Westwater Provides Additional Information Regarding 2020 Annual Meeting of Shareholders
Glass Lewis Recommends Stockholders Vote “FOR” the Director Nominees and All Proposals
Stockholders Must Request Admission Ticket to Attend Annual Meeting
Westwater Resources Inc. (Nasdaq: WWR), an energy materials development company, is pleased to announce that Glass Lewis & Co. (“Glass Lewis”), a leading independent proxy advisory firm, has recommended the Company’s stockholders vote “FOR” all five of the Company’s director nominees and “FOR” all of the other proposals at the Company’s upcoming 2020 Annual Meeting of Stockholders (the “Annual Meeting”), including advisory approval of the Company’s executive compensation, approval of the issuance of shares to Lincoln Park Capital Fund, and approval of additional shares under the Company’s 2013 Omnibus Incentive Plan. We believe that we have the right Board and strategy in place to drive long-term value creation for all Company stockholders, and we are pleased that Glass Lewis recommends that stockholders support our proposals at the Annual Meeting.
In addition, due to the public health impact of the coronavirus (COVID-19) and to support the health and well-being of our stockholders, directors, officers, employees, partners and communities we are issuing the following additional information to advise that the Company is changing the process for gaining admission to the Annual Meeting.
We are still planning to hold the Annual Meeting in person at our headquarters, located at 6950 South Potomac Street, Suite 300, Centennial, Colorado 80112 on Tuesday, April 28, 2020. However, COVID-19 continues to spread around the world and throughout the United States, including Colorado. The health and safety of our stockholders, officers, and employees are of paramount concern to our Board of Directors and management. To minimize the risk to any attendee at our Annual Meeting, including stockholders, we strongly encourage all stockholders to vote their shares in advance, over the telephone or over the Internet, rather than attend the Annual Meeting in person. This approach is consistent with stay-at-home orders issued in Colorado and the metropolitan areas including and surrounding Denver.
In order to properly plan for social distancing at the Annual Meeting, any stockholder intending to attend the Annual Meeting in person must pre-register and obtain an admission ticket. We are adding this requirement to permit us to plan ahead regarding the number of attendees and to implement sufficient safety measures at the Annual Meeting, although we recommend that stockholders vote by proxy rather than attend the Annual Meeting in person. Please present the admission ticket and a valid, government-issued photo identification at the entrance of our headquarters in order to attend the Annual Meeting. Any person without an admission ticket will not be admitted to the Annual Meeting. All hand-carried items are subject to inspection and will be screened at the door.
In order to obtain an admission ticket, please contact our Corporate Secretary by sending the request to 6950 S. Potomac Street, Suite 300, Centennial, Colorado 80112, or to firstname.lastname@example.org no later than Tuesday, April 21, 2020. If you are a stockholder of record, please provide your name and mailing address on your request. If you are a stockholder who holds shares in “street name,” please provide your name and mailing address and evidence of your stock ownership as of the record date. A copy of your brokerage or bank statement will suffice as evidence of ownership, or you can obtain a letter from your broker or bank. Following your request, an admission ticket will be mailed to you.
About Westwater Resources
WWR is focused on developing energy-related materials. The Company’s battery-materials projects include the Coosa Graphite Project — the most advanced natural flake graphite project in the contiguous United States — and the associated Coosa Graphite Mine located across 41,900 acres (~17,000 hectares) in east-central Alabama. In addition, the Company maintains lithium mineral properties in prospective lithium brine basins in Nevada and Utah. Westwater’s uranium projects are located in Texas and New Mexico. In Texas, the Company has two licensed and currently idled uranium processing facilities and approximately 11,000 acres (~4,400 hectares) of prospective in-situ recovery uranium projects. In New Mexico, the Company controls mineral rights encompassing approximately 188,700 acres (~76,000 hectares) in the prolific Grants Mineral Belt, which is one of the largest concentrations of sandstone-hosted uranium deposits in the world. Incorporated in 1977 as Uranium Resources, Inc., Westwater also owns an extensive uranium information database of historic drill hole logs, assay certificates, maps and technical reports for the western United States. For more information, visit www.westwaterresources.net.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” and other similar words. All statements addressing events or developments that WWR expects or anticipates will occur in the future, including but not limited to the future demand for and price of graphite, lithium and uranium, the Company’s growth, developments at the Company’s projects, and the Company’s liquidity and cash demands, including future capital markets financing and disposition activities, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include, but are not limited to, (a) the Company’s ability to successfully integrate Alabama Graphite Corp.’s business into its own, and the risk that additional analysis of the Coosa Graphite Project may result in revisions to the findings of WWR’s initial optimization study; (b) the Company’s ability to raise additional capital in the future; (c) spot price and long-term contract price of graphite, lithium, vanadium and uranium; (d) risks associated with our operations and the operations of our partners such as Dorfner Anzaplan, including the impact of COVID-19; (e) operating conditions at the Company’s projects; (f) government and tribal regulation of the graphite industry, the lithium industry, the vanadium industry, the uranium industry, and the power industry; (g) world-wide graphite, lithium, vanadium and uranium supply and demand, including the supply and demand for lithium-based batteries; (h) maintaining sufficient financial assurance in the form of sufficiently collateralized surety instruments; (i) unanticipated geological, processing, regulatory and legal or other problems the Company may encounter in the jurisdictions where the Company operates or intends to operate, including in Alabama, Texas, New Mexico, Utah, and Nevada; (j) the ability of the Company to enter into and successfully close acquisitions or other material transactions; (k) the results of the Company’s lithium brine exploration activities at the Columbus Basin and Sal Rica projects, and the possibility that future exploration results may be materially less promising than initial exploration result; (I) any graphite, lithium, vanadium or uranium discoveries not being in high-enough concentration to make it economic to extract the metals; (m) currently pending or new litigation or arbitration; and (n) other factors which are more fully described in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Westwater Resources Contact:
Christopher M. Jones, President & CEO
Jeff Vigil, VP Finance & CFO
Investor Relations Contact:
Porter, LeVay & Rose