Uranium Energy Corp Announces $30.5 Million Private Placement
Uranium Energy Corp (NYSE: UEC) this morning announced that it will be conducting a private placement to raise gross proceeds of $30.5 million. The offering is being lead by Haywood Securities, TD Securities, and HC Wainwright & Co.
The terms of the financing will see the company sell 10.0 million common shares, with no warrant attached, at a price of $3.05 per common share. Proceeds from the financing are slated to be used for additional uranium purchases, working capital, and general corporate purposes.
The company also concurrently announced that it has secured 800,000 of additional U.S. warehoused uranium. 500,000 pounds are slated for April delivery, while the remainder is marked for December delivery. The company now has entered into arrangement to acquire a total of 1.2 million pounds of uranium at an average price of $28.94 million, for an estimated outlay of roughly $34.7 million.
Following the closing of the offering, which is slated to close March 19, as well as the delivery on the contracted uranium, the company expects to have $95.0 million in cash, equity and inventory on its balance sheet.
Uranium Energy Corp last traded at $3.23 on the NYSE.
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