Uranium Energy Corp (NYSE MKT:UEC) is pleased to announce that it has now closed its recently announced offering with certain institutional investors, including J.P. Morgan Asset Management UK Limited and Resource Capital Investment Corp., a division of Sprott Inc., for gross proceeds of $10,510,000 and pursuant to which the Company has now issued an aggregate of 12,364,704 units of the Company at a price of $0.85 per Unit, with each Unit being comprised of one share of common stock and half of one share purchase warrant of the Company, and with each whole Warrant being exercisable for an additional share at an exercise price of $1.20 for a three-year period from the date of issuance.
The Company offered and sold the Units pursuant to Securities Purchase Agreements, dated March 6, 2016. Net proceeds of the Offering will be used for general corporate and working capital purposes.
In connection with the Offering, Dundee Securities Ltd., and Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as the co-lead placement agents, and Haywood Securities Inc. and Cantor Fitzgerald Canada Corporation acted as financial advisors.
The Units were offered by the Company pursuant to a prospectus supplement to the Company’s effective shelf registration statement on Form S-3 (File No. 333-193104) as previously filed with the United States Securities and Exchange Commission (the “SEC”). A prospectus supplement relating to the Offering was filed by the Company with the SEC yesterday. Copies of the prospectus supplement and accompanying base prospectus relating to the Offering may be obtained from the SEC’s website, at http://www.sec.gov,, by sending an email request to Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, at email@example.com, by calling Dundee Securities Ltd., at 416 849 7887, or by contacting the Company, at Suite 800N, 500 North Shoreline Boulevard, Corpus Christi, Texas 78401.
This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement, the prospectus or the Company’s shelf registration statement. A registration statement relating to the securities has been filed with the SEC and became effective on January 10, 2014. A prospectus supplement relating to the Offering was filed yesterday with the SEC.
The Company is also pleased to report, in accordance with NYSE MKT requirements, the filing of the Company’s quarterly report today on Form 10-Q for the six months ended January 31, 2016 with the SEC. This Form 10-Q filing, which includes the Company’s condensed consolidated financial statements, related notes thereto and management’s discussion and analysis, is available for viewing on the SEC’s website at http://www.sec.gov/edgar.shtml or on the Company’s website at www.uraniumenergy.com.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and exploration company. The Company’s fully-licensed Hobson processing plant is central to all of its projects in South Texas, including the Palangana in-situ recovery (ISR) mine, the permitted Goliad ISR project and the development-stage Burke Hollow ISR project. Additionally, the Company controls a pipeline of advanced-stage projects in Arizona, Colorado and Paraguay. The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.
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