Uranium Energy Corp. (NYSE: UEC) shares were lower at Friday’s open, on announcing the launch of a public offering of 15,500,000 shares of its common stock. In connection with the Offering, the Company intends to grant to the underwriter a 30-day option to purchase up to an additional 2,325,000 shares of its common stock.
Today’s news release also says the Company intends to use the net proceeds it receives from the proposed Offering 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., as well as for general corporate and working capital purposes.
Goldman Sachs & Co. LLC is acting as the sole underwriter for the Offering.
Uranium Energy claims to be “America's largest and fastest growing supplier of uranium needed to produce safe, clean, reliable nuclear energy. UEC is advancing the next generation of low-cost, environmentally friendly ISR mining uranium projects in the United States and high-grade conventional projects in Canada.
“The Company has three ISR hub-and-spoke platforms in South Texas and Wyoming. These production platforms are anchored by licensed Central Processing Plants that will be served by a pipeline of satellite ISR projects, including seven that already have their major permits in place.”
UEC began the week’s final session down 53 cents, or 3.9%, to $13.15.
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