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Uranium Energy set to bring in up to US$10.5mln

Last updated: 14:18 08 Mar 2016 GMT, First published: 09:18 08 Mar 2016 GMT

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The firm is developing a portfolio of uranium projects

Uranium Energy Corp (NYSE:UEC) has unveiled a share placing with institutional investors, which will see it bring in up to US$10.5mln to advance its projects.

The firm reckons the market for uranium, which is used to make fuel for nuclear power generators, is about to strengthen.

President and chief executive of the group Amir Adnani said: "With this capital raise, UEC is in a strong financial position to advance our portfolio of uranium projects with ongoing exploration and production permitting at the Burke Hollow ISR project in South Texas, permitting for baseline studies at the Anderson project in Arizona and exploration/permitting at our ISR projects in Paraguay.

"We continue to maintain pre-production readiness at the fully permitted Goliad ISR project and are production-ready at our Palangana ISR mine, and Hobson processing plant. 

"We remain uniquely positioned to capitalize on the anticipated strengthening of the uranium market."

The cash call will see the investors buy a total of around 12.3mln units at a price of $0.85 each.

Each Unit is comprised of one share of common stock of the Company and half of one share purchase warrant,  with each whole Warrant being exercisable at a price of $1.20 to purchase one share of common stock of the Company for a three year period from the date of issue.

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