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Uranium Energy flags raising

Uranium Energy Corp is seemingly looking to capitalise on rising interest in US domestic uranium supply and has announced an underwritten offering designed to raise up to US$8 million.
Uranium Energy flags raising Uranium Energy flags raising Uranium Energy flags raising Uranium Energy flags raising Uranium Energy flags raising

Uranium Energy Corp flags raising

Staff reporter

The company had last week applauded the US Commerce Department's "historic" draft agreement with Russia's State Atomic Energy Corporation (Rosatom), to reduce uranium imports from Russia over the next 20 years.

"With no US uranium production today, and many supply-chain challenges globally, there is a clear opportunity for our company as a low-cost, domestic uranium supplier with licensed projects in energy and mining friendly states like Texas and Wyoming," UEC CEO Amir Adnani said at the time.

"The strong bipartisan support for nuclear energy in the United States is exciting and we are looking forward to playing an important role in America's energy independence, and carbon-reduction goals in the coming years."

The company said HC Wainwright & Co and Haywood Securities would act as joint book-running managers in connection with the offering, priced at $1.20 per unit.

It planned to use the net proceeds to fund exploration and development expenditures at its projects and for general corporate and working capital purposes.

Its shares (NYSE American: UEC) closed up 3.2% on Friday to a one-year high of $1.29, capitalising it at $237.6 million (US$180 million).