Uranerz Energy Corporation (TSX:URZ,NYSE MKT:URZ,FWB:U9E) plans to offer and sell to the public in both the United States and Canada an aggregate of up to 8,000,000 units of Uranerz at a price per unit of US$1.25 to raise gross proceeds of up to US$10,000,000, before deducting the placement agents’ fees and estimated offering expenses. Uranerz intends for the net proceeds from the offering to be utilized to continue development of mining facilities, including wellfields, at its Nichols Ranch ISR Uranium Project. Additionally, proceeds will be used for working capital and other general corporate purposes.
As quoted in the press release:
Each Unit will be comprised of one share of the Company’s common stock (“Common Share”), and one half of one common share purchase warrant, with each whole warrant (“Warrant”) exercisable to purchase one additional Common Share for a period of 30 months following the closing of the Offering at an exercise price of US$1.60, subject to adjustment and acceleration provisions. The Warrants will be transferable, however, the Company will not apply for listing of the Warrants on any securities exchange. Haywood Securities Inc. and Cantor Fitzgerald Canada Corporation have agreed to act as co-lead agents in relation to the proposed Offering of the Units (“Lead Agents”) on behalf of a syndicate of agents (the “Agents”). All offers of Units in the United States will be made by U.S. registered broker-dealers.