Urex Energy Corporation (OTC:URXE) has announced that it has sold its Argentine subsidiary, United Energy Metals SA (UEM) to Patagonia Resources Ltd. A Letter of Intent was signed with UrAmerica Ltd for the sale of the subsidiary on December 1, 2009. UrAmerica LTd, UK transferred the acquisition rights to Patagonia Resources Ltd. The agreement will provide for a $500,000 cash payment to Urex with UrAmerican with a maximum liability of $275,000 for the outstanding UEM debts. The proceeds of the sale will be used to pay its debt on focus on the development of its La Jara Mesa Extension uranium property in New Mexico.
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Urex Energy Corp. (Urex) is an exploration-stage company. The Company is primarily engaged in the acquisition and exploration of uranium mining properties. As of March 31, 2009, the Company had two uranium prospects, the Rio Chubut Property located in the Chubut Province of Patagonia, Southern Argentina and the La Jara Mesa Property located in Cibola County, New Mexico. As of March 31, 2009, the Company was conducted a drilling project in Mendoza, Argentina, by its wholly owned subsidiary, United Energy Metals, Inc. During the fiscal year ended March 31, 2009, the Company had not generated revenue from its operations. In August 2009, the Company announced that it has completed an agreement for the sale of its Argentine subsidiary, United Energy Metals SA (UEM) to SGI Partners, LLC.
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