Dundee, Rodman & Renshaw sell units of shares with three-year warrants
By Devika Patel
Knoxville, Tenn., March 7 – Uranium Energy Corp. said it arranged a $10.51 million private placement of units.
The company will sell 12,364,705 units of one common share and a half-share warrant at $0.85 per unit. Each whole warrant will be exercisable at $1.20 for three years. The strike price is a 30.44% premium to the March 4 closing share price of $0.92.
Dundee Securities Ltd. and Rodman & Renshaw are the lead agents.
Settlement is expected March 10.
Proceeds will be used for general corporate and working capital purposes.
“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,” president and chief executive officer Amir Adnani said in a press release.
“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.”
Uranium Energy is a resource company based in Austin, Texas.
| Issuer: | Uranium Energy Corp.
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | $10.51 million
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| Units: | 12,364,705
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| Price: | $0.85
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $1.20
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| Agents: | Dundee Securities Ltd. and Rodman & Renshaw (co-leads)
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| Pricing date: | March 7
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| Settlement date: | March 10
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| Stock symbol: | NYSE: UEC
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| Stock price: | $0.92 at close March 4
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| Market capitalization: | $86.04 million
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