Uranerz Energy Corporation (TSX:URZ) (NYSE MKT:URZ) (FRANKFURT:U9E) is pleased to announce the closing of its previously announced offering of units. The Company issued and sold, through a syndicate of agents, 9,600,000 units of the Company at a price per Unit of US$1.25 for aggregate gross proceeds of US$12 million. Each Unit consisted of one share of the Company’s common stock and one half of one common stock purchase warrant, with each whole warrant exercisable to purchase one additional Share for a period of 30 months following the closing of the Offering at an exercise price of US$1.60, subject to adjustment and acceleration provisions.
Haywood Securities Inc. and Cantor Fitzgerald Canada Corporation acted as lead agents in relation to the Offering of Units. The syndicate of agents included H.C. Wainwright & Co., LLC and Laurentian Bank Securities Inc.
The Company anticipates that the net proceeds from the offering will be utilized to continue development and operations of mining facilities, including wellfields, at the Company’s Nichols Ranch ISR Uranium Project. Additionally, proceeds will be used for working capital and other general corporate purposes.
The Units were offered through the Agents pursuant to a prospectus supplement to the Company’s effective shelf registration statement on Form S-3 (File No. 333-196686) previously filed with the Securities and Exchange Commission and pursuant to a prospectus supplement to the Company’s shelf prospectus filed with certain Canadian regulators in each of the provinces of Canada, except Quebec, pursuant to the multi-jurisdictional disclosure system. Copies of the prospectus supplement and accompanying base prospectus relating to the Offering may be obtained from the Securities and Exchange Commission website at http://www.sec.gov, from the System for Electronic Document Analysis and Retrieval (SEDAR) website at http://www.sedar.com
Uranerz Energy Corporation is a U.S.-domiciled uranium company. The Company’s Nichols Ranch unit is its first ISR uranium mine. Uranerz controls a large strategic land position in the central Powder River Basin. The Company’s management team has specialized expertise in the ISR uranium mining method and a record of licensing, constructing and operating ISR uranium projects. The Company has entered into long-term uranium sales contracts for a portion of its planned production with Exelon and one other of the largest nuclear utilities in the country.
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