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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): March 31, 2000
URANIUM RESOURCES, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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Delaware 0-17171 75-2212772
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(STATE OR OTHER JURISDICTION OF (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER
INCORPORATION) IDENTIFICATION NO.)
12750 Merit Drive, Suite 720, Dallas, Texas 75251
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) ZIP CODE
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972-387-7777
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(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
12750 Merit Drive, Suite 1020, Dallas, Texas, 75251
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Begins on Sequentially Numbered Page 4
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ITEM 5. OTHER EVENTS.
Uranium Resources, Inc. (the "Company") ceased production activities in
1999 at both of its two producing properties because of continued depressed
uranium prices. In 1999 and the first quarter of 2000 the Company monetized all
of its remaining uranium sales contracts and sold certain of its property and
equipment to maintain a positive cash position. The Company has exhausted all of
its available sources of cash to support continuing operations and will be
unable to continue in business beyond June 2000 unless it can secure a cash
infusion.
The Company's near-term potential illiquidity necessitates a
reevaluation of the Company's method of valuing its uranium properties for
accounting purposes. Because of the current lack of capital to bring the
Company's properties into production and the absence of any certain source of
capital that will permit the Company to remain in business beyond June 2000,
these properties can no longer be valued based upon the methodology that assumes
they will ultimately be placed into production. This method has been
consistently utilized by the Company to value its uranium properties in the
past. The Company must instead utilize a valuation method whereby the properties
are assumed to be held for sale by the Company. The Company's independent public
accountants have advised the Company that it will be unable to perform an audit
of the Company's financial statements for year-end 1999 unless the property
valuation as a held for sale basis is supported by an appraisal from an
independent third party. The Company does not have the funds to retain an
independent third party to perform that valuation. As a result, the Company will
be unable to include in its Annual Report on Form 10-K for 1999 (the "1999
10-K") audited financial statements.
The Company intends to file unaudited financial statements for year-end
1999 as part of its 1999 10-K. The Company is currently analyzing alternative
means for valuing its properties under the held for sale methodology in the
absence of a third-party appraisal and expects to have concluded such analysis
in time to file the unaudited financial statements by April 14, 2000. It is
likely that the analysis will result in a material reduction in the carrying
value of the Company's properties from the $40,650,000 carried at September 30,
1999 and could reduce the value to zero with the result that the Company could
have a deficit in its shareholders' equity at December 31, 1999.
For the foregoing reason, the Company requires additional time to
finalize its 1999 10-K. The Company is continuing to pursue potential sources of
capital that would permit it to continue in business.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
URANIUM RESOURCES, INC.
Date: March 31, 2000 /s/ Paul K. Willmott
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Paul K. Willmott
President, Chief Executive Officer
and Chairman of the Board of Directors
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