U3O8 Corp. (TSX: UWE), (“U3O8” or the “Company”) today announces that Dr. Richard Spencer has transitioned from President and Chief Executive Officer, a role he held since 2008, to Chairman of the Board of Directors of the Company. Mr. Trumbull Fisher, who was appointed Chairman of the Board of Directors of U3O8 on June 30, is relinquishing this role to become Chief Executive Officer. Both changes are effective immediately.
Dr. Richard Spencer, U3O8’s Chairman commented, “With the turn-around of the Company progressing so well, and my tenure having spanned the bear market in uranium, it’s time for me to step aside for new leadership to propel the Company into the resurgent nuclear and growing battery commodity markets. I look forward to supporting Trumbull as he leads the Company forward, while providing the necessary continuity in my new role as Chairman. It remains for me to thank the shareholders and U3O8 board members that I have served with, for their support. In particular, my thanks go to John Ross, our CFO, who was an unshakeable stalwart throughout my tenure.”
Trumbull Fisher, CEO of U3O8 commented, “I am excited about the trajectory of the Company and am energized to take on the role of CEO at a pivotal time in our growth. More importantly, I look forward to continuing to leverage Richard’s deep technical expertise and long-standing knowledge of the Company as we advance Berlin and broaden our market and corporate development strategy.”
In connection with the appointments, pursuant to U3O8’s share-based incentive plan, the Company has granted Dr. Spencer and Mr. Trumbull options to purchase a total of 600,000 common shares of the Company. The options are exercisable at a price of $0.21 per common share for a period of five years. 25% of the options vest immediately with the remainder vesting in equal tranches of 25% at six-month intervals from the date of the grant. The options are subject to approval of the TSX Venture Exchange.
About U3O8 Corp.
U3O8 Corp. is focused on the development of the Berlin Deposit in Colombia. Apart from uranium for clean, nuclear energy, the Berlin Deposit contains battery commodities including nickel, phosphate, and vanadium. Phosphate is a key component of lithium-ion ferro-phosphate (“LFP”) batteries that are being used by a growing list of electric vehicle manufacturers. Nickel is a component of various lithium-ion batteries, while vanadium is the element used in vanadium redox flow batteries. Neodymium, one of the rare earth elements contained within the Berlin Deposit, is a key component of powerful magnets that are used to increase the efficiency of electric motors and in generators in wind turbines.
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