Uranium Energy Corp (NYSE: EUC) this morning announced the closing of a registered direct offering. The offering saw the company raise total gross proceeds of $12.0 million.
Under the terms of the financing, a total of 3.6 million shares of the company were sold at a price of $3.30 per share, with no warrant attached to the offering. The offering was reportedly subscribed to by institutional investors and lead by HC Wainwright & Co.
Net proceeds from the offering are to be used for further uranium purchases, as well as for working capital and general corporate purposes.
Following the close of the offering, the firm reportedly has over $110 million in cash, equity, and inventory holdings. The firms physical uranium initiative is also reportedly fully funded with 2.1 million pounds of uranium warehoused with deliveries extending through December 2022.
Uranium Energy Corp last traded at $3.31 on the NYSE.
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