Uranium Energy Corp (UEC) has announced the full exercise and closing of the over-allotment option for $30 million in a public offering. The offering consisted of 15,500,000 shares of common stock at a price of $13.15 per share, with an additional 2,325,000 shares of common stock being purchased, resulting in total gross proceeds of $30,573,750.
The net proceeds from the offering are intended to be used to accelerate the development of a new American uranium refining and conversion facility through UEC's wholly owned subsidiary, United States Uranium Refining & Conversion Corp (UR&C), as well as for general corporate and working capital purposes.
Goldman Sachs & Co. LLC acted as the sole underwriter for the offering.
As of August 2024, operations were restarted and ramp-up commenced at the Christensen Ranch project in Wyoming, sending uranium-loaded resin to the Irigaray plant. Additionally, UEC has diversified uranium holdings, including 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 UR&C initiative aims to position UEC as the only vertically integrated U.S. uranium company with mining and processing operations and planned refining and conversion capabilities.
The company's operations are managed by professionals with decades of hands-on experience in the key facets of uranium exploration, development, and mining.
This press release should not be considered an offer to sell or a solicitation of an offer to buy these securities.
Please note that the figures mentioned in the press release are in relation to the full exercise and closing of the over-allotment option for the public offering. The market has reacted to these announcements by moving the company's shares -3.21% to a price of $13.55. If you want to know more, read the company's complete 8-K report here.
