NexGen Energy (TSX: NXE) is aiming to raise hundreds of millions of dollars while the market for uranium remains hot. The company this morning entered into a placement agreement in Australia to raise $180 million in gross proceeds via the sale of shares.
The financing will see the company sell a total of 16.1 million shares at a price of $11.11 per each, with the financing to be led by Aitken Mount Capital Partners and co-led by Canaccord Genuity. Funds are to be raised among Australian investors, in an effort to increase the liquidity of its ASX listing.
Proceeds from the financing meanwhile will be used for the continued develop and further exploration of its mineral properties, along with the standard general corporate purposes.
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As part of the financing, NexGen will be reducing the amount of funds it intends to raise under an outstanding at-the-market financing. The ATM financing, previously sized at $500 million, will be reduced to $315 million in an effort to allow room for the Australian offering under the current base shelf prospectus. The ATM offering to date has raised the company gross proceeds of $134.9 million, with NexGen having sold 13.0 million shares under that offering since its launch in December 2023.
The placement taking place in Australia is slated to close by May 15, 2024.
UPDATE: NexGen has since the time of publishing upsized the financing to $224 million in gross proceeds. At the same time, the ATM has been downsized further to $275.9 million in total proceeds.
NexGen Energy last traded at $11.54 on the TSX.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
