02345750-00000001-00017609-C@#SEDAR#_docs#UEXcorporation#150331Q1FS#150331uexCorpQ1FS_cwm-PDF 002002001130UEX Corporation 2015050520150505161350101
02345750-00000001-00017609-C@#SEDAR#_docs#UEXcorporation#150331Q1FS#150331uexCorpQ1FS_cwm-PDF
02345750
00000001
002
Other Issuers
002
Continuous Disclosure
001130
016004
Interim financial statements/report - English
20150505
20150505
BC
AB
SK
MB
ON
NF
00017609
UEX Corporation
UEX Corporation
Roger Lemaitre
604
669-2349
604
669-1240
Canada
902666
099199000000000000000090000090990999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999
001
20011002
1231
046
00111110000100000999
10000000000009999999
KPMG LLP
KPMG LLP
Computershare Trust Company of Canada
Computershare Trust Company of Canada
002
20140124
18:19:24
1
UEX
20150331
002
Box 12151, Nelson Square
Suite 1007, 808 Nelson Street
Vancouver
British Columbia
Canada
V6Z 2H2
604
669-2349
604
669-1240
Box 12151, Nelson Square
Suite 1007, 808 Nelson Street
Vancouver
British Columbia
Canada
V6Z 2H2
604
669-2349
604
669-1240
Suite 1007 – 808 Nelson Street, Vancouver, B.C. V6Z 2H2
PH: (604) 669-2349 FAX: (604) 669-1240 uex@uex-corporation.com
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3), if an auditor has not performed a
review of the interim financial statements, they must be accompanied by a notice indicating
that the financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed interim financial statements of the Company have
been prepared by and are the responsibility of the Company’s management.
The Company’s independent auditor has not performed a review of these condensed interim
financial statements in accordance with the standards established by the Canadian Institute of
Chartered Accountants for a review of interim financial statements by an entity’s auditor.
- 1 -
UEX CORPORATION
Condensed Interim Balance Sheets
(Unaudited – Prepared by Management)
Notes
March 31
2015
December 31
2014
Assets
Current assets
Cash and cash equivalents 3 $ 6,559,794 $ 9,321,596
Amounts receivable 4 200,989 141,170
Prepaid expenses 5 214,685 106,540
6,975,468 9,569,306
Non-current assets
Equipment 6 213,151 111,885
Mineral properties 7 158,031,522 155,240,363
Investments 7(v), 8, 14 12,855 22,187
Total assets
$ 165,232,996 $ 164,943,741
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable and other liabilities 9 $ 1,543,683 $ 1,322,439
Non-current liabilities
Deferred tax liability 10 10,683,949 10,063,649
Total liabilities
12,227,632 11,386,088
Shareholders’ equity
Share capital 11(b) 177,542,611 177,542,611
Share-based payments reserve 11(c) 2,854,565 2,787,954
Accumulated other comprehensive income (loss) (15,137 ) (9,082 )
Deficit (27,376,675 ) (26,763,830)
153,005,364 153,557,653
Total liabilities and shareholders’ equity
$ 165,232,996 $ 164,943,741
Nature and continuance of operations 1
Commitments
7(iv), 7(v), 12
Subsequent event 11(b)
See accompanying notes to the unaudited condensed interim financial statements.
Approved on behalf of the Board and authorized for issue on May 5, 2015.
“signed” “signed”
Director Director
Roger M. Lemaitre Emmet A. McGrath
- 2 -
UEX CORPORATION
Condensed Interim Statements of Operations and Comprehensive Loss
(Unaudited – Prepared by Management)
Three-month period ended
March 31
Notes 2015 2014
Revenue
Interest income 11(d) $ 31,601 $ 35,102
Expenses
Bank charges and interest 1,505 1,034
Depreciation 4,573 9,468
Filing fees and stock exchange 48,638 49,486
Legal and audit 45,502 38,323
Maintenance 5,245 86
Office expenses 16 130,495 94,256
Project investigation 1,426 -
Rent 40,579 40,894
Salaries 177,339 125,747
Share-based compensation 11(c) 63,109 161,163
Travel and promotion 133,441 77,871
Unrealized loss (gain) on held-for-trading financial assets 7(v), 8, 14 2,332 (4,481 )
654,184 593,847
Loss before income taxes
(622,583 ) (558,745)
Deferred income tax recovery 10 9,738 106,570
Loss for the period
(612,845 ) (452,175)
Other comprehensive income (loss)
Available-for-sale financial assets
Net change in fair value 7(v), 8, 14 (7,000 ) 9,000
Deferred income tax recovery (expense) on change
in fair value of available-for-sale financial assets
10945 (1,215)
(6,055 ) 7,785
Comprehensive loss for the period
$ (618,900 ) $ (444,390 )
Basic and diluted loss per share
$ (0.003 ) $ (0.002 )
Basic and diluted weighted-average number of
shares outstanding
235,015,069 227,838,679
See accompanying notes to the unaudited condensed interim financial statements.
- 3 -
UEX CORPORATION
Condensed Interim Statements of Changes in Equity
(Unaudited – Prepared by Management)
Number of
common
shares
Share
capital
Share-based
payments
reserve
Accumulated
other
comprehensive
income
Deficit Total
Balance,
December 31, 2013
227,838,679 $ 175,316,661 $ 4,585,900 $ - $ (19,628,636 ) $ 160,273,925
Loss for the period (452,175 ) (452,175)
Other comprehensive
income (loss)
Fair value change in
AFS financial assets
9,000 9,000
Deferred income tax
expense – fair value
change in AFS financial
assets
(1,215 ) (1,215 )
Share-based payment
transactions
176,755 176,755
Balance,
March 31, 2014
227,838,679 175,316,661 4,762,655 7,785 (20,080,811 ) 160,006,290
Loss for the period (9,004,806 ) (9,004,806)
Issued pursuant to
private placements
7,176,390 3,085,848 3,085,848
Share issuance costs (244,028) (244,028)
Value attributed to
flow-through premium
on issuance
(681,757) (681,757)
Deferred income taxes
on share issuance costs
65,887 65,887
Other comprehensive
income (loss)
Fair value change in
AFS financial assets
(19,500) (19,500)
Deferred income tax
recovery – fair value
change in AFS financial
assets
2,633 2,633
Share-based payment
transactions
347,086 347,086
Transfer to deficit on
expiry and cancellation
of share purchase
options
(2,321,787) 2,321,787 -
Balance,
December 31, 2014
235,015,069 177,542,611 2,787,954 (9,082)(26,763,830 ) 153,557,653
Loss for the period (612,845 ) (612,845)
Other comprehensive
income (loss)
Fair value change in
AFS financial assets
(7,000 ) (7,000 )
Deferred income tax
recovery - fair value
change in AFS financial
assets
945 945
Share-based payment
transactions
66,611 66,611
Balance,
March 31, 2015
235,015,069 $ 177,542,611 $ 2,854,565 $ (15,137 ) $ (27,376,675 ) $ 153,005,364
See accompanying notes to the unaudited condensed interim financial statements.
- 4 -
UEX CORPORATION
Condensed Interim Statements of Cash Flows
(Unaudited – Prepared by Management)
Three-month period ended
March 31
Notes 2015
2014
Cash provided by (used for):
Operating activities
Loss for the period $ (612,845 ) $ (452,175 )
Adjustments for:
Depreciation 4,573 9,468
Deferred income tax recovery (9,738 ) (106,570 )
Interest income (31,601 ) (35,102)
Part XII.6 tax 11(d) (940 ) -
Share-based compensation 63,109 161,163
Unrealized fair value loss (gain) on held-for-trading financial assets 2,332 (4,481 )
Changes in non-cash operating working capital
Amounts receivable 22,646 (45,650 )
Prepaid expenses (108,145 ) (105,953 )
Accounts payable and other liabilities (363,079 ) 416,690
(1,033,688 ) (162,610)
Investing activities
Interest received 43,007 124,322
Investment in exploration and evaluation assets (1,658,991 ) (231,739 )
Purchase of equipment (112,130 ) (6,223 )
(1,728,114 ) (113,640)
Financing activities
Proceeds from common shares issued, net of share issuance costs - -
Decrease in cash and cash equivalents during the period
(2,761,802 ) (276,250)
Cash and cash equivalents, beginning of period 9,321,596 9,321,916
Cash and cash equivalents, end of period
$ 6,559,794 $ 9,045,666
Supplementary information
Non-cash transactions
Increase in accounts payable and other liabilities relating to
mineral property expenditures
$ 1,215,306 $ 349,534
Decrease in other liabilities due to extinguishment of flow-through
premium on renouncement (under Look-Back Rule)
(630,983 ) -
Increase in amounts receivable relating to mineral property
expenditures
(92,931 ) (277)
Non-cash share-based compensation included in mineral property
expenditures
3,502 15,592
Depreciation included in mineral properties 6,291 31,886
Advance payments
Other liabilities include prepayments received for Black Lake
exploration, net of disbursements (see Notes 7(v) and 9)
58,938 390,121
See accompanying notes to the unaudited condensed interim financial statements.
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 5 -
1. Nature and continuance of operations
UEX Corporation (the “Company”) was incorporated under the Canada Business Corporations Act on
October 2, 2001. The Company entered into an agreement with Pioneer Metals Corporation (“Pioneer”) and
Cameco Corporation (“Cameco”) to establish the Company as a public uranium exploration company. On
July 17, 2002, under a plan of arrangement with Pioneer, Pioneer transferred to the Company its uranium
exploration properties and all related assets, including the Riou Lake and Black Lake projects. On the same
date, Cameco transferred its Hidden Bay uranium exploration property and certain related assets, in
exchange for shares of the Company.
The Company is currently engaged in the exploration and development of its mineral properties located in
the province of Saskatchewan. The Company’s shares are listed on the Toronto Stock Exchange under the
symbol UEX. The head office and principal address is located at 808 Nelson Street, Suite 1007, Vancouver,
British Columbia, Canada V6Z 2H2. The Company’s registered office is 885 West Georgia Street, 19
th
Floor,
Vancouver, British Columbia, Canada V6C 3H4.
The Company is exploring and developing its mineral properties and has not yet determined whether its
mineral properties contain mineral resources that are economically recoverable. The recoverability of
amounts shown for mineral properties is dependent upon the discovery of economically recoverable mineral
resources, the ability of the Company to obtain the necessary financing to complete exploration and
development and upon future profitable production or proceeds from the disposition of its mineral properties.
The Company performed an evaluation of impairment indicators under IFRS 6(20) for its exploration and
evaluation assets (mineral properties) as at March 31, 2015 and has concluded that there are no indicators
of impairment. However, as at March 31, 2015, the market capitalization of the Company was below the
carrying value of its net assets which are primarily represented by mineral properties. Accordingly, the
Company has also reviewed the value attributed per pound in the ground of U
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in recent arms-length
transactions for the acquisition of uranium resources defined by National Instrument 43-101. As a result of
this review the Company has concluded that the Company’s net assets are not impaired.
The Company has sufficient financial resources for exploration, evaluation and administrative costs for at
least twelve months from the end of the reporting period. The Company will require additional financing from
time to time, and although it has been successful in the past, there is no assurance that it will be able to
obtain adequate financing in the future or that such financing will be available on acceptable terms.
2. Basis of preparation and significant accounting policies
(a) Statement of compliance
These unaudited condensed interim financial statements, including comparative figures have been
prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting, as
issued by the International Accounting Standards Board (“IASB”) and do not include all of the information
required for full annual financial statements. These condensed unaudited interim financial statements
should be read in conjunction with the Company’s annual 2014 audited financial statements which have
been prepared in accordance with International Financial Reporting Standards (“IFRS”). These
condensed unaudited interim financial statements were approved by the Board of Directors for issue on
May 5, 2015.
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 6 -
2. Basis of preparation and significant accounting policies (continued)
(b) Estimates
The preparation of unaudited interim financial statements requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and the reported amounts of
assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing
these unaudited condensed interim financial statements, the significant judgments made by management
in applying the Company’s accounting policies and the key sources of estimation uncertainty were the
same as those that applied to the Company’s financial statements as at and for the year ended
December 31, 2014.
(c) Significant accounting policies
The accounting policies applied by the Company in these condensed unaudited interim financial
statements are the same as those applied by the Company in its financial statements as at and for the
year ended December 31, 2014.
(d) Recent accounting announcements
The International Accounting Standards Board has issued IFRS 9 Financial Instruments (“IFRS 9”) to
replace IAS 39 Financial Instruments, which is intended to reduce the complexity in the measurement
and classification of financial instruments. The current version of IFRS 9 does not include a mandatory
effective date but is available for early adoption. An effective date will be determined when all phases of
the update to IFRS 9 are completed. The Company does not expect IFRS 9 to have a material impact
on the financial statements. The classification and measurement of the Company’s financial assets is
not expected to change under IFRS 9 because of the nature of the Company’s operations and the types
of financial assets that it holds.
3. Cash and cash equivalents
March 31
2015
December 31
2014
Cash $ 181,705 $ 351,961
Short-term deposits 6,378,089 8,969,635
$ 6,559,794 $ 9,321,596
4. Amounts receivable
March 31
2015
December 31
2014
Interest receivable $ 63,112 $ 73,578
Other receivables 137,877 67,592
$ 200,989 $ 141,170
Interest receivable reflects interest earned on short-term deposits. Other receivables include $137,286 of
Goods and Services Tax (GST) receivable as at March 31, 2015 (December 31, 2014 - $22,753) and a
mineral claim deposit of $Nil related to the Black Lake Project (December 31, 2014 - $43,344).
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 7 -
5. Prepaid expenses
March 31
2015
December 31
2014
Advances to vendors $ 16,357 $ 16,357
Prepaid expenses 198,328 90,183
$ 214,685 $ 106,540
6. Equipment
Exploration
camp
Exploration
equipment
Computing
equipment
Furniture
and
fixtures
Total
Cost
Balance at December 31, 2013 $ 99,327 $ 313,384 $ 237,884 $ 29,020 $ 679,615
Additions - 18,300 28,051 3,612 49,963
Disposals - - (8,237 ) - (8,237)
Balance at December 31, 2014 $ 99,327 $ 331,684 $ 257,698 $ 32,632 $ 721,341
Additions - 63,029 48,256 845 112,130
Disposals - - (5,173 ) - (5,173)
Balance at March 31, 2015 $ 99,327 $ 394,713 $ 300,781 $ 33,477 $ 828,298
Accumulated depreciation and
impairment
Balance at December 31, 2013 $ 40,227 $ 289,602 $ 210,371 $ 14,384 $ 554,584
Depreciation charge for the year 7,884 25,318 19,794 9,600 62,596
Disposals - - (7,724 ) - (7,724)
Balance at December 31, 2014 $ 48,111 $ 314,920 $ 222,441 $ 23,984 $ 609,456
Depreciation charge for the period 1,970 3,712 3,691 1,491 10,864
Disposals - - (5,173 ) - (5,173)
Balance at March 31, 2015 $ 50,081 $ 318,632 $ 220,959 $ 25,475 $ 615,147
Net book value
Balance at December 31, 2013 $ 59,100 $ 23,782 $ 27,513 $ 14,636 $ 125,031
Balance at December 31, 2014 $ 51,216 $ 16,764 $ 35,257 $ 8,648 $ 111,885
Balance at March 31, 2015 $ 49,246 $ 76,081 $ 79,822 $ 8,002 $ 213,151
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 8 -
7. Mineral properties
Exploration and evaluation assets
Hidden Bay Riou Lake
Western
Athabasca
Black Lake Beatty River
Total
(i) (ii) (iv) (v) (vi)
Balance at December 31, 2013 $ 76,223,469 $ 10,425,937 $ 61,357,244 $ 15,230,180 $ 869,391 $ 164,106,221
Additions 475,827 - 1,050,323 37,568 - 1,563,718
Fair value consideration (Note 7(v)) - - - (3,639) - (3,639)
Impairment charge for the year - (10,425,937) - - - (10,425,937)
Balance at December 31, 2014 76,699,296 - 62,407,567 15,264,109 869,391 155,240,363
Additions 1,962,652 - 823,647 1,182 3,678 2,791,159
Balance at March 31, 2015 $ 78,661,948 $ - $ 63,231,214 $ 15,265,291 $ 873,069 $ 158,031,522
The Company’s mineral property interests include both 100%-owned projects as well as joint operations in
which the Company has less than 100% ownership. The joint operations are governed by contractual
arrangements but have not been organized into separate legal entities or vehicles.
The joint arrangements that the Company is party to in some cases entitle the Company to a right of first
refusal on the projects should one of the partners choose to sell their interest. The joint arrangements are
governed by a management committee which sets the annual exploration budgets for these projects. Should
the Company be unable to, or choose not to, fund its required contributions as outlined in the agreement,
there is a risk that the Company’s ownership interest could be diluted. As a result of decisions to fund
exploration programs for the joint arrangements, the Company may choose to complete further equity
issuances or fund these amounts through the Company’s general working capital.
100%-owned projects
(i) Hidden Bay Project
The Company’s 100%-owned Hidden Bay Project, including the Horseshoe, Raven and West Bear
deposits, is located in the eastern Athabasca Basin of northern Saskatchewan, Canada. In the first
quarter of 2015, total exploration and evaluation expenditures at Hidden Bay included evaluation
expenditures of $Nil (Q1 2014 - $4,281) primarily relating to component technical studies. Total
evaluation costs of $7,311,691 are included in the balance as at March 31, 2015 (December 31, 2014 -
$7,311,691) representing costs associated with the continuing evaluation of and advancement of
Hidden Bay, and include the West Bear Preliminary Feasibility Study (February 24, 2010), the Hidden
Bay Preliminary Assessment Technical Report (February 23, 2011) and various component technical
studies.
(ii) Riou Lake Project
The Company holds a 100% interest in the Riou Lake Project located in the northern Athabasca Basin.
During the year ended December 31, 2014, the Company wrote off the deferred mineral property costs
associated with its Riou Lake Project of $10,425,937 as the Company did not have budgets or
exploration activity planned for the area. UEX continues to maintain several Riou Lake claims in good
standing.
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 9 -
7. Mineral properties (continued)
Exploration and evaluation assets (continued)
100%-owned projects (continued)
(iii) Northern Athabasca Projects
The Company holds a 100% interest in the Northern Athabasca Projects located in the northern
Athabasca Basin. The Company wrote off the deferred mineral property costs associated with its
Northern Athabasca Projects in 2010 due to a lack of ongoing exploration activity. The Munroe Lake
and Fond du Lac claims lapsed on February 6, 2015 as a decision was made not to post deposits to
hold the claims in good standing for an additional year. The lapsing had no impact on the financial
results of the Company as these claims were written off in 2010. UEX continues to maintain mineral
claims comprising the Butler Lake and La Roque.
Joint operations
(iv) Western Athabasca Projects
The Western Athabasca Projects (the “Projects”), located in the western Athabasca Basin, which
include the Kianna, Anne, Colette and 58B deposits located at the Shea Creek Project, are nine joint
ventures with the Company holding an approximate 49.1% interest and AREVA Resources Canada
Inc. (“AREVA”) holding an approximate 50.9% interest as at March 31, 2015 and December 31, 2014.
The Company is in the process of negotiating joint-venture agreements with AREVA. As at March 31,
2015, total exploration and evaluation assets to date for Western Athabasca include evaluation
expenditures of $7,370,026 (December 31, 2014 - $7,370,026).
The Kianna, Anne, Colette and 58B deposits are subject to a royalty of US$0.212 per pound of U
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sold to a maximum royalty of US$10,000,000.
As at March 31, 2015, approximately $1.3 million of the $2.1 million winter 2015 budget (UEX’s share
of the $4.8 million 2015 Western Athabasca exploration budget) remains as a funding commitment for
the Company, with this amount to be expended as the program is completed. UEX decided not to fund
its share of $500,000 for the 2015 geophysical program, or approximately $245,375 at the Laurie
Project. UEX’s interest in this project is anticipated to drop from the current 49.097% interest to
approximately 42.25% once AREVA completes the approved program. This dilution would only apply
to UEX’s interest in the Laurie Project.
On April 10, 2013 an agreement was signed with AREVA which grants UEX the option to increase its
ownership interest in the Western Athabasca Projects, which includes the Shea Creek Project, by 0.9%
to a maximum interest of 49.9% by spending $18.0 million on exploration over the six-year period
ending December 31, 2018. UEX is under no obligation to propose a budget in any year of the
agreement. The ownership interest for the Projects shall be increased at the end of the year by the
proportional amount of the additional exploration expenditures incurred in the year which are in
addition to the budget amounts proposed by AREVA. UEX may propose an additional exploration
budget of up to $4.0 million in any single year without the prior approval of AREVA, who remains the
project operator. UEX has not yet determined whether a supplemental exploration program will be
proposed in 2015.
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 10 -
7. Mineral properties (continued)
Exploration and evaluation assets (continued)
Joint operations (continued)
(v) Black Lake Project
The Black Lake Project (“Black Lake”), located in the northern Athabasca Basin, is a joint venture with
the Company holding a 90.69% interest and AREVA holding a 9.31% interest as at March 31, 2015
and December 31, 2014.
In early 2013, UEX signed an agreement with Uracan Resources Ltd. (“Uracan”) whereby Uracan can
earn a 60% interest in Black Lake. An amendment to this original agreement was signed on June 23,
2014.
Uracan must fund a total of $10.0 million of project expenditures over 10 years to earn their 60%
interest in Black Lake from UEX, with no partial earn-in permitted. Uracan originally committed to
spend $2.0 million on project expenditures by December 31, 2014, with a firm commitment to fund
$1.5 million even if a decision was made by Uracan not to proceed with the earn-in or the agreement is
otherwise terminated. On June 23, 2014, UEX and Uracan amended the earn-in agreement reducing
the 2014 expenditure requirement from $2,000,000 to $1,577,560. The $422,440 reduction to the
2014 expenditure requirement has been added to the 2015 requirement, increasing it from $1,000,000
to $1,422,440. During the remainder of the option period, minimum expenditures of $1.0 million per
year are to be funded by Uracan. UEX remains the project operator and is entitled to a 10%
management fee (netted against salaries, termination and placement fees) under the Black Lake joint
venture agreement until such time as Uracan has earned its 60% interest in Black Lake.
As part consideration for the earn-in, Uracan issued 300,000 shares and 150,000 share purchase
warrants to UEX. These warrants are exchangeable for 150,000 Uracan shares. The warrants are
exercisable for three years at a price of $0.15 for each warrant. The opening value upon receipt was
determined to be $27,000 for the Uracan shares and $8,931 for the Uracan warrants. The combined
amount of $35,931 was recorded as a reduction in the carrying value of the Black Lake Project in 2013.
On June 23, 2014, Uracan issued 50,000 shares and 25,000 share purchase warrants as
consideration for the deferral of $422,440 in exploration commitments from 2014 to 2015. These
warrants are exercisable for three years at a price of $0.12 for each warrant and are exchangeable for
25,000 Uracan shares. The fair value upon receipt was determined to be $2,750 for the Uracan shares
and $889 for the Uracan warrants. The combined amount of $3,639 was recorded as a reduction in
the carrying value of the Black Lake Project in 2014. Uracan has also granted to UEX a 1% NSR
royalty from their ownership interest and upon UEX receiving a total of $10.0 million in royalty
payments, the NSR royalty will terminate.
On December 15, 2014 Uracan was granted an extension of the deadline to complete their 2014
exploration expenditures to January 31, 2015. On December 22, 2014, UEX received a prepayment of
$455,884 from Uracan which amounted to 100% of the currently budgeted remaining 2014 exploration
drilling program. This program was completed in January 2015.
As at March 31, 2015, Uracan has $58,938 in prepayments remaining for 2015 exploration programs
(December 31, 2014 - $424,034) and has funded approximately $1.6 million (December 31, 2014 -
$1.6 million) toward its earn-in on the Black Lake Project.
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 11 -
7. Mineral properties (continued)
Exploration and evaluation assets (continued)
Joint operations (continued)
(v) Beatty River Project
The Company has a 25% interest in the Beatty River Project, which is located in the western
Athabasca Basin and earned into JCU (Canada) Exploration Company, Limited’s (“JCU”) interest.
AREVA is the operator of this project.
UEX is party to the following joint arrangements:
Ownership interest
Effective March 31, 2015 and December 31, 2014
Western
Athabasca
(1)
Black
Lake
(2)
Beatty
River
UEX Corporation 49.097 % 90.690 % 25.000 %
AREVA Resources Canada Inc. 50.903 9.310 50.702
JCU (Canada) Exploration Company, Limited - - 24.298
100.000 % 100.000 % 100.000 %
(1)
Under the terms of the optional six-year, $18 million, 0.9% additional earn-in agreement, UEX’s ownership interest has increased
to 49.0975% as a result of 2013 ($1,944,020) and 2014 ($5,255) additional exploration expenditures.
(2)
In early 2015, UEX notified AREVA that their ownership interest in Black Lake had been diluted from 10.010% to 9.310% as a
result of their decision to not participate in the 2014 programs (see Note 7(v) Black Lake Project). In 2013, UEX entered into an
agreement with Uracan Resources Ltd. (“Uracan”) whereby the Company will transfer to Uracan a 60% interest in the Black Lake
Project upon completion of their funding of $10 million in exploration expenditures on UEX’s behalf.
8.
Investments
The Company holds 350,000 share and 175,000 warrant certificates of Uracan. In early 2013, 300,000
shares and 150,000 warrants were received as partial consideration for the signing of an agreement which
allows Uracan to earn a 60% interest in the Black Lake Project (see Note 7(v)). On June 23, 2014, UEX
entered into an amendment to the earn-in agreement with Uracan which deferred $422,440 in exploration
commitments from 2014 and added these to the 2015 exploration commitments. Upon execution of this
agreement, UEX received from Uracan a further 50,000 shares and 25,000 share purchase warrants. These
shares and warrants are being held for long-term investment purposes. The investments include warrants
which have been classified as Financial Assets at Fair Value Through Profit or Loss (“FVTPL”) and as such
are stated at fair value with any changes in fair value recognized in profit or loss. The investments also
include shares which have been classified as Available for-sale financial assets and are carried at fair value.
Changes in fair value are recognized in other comprehensive income with amounts in accumulated other
comprehensive income recognized in profit and loss when they are sold.
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 12 -
8. Investments (continued)
March 31
2015
December 31
2014
Common shares held – Uracan
(1)
(TSX.V: URC) (see Note 14) $ 12,250 $ 19,250
Warrants held – Uracan (see Note 14) 605 2,937
$ 12,855
$ 22,187
(1)
The initial fair value of the shares is $29,750 based on the market closing prices on February 13, 2013 ($27,000) and June 23,
2014 ($2,750), the dates the shares were received.
The fair value of the Uracan shares is based on the market price for these actively traded securities.
The fair value of the warrants received from Uracan was determined using the Black-Scholes option-pricing
model with the following weighted-average assumptions as at the dates indicated:
February 13, 2013 Agreement
March 31
2015
December 31
2014
Number of warrants – Uracan
(2)
150,000 150,000
Expected forfeiture rate 0.00% 0.00%
Weighted-average valuation date share price $ 0.04 $ 0.06
Expected volatility 107.62% 124.13%
Risk-free interest rate 0.51% 1.01%
Expected life 0.87 years 1.12 years
Weighted-average valuation date fair value $ 0.00 $ 0.01
(2)
Initial fair value of the 150,000 Uracan warrants on February 13, 2013 was determined to be $8,931 using the Black-Scholes
option-pricing model with the following weighted-average assumptions: Pre-vest forfeiture rate – 0.00%; Expected volatility –
127.26%; Risk-free interest rate – 1.22%; and Expected life of warrants – 3.00 years.
June 23, 2014 Agreement Amendment
March 31
2015
December 31
2014
Number of warrants – Uracan
(3)
25,000 25,000
Expected forfeiture rate 0.00% 0.00%
Weighted-average valuation date share price $ 0.04 $ 0.06
Expected volatility 107.43% 121.77%
Risk-free interest rate 0.50% 1.03%
Expected life 2.23 years 2.48 years
Weighted-average valuation date fair value $ 0.01 $ 0.03
(3)
Initial fair value of the 25,000 Uracan warrants on June 23, 2014 was determined to be $889 using the Black-Scholes
option-pricing model with the following weighted-average assumptions: Pre-vest forfeiture rate – 0.00%; Expected volatility –
132.48%; Risk-free interest rate – 1.23%; and Expected life of warrants – 3.00 years.
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 13 -
9. Accounts payable and other liabilities
March 31
2015
December 31
2014
Trade payables $ 1,046,756 $ 199,851
Other liabilities 437,989 67,570
Uracan – Black Lake program prepayments (see Note 7(v)) 58,938 424,034
Flow-through share premium - 630,984
$ 1,543,683 $ 1,322,439
Other liabilities comprise general and exploration costs incurred in the period for which invoices had not been
received at the balance sheet date.
The flow-through share premium at December 31, 2014 represented the difference between the subscription
price of $0.430 per share and the market price at issuance of $0.335 per share relating to the September 29,
2014 flow-through placement of 7,176,390 shares ($681,757). In February of 2015, the flow-through share
premium liability of $630,984 relating to unspent amounts of $2,856,029 at December 31, 2014 from the
September 29, 2014 flow-through placement was extinguished on the filing of and the renouncement of the
tax benefits to the subscribers of that placement effective December 31, 2014.
10. Income taxes
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and
liabilities at March 31, 2015 and December 31, 2014 are presented below:
March 31
2015
December 31
2014
Deferred tax assets
Losses carried forward $ 3,675,675 $ 3,512,468
Charitable donations 8,438 8,438
Equipment 182,581 179,648
Share issuance costs 136,132 151,005
Investments 3,607 2,347
4,006,433
3,853,906
Deferred tax liabilities
Mineral properties 14,690,382
13,917,555
Net deferred tax liabilities
$ 10,683,949 $ 10,063,649
At March 31, 2015, the Company has non-capital losses available for income tax purposes totaling
approximately $13,613,612 (December 31, 2014 - $13,009,139) which may be carried forward to reduce
future years’ taxable income. These losses, if not utilized, will begin expiring in 2028, with the current
period’s non-capital losses expiring in 2035.
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 14 -
10. Income taxes (continued)
A reconciliation of income taxes at statutory rates with the reported taxes for the three-month periods ended
March 31, 2015 and 2014 is as follows:
Three-month period ended
March 31
2015 2014
Loss before income taxes
$ (622,583 ) $ (558,745 )
Statutory rates 27% 27%
Income tax recovery at statutory rates
168,097 150,861
Non-deductible expenses and permanent differences (18,214 ) (44,291 )
Exploration expenditures renounced net of flow-through premium (140,145 ) -
Future corporate tax rate differences
- -
Deferred income tax recovery
$ 9,738
$ 106,570
Deferred income tax recovery (expense) –
other comprehensive income
$ 945
$ (1,215
)
11. Share capital
(a) Authorized
The authorized share capital of the Company consists of an unlimited number of common shares and an
unlimited number of (no par value) preferred shares issuable in series, of which 1,000,000 preferred
shares have been designated Series 1 Preferred Shares.
(b) Issued and outstanding – common shares
Number of
shares
Value
Balance, December 31, 2013
227,838,679
$ 175,316,661
Issued pursuant to private placement in 2014
7,176,390
3,085,848
Share issuance costs (244,028 )
Value attributed to flow-through premium on issuance
(681,757 )
Deferred income taxes on share issuance costs
65,887
Balance, December 31, 2014 and March 31, 2015
235,015,069
$ 177,542,611
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 15 -
11. Share capital (continued)
(b) Issued and outstanding – common shares (continued)
On April 21, 2015, the Company announced, on a best-efforts basis, a private placement of
approximately 8,333,333 flow-through common shares at a price of $0.30 per share to raise gross
proceeds of approximately $2,500,000, with a 20% over-allotment option. A cash commission equal to
5% of the gross proceeds will be paid to the Agents. As at May 5, 2015, Cameco has not formally
informed the Company of its intention to exercise its pre-emptive right to participate in the offering in
order to maintain its current ownership interest. Closing of the flow-through private placement is
expected to occur in early May of 2015.
(c) Share-based compensation
Under the Company’s share-based compensation plan, the Company may grant share purchase options
to its key employees, directors, officers and others providing services to the Company. The maximum
number of shares issuable under the plan is a rolling number equal to 10% of the issued and outstanding
common shares of the Company from time to time. Under the plan, the exercise price of each share
purchase option shall be fixed by the Board of Directors but shall not be less than the quoted closing
market price of the shares on the Toronto Stock Exchange on the date prior to the share purchase option
being granted and a share purchase option’s maximum term is 10 years. The shares subject to each
share purchase option shall vest at such time or times as may be determined by the Board of Directors.
A summary of the status of the Company’s share-based compensation plan as at March 31, 2015 and
December 31, 2014 and changes during the periods ended on these dates is presented below:
Number of share
purchase options
Weighted-average
exercise price
Outstanding, December 31, 2013
16,821,000 $ 0.97
Granted 1,000,000 0.41
Outstanding, March 31, 2014
17,821,0000 0.93
Granted 1,795,000 0.31
Cancelled (2,400,000 ) 1.10
Expired (1,355,000 ) 0.92
Outstanding, March 31, 2015 and December 31, 2014
15,861,000 $ 0.84
No options were issued during the three-month period March 31, 2015. On January 15, 2014, the
Company granted 1,000,000 share purchase options to a new senior officer pursuant to the Company’s
share option plan. The share purchase options were issued at an exercise price of $0.41 and expire on
January 15, 2019.
No options were cancelled or expired in the three-month periods ended March 31, 2015 and 2014.
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 16 -
11. Share capital (continued)
(c) Share-based compensation (continued)
As at March 31, 2015, the Company had a total of 15,861,000 share purchase options outstanding
related to director, employee and consultant share purchase options, the details of which are as follows:
Outstanding Exercisable
Range of exercise
prices
Number
of share
purchase
options
Weighted-
average
exercise price
Weighted-
average
remaining
contractual life
(years)
Number
of share
purchase
options
Weighted-
average
exercise price
$ 0.305 - 0.510 4,855,000 $ 0.350 3.928 2,634,999 $ 0.360
0.520 - 1.060 5,476,000 0.810 5.829 5,476,000 0.810
1.070 - 1.450 5,530,000 1.300 4.466 5,530,000 1.300
15,861,000 $ 0.840 4.772 13,640,999 $ 0.920
The share-based payments reserve values of $2,854,565 as at March 31, 2015 and $2,787,954 as at
December 31, 2014 on the balance sheet reflect the expensed and capitalized fair value of vested share
purchase options. If all options that are vested were exercised, the entire balance of the share-based
payments reserve would be transferred to share capital.
The estimated fair value expense of all share purchase options vested during the quarter ended
March 31, 2015 is $66,611 (2014 - $176,755). The amount included in mineral properties for the quarter
ended March 31, 2015 is $3,502 (2014 - $15,592) and the remaining $63,109 (2014 - $161,163) was
expensed. The unamortized balance of share-based compensation expense for share purchase options
that were not vested at March 31, 2015 is $217,552 (December 31, 2014 - $283,693).
The fair value of the options granted each period was determined using the Black-Scholes option-pricing
model with the following weighted-average assumptions:
March 31
2015
March 31
2014
Number of options granted - 1,000,000
Expected forfeiture rate - 0.46%
Weighted-average grant date share price - $ 0.41
Expected volatility - 67.90%
Risk-free interest rate - 1.53%
Expected life - 4.26 years
Weighted-average grant date fair value - $ 0.22
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 17 -
11. Share capital (continued)
(d) Flow-through shares
The Company has financed a portion of its exploration programs through the use of flow-through share
issuances. Income tax deductions relating to these expenditures are claimable by the investors and not
by the Company. As at March 31, 2015, the Company had spent, on qualified expenditures, $3,010,954
(December 31, 2014 - $229,819) of the $3,085,848 flow-through monies raised in the September 29,
2014 placement. The Company renounced the income tax benefit of this issue to its subscribers
effective December 31, 2014. The Company began incurring Part XII.6 tax on unspent amounts relating
to this placement during the three-month period ended March 31, 2015; $940 was incurred (Q1 2014 -
$Nil) and has been netted against interest income.
12. Commitments
The Company has an obligation under an operating lease for its office premises which expires November 30,
2015. The future minimum payments are as follows:
March 31
2015
2015 $ 41,268
2016 -
2017 -
2018 -
2019 -
Other commitments in respect of the Company’s mineral properties are disclosed in Notes 7 and 11(d).
13. Management of capital
The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a
going concern in order to pursue the exploration and evaluation programs on its mineral properties. The
Company manages its capital structure, consisting of shareholders’ equity, and makes adjustments to it,
based on funds available to the Company, in order to support the exploration and evaluation of its mineral
properties. Historically, the Company has relied exclusively on the issuance of common shares for its capital
requirements.
All of the Company’s cash and cash equivalents are available for exploration and evaluation programs and
administrative operations. The Company has not changed its approach to capital management during the
current period, and is not subject to any external capital restrictions.
14. Management of financial risk
The Company operates entirely in Canada and is therefore not subject to any significant foreign currency
risk. The Company’s financial instruments are exposed to limited liquidity risk, credit risk and market risk.
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due.
The Company manages liquidity risk through the management of its capital structure as outlined in Note 13.
Accounts payable and other liabilities are due within the current operating period.
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 18 -
14. Management of financial risk (continued)
Credit risk is the risk of an unexpected loss if a third party to a financial instrument fails to meet its
contractual obligations. The Company’s exposure to credit risk includes cash and cash equivalents and
amounts receivable. The Company reduces its credit risk by maintaining its bank accounts at large national
financial institutions. The maximum exposure to credit risk is equal to the carrying value of cash and cash
equivalents and amounts receivable. The Company’s investment policy is to invest its cash in highly liquid
short-term interest-bearing investments that are redeemable 90 days or less from the original date of
acquisition.
Market risk is the risk that changes in market prices such as foreign exchange rates and interest rates will
affect the Company’s income. The Company is subject to interest rate risk on its cash and cash equivalents.
The Company reduces this risk by investing its cash in highly liquid short-term interest-bearing investments
that earn interest on a fixed rate basis.
All financial instruments measured at fair value are categorized into one of three hierarchy levels, described
below, for disclosure purposes. Each level is based on the transparency of the inputs used to measure the
fair values of assets and liabilities:
? Level 1 - Values based on unadjusted quoted prices in active markets that are accessible at the
measurement date for identical assets or liabilities;
? Level 2 - Values based on quoted prices in markets that are not active or model inputs that are
observable either directly or indirectly for substantially the full term of the asset or liability; and
? Level 3 - Values based on prices or valuation techniques that require inputs that are both
unobservable and significant to the overall fair value measurement.
The carrying values of amounts receivable, and accounts payable and other liabilities are a reasonable
estimate of their fair values because of the short period to maturity of these instruments.
Cash and cash equivalents are classified as loans and receivables and are initially recorded at fair value and
subsequently at amortized cost with accrued interest recorded in accounts receivable.
The following table summarizes those assets and liabilities carried at fair value:
Investments – as at March 31, 2015 Level 1 Level 2 Level 3 Total
Shares – Uracan (TSX-V: URC) $ 12,250 $ - $ - $ 12,250
Warrants – Uracan
(1)
- - 605 605
$ 12,250 $ - $ 605 $ 12,855
Investments – as at December 31, 2014 Level 1 Level 2 Level 3 Total
Shares – Uracan (TSX-V: URC) $ 19,250 $ - $ - $ 19,250
Warrants – Uracan
(1)
- - 2,937 2,937
$ 19,250 $ - $ 2,937 $ 22,187
(1)
Black-Scholes inputs for the Uracan warrant evaluation are disclosed in Note 8 – Investments.
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 19 -
14. Management of financial risk (continued)
The following table shows a reconciliation from the beginning balances to ending balances for Level 1 fair
value measurements for investments:
Number of
Shares
Change in
Fair Value
(OCI)
Fair Value
Balance, December 31, 2013
300,000
$ 27,000
Shares received as partial consideration for the Black Lake
Project earn-in (see Note 7(v))
50,000
2,750
Gains (losses) for the three months ended March 31, 2014 9,000
Gains (losses) for the nine months ended December 31, 2014 (19,500 )
Changes in fair value – total unrealized gain (loss) on financial assets at
FVTPL (shares) – year ended December 31, 2014
(10,500 ) (10,500)
Balance, December 31, 2014
350,000
19,250
Changes in fair value – total unrealized gain (loss) on financial assets at
FVTPL (shares) – three months ended March 31, 2015
(7,000 ) (7,000)
Balance, March 31, 2015
350,000
$ 12,250
The Company’s policy is to recognize transfers out of Level 3 as of the date of the event or change in
circumstances that caused the transfer. There have been no transfers out of Level 3 in the period.
The following table shows a reconciliation from the beginning balances to ending balances for Level 3 fair
value measurements:
Number of
Shares
Change in
Fair Value
(Expense)
Fair Value
(1)
Balance, December 31, 2013
150,000
$ 4,733
Warrants received as partial consideration for the Black Lake
Project earn-in (see Note 7(v))
25,000
889
Gains (losses) for the three months ended March 31, 2014 4,481
Gains (losses) for the nine months ended December 31, 2014 (7,166 )
Changes in fair value – total unrealized gain (loss) on held-for-trading
financial assets (warrants) – year ended December 31, 2014
(2,685 ) (2,685)
Balance, December 31, 2014
175,000
2,937
Changes in fair value – total unrealized gain (loss) on held-for-trading
financial assets (warrants) – three months ended March 31, 2015
(2,332 ) (2,332)
Balance, March 31, 2015
175,000
$ 605
(1)
See Note 8 for Black-Scholes assumptions
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 20 -
14. Management of financial risk (continued)
The following table shows the valuation techniques used in the determination of fair values within Level 3 of
the hierarchy, as well as the key unobservable inputs used in the valuation model:
Level 3 item Valuation approach Key unobservable inputs
Inter-relationship between key
unobservable inputs and fair
value measurement
Warrants – Uracan
The fair value has been
determined by using the
Black-Scholes option
pricing model.
Expected volatility for Uracan
shares, derived from the
shares’ historical prices
(weekly).
The estimated fair value for the
warrants increases as the volatility
increases.
15. Segmented information
The Company conducts its business as a single operating segment, being the mining and mineral exploration
business in Canada. All mineral properties and equipment are located in Canada.
16. Office expenses
Three months ended
March 31
2015 2014
Insurance $ 12,961 $ 12,818
Office supplies and consulting 113,831 77,318
Telephone 3,703 4,120
$ 130,495 $ 94,256
UEX CORPORATION
Notes to the Condensed Interim Financial Statements
For the three-month periods ended March 31, 2015 and 2014
(Unaudited – Prepared by Management)
- 21 -
17. Related party transactions
The value of all transactions relating to key management personnel, close members of the family of persons
that are key management personnel and entities over which they have control or significant influence are as
follows:
(a) Related party transactions
Related party transactions include the following payments which were made to related parties other than
key management personnel:
Three months ended
March 31
2015 2014
Panterra Geoservices Inc. share-based payments
(1) (2)
$ 2,128 $ 4,834
(1)
Panterra Geoservices Inc. is a company owned by David Rhys, a member of the management advisory board that provides
geological consulting services to the Company. The management advisory board members are not paid a retainer or fee;
specific services are invoiced as provided.
(2)
Share-based compensation expense is the fair value of options granted which have been calculated using the Black-Scholes
option-pricing model and the assumptions disclosed in Note 11(c).
(b) Key management personnel compensation
Key management personnel compensation includes management and director compensation, inclusive
of any consulting arrangements with directors, as follows:
Three months ended
March 31
2015 2014
Salaries and short-term employee benefits
(3) (4)
$ 147,613 $ 163,417
Share-based payments
(2)
55,895 161,921
Other compensation
(5)
183,000 183,000
$ 386,508 $ 508,338
(2)
Share-based compensation expense is the fair value of options granted which have been calculated using the Black-Scholes
option-pricing model and the assumptions disclosed in Note 11(c).
(3)
In the event of a change of control of the Company, certain senior management may elect to terminate their employment
agreements and the Company shall pay termination benefits of two times their respective annual salaries at that time and all of
their share purchase options will become immediately vested with all other employee benefits, if any, continuing for a period of
up to two years.
(4)
In the event that Mr. Lemaitre’s (UEX’s President and CEO) employment is terminated by the Corporation for any reason other
than as a result of a change of control, death or termination for cause, the Corporation will pay to Mr. Lemaitre an amount
equal to one year’s base salary plus any bonus owing. All other employee related benefits will continue for a period of one
year following such termination. Mr. Lemaitre may also terminate the employment agreement upon three months written notice
to the Board and receive a lump sum payment equal to his base salary plus benefits for three months.
(5)
Represents amounts paid in January 2015 and January 2014 to Mr. Graham Thody, the Company’s former President and
CEO, under the terms of a retirement consulting agreement for consulting services up to December 31, 2015, when the
consulting arrangement will terminate. As at March 31, 2015 and 2014, three-quarters of this amount, or $137,250, is included
in prepaid expenses (December 31, 2014 - $Nil). During the term of this agreement, Mr. Thody is not entitled to receive
director’s fees.
Corporate Information
Board of Directors
Colin C. Macdonald, Chairman
Saskatoon, Saskatchewan
Roger M. Lemaitre
President and CEO
Saskatoon, Saskatchewan
Suraj P. Ahuja
Vancouver, British Columbia
Mark P. Eaton
Toronto, Ontario
Emmet A. McGrath
Vancouver, British Columbia
Graham C. Thody
Vancouver, British Columbia
Officers
Roger M. Lemaitre
President and CEO
Ed Boney
CFO and Corporate Secretary
Nan Lee
Vice-President, Project Development
Legal Counsel
Koffman Kalef LLP
19
th
Floor, 885 West Georgia Street
Vancouver, British Columbia
Canada V6C 3H4
Auditors
KPMG LLP
777 Dunsmuir Street
Vancouver, British Columbia
Canada V7Y 1Q3
Registrar and Transfer Agent
Computershare Investor Services Inc.
3
rd
Floor, 510 Burrard Street
Vancouver, British Columbia
Canada V6C 3B9
Head Office
Suite 1007 - 808 Nelson Street
Vancouver, BC
Canada V6Z 2H2
Telephone: (604) 669-2349
Fax: (604) 669-1240
Email: uex@uex-corporation.com
Website: www.uex-corporation.com
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