Commodities & Metals
Uranium Miner Makes Secondary Offering, Stock Falls (UEC)
Published:
Uranium miner Uranium Energy Corp. (AMEX: UEC) sold 5.56 million shares of common stock today at a per share price of $3.60, a discount of about 6.7% to last night’s closing price of $3.86/share. Shares are down about -9% on the news.
The company expects gross proceeds of about $20 million and has offered its underwriter, Dundee Securities Ltd., a 30-day over-allotment option of 834,000 shares. UEC says it will use the net proceeds from the offer “to fund exploration and development expenditures at the Company’s projects and for general corporate and working capital purposes.”
The company’s shares are trading down -8.8% at $3.52 in a 52-week range of $2.20-$4.44.
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