Uranium Energy Corp (NYSE American: UEC) has recently closed a public offering of 15,500,000 shares of common stock at a price of $13.15 per share, resulting in gross proceeds of $203,825,000. This offering was made in connection with the company's intention to accelerate the development of a new, state-of-the-art American uranium refining and conversion facility through its wholly owned subsidiary, United States Uranium Refining & Conversion Corp (UR&C), as well as for general corporate and working capital purposes. The underwriter has been granted a 30-day option to purchase up to an additional 2,325,000 shares of its common stock.
Goldman Sachs & Co. LLC acted as the sole underwriter for the offering, and the net proceeds are expected to be utilized for the mentioned purposes. The company's aim is to position UEC as the only vertically integrated U.S. uranium company with mining and processing operations and planned refining and conversion capabilities.
In August 2024, operations were restarted and ramp-up commenced at the Christensen Ranch project in Wyoming, with uranium-loaded resin being sent to the Irigaray plant. Additionally, the company holds one of the largest physical uranium portfolios of U.S. warehoused U3O8, a major equity stake in Uranium Royalty Corp., and a western hemisphere pipeline of resource stage uranium projects.
The company's financial position and strategic direction have been significantly impacted by the successful completion of this public offering, and it is expected that these developments will have a profound effect on the company's future operations and expansion plans. Today the company's shares have moved -0.34% to a price of $13.165. For more information, read the company's full 8-K submission here.
