Uranerz Energy Corp. (NYSE MKT:URZ,TSX:URZ) has increased the size of an offering announced on July 16, 2014 due to demand. It plans to raise gross proceeds of US$12 million by selling 9,600,000 units of Uranerz at a price of US$1.25 per unit.
Uranerz expects that net proceeds from the offering will be put towards continued development and the operation of mining facilities, including wellfields, at its Nichols Ranch ISR uranium project. Proceeds will also be used for general corporate purposes and for working capital.
As quoted in the press release:
Each Unit will be comprised of one share of the Companyâ€™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.