enCore Energy (TSXV: EU) has suspended its at-the-market financing program this morning. The program, initially put into place in July, aimed to raise gross proceeds of up to US$70 million.
The company raised a total of $51.3 million under the offering, leaving $18.7 million worth of shares available for the sale. Much of that however was issued in the quarter following the announcement of the financing, with Q1 2024 seeing just $2.0 million raised under the program.
The financing has been suspended as a result of the company having roughly US$80 million in cash on hand, along with zero debt. Revenue is currently being generated from the Rosita ISP facility, and near term production revenue is also expected from the Alta Mesa facility, which negates the need for the company to raise further funds.
READ: enCore Energy Sells Off 30% Of Alta Mesa To Fund Uranium Asset Development
enCore last month made its first shipment of uranium from the Rosita facility, with the uranium delivered to a conversion facility. Details of the size of the shipment were not made, with the uranium to be delivered under a sales contract already in place once conversion is completed. The Alta Mesa facility meanwhile is expected to become operational in the current quarter.
enCore Energy last traded at $6.39 on the TSX Venture.
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