Uranium Miner Makes Secondary Offering, Stock Falls (UEC)
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…
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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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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
