enCore Energy Corp (TSX-V:EU, NYSE-A:EU) said it has closed its previously-announced public offering, raising gross proceeds of C$34,500,862.50 by issuing 10,615,650 company units at a price of C$3.25 per unit.
The uranium development company noted it intends to use a portion of the net proceeds from the offering to fund amounts required to be paid to complete the company's previously-announced pending acquisition of the Alta Mesa ISR uranium project and to maintain and advance enCore's material properties, acquire properties, plant upgrades, drilling, maintenance and refurbishment, community outreach and communications, licensing and permitting, and for general corporate and working capital purposes.
Each unit consisted of one company common share plus one-half of one common share purchase warrant, with each warrant entitling the holder to purchase one enCore Energy common share at a price of C$4.05 per warrant share for a period of 36 months following the closing of the offering.
READ: enCore Energy announces C$30M underwritten public offering
enCore added that the offering was conducted through a syndicate of underwriters led by Canaccord Genuity (TSX:CF, LSE:CF), as lead underwriter and sole bookrunner, and including Cantor Fitzgerald Canada Corporation and Haywood Securities Inc.
The offering remains subject to the final approval of the NYSE American and TSX Venture Exchange.
enCore Energy is the most diversified In-Situ Recovery (ISR) uranium development company in the US and recently announced it entered into a definitive agreement to acquire the Alta Mesa In-Situ Recovery uranium project.
The company is focused on becoming the next uranium producer from its licensed and past-producing South Texas Rosita Processing Plant by 2023.
Contact Sean at sean@proactiveinvestors.com