and to focus on developing its 100% owned La Jara Mesa Extension uranium property in New Mexico.
The company said it will use the proceeds of the sale to pay down debt and to focus on developing its 100% owned La Jara Mesa Extension uranium property in New Mexico. The La Jara Mesa property is in the process of obtaining exploration drill permits.
