Uranium Energy Increases Previously Announced Underwritten Public Offering to $26 Million

Uranium Energy (NYSE:UEC) has announced that as a result of an increased demand, the underwriters have agreed to purchase 17,330,836 unites at a price of $1.50 each for gross proceeds of $26 million.
As quoted in the press release:

Each Warrant will entitle its holder to acquire one common share (each, a “Warrant Share”) at an exercise price of $2.00 per Warrant Share and exercisable six months following the closing of the Offering and expiring on the third anniversary following the closing of the Offering.
The Company anticipates that the net proceeds of the Offering will be used to fund exploration and development expenditures at the Company’s projects and for general corporate and working capital purposes.
Amir Adnani, President and CEO, stated: “The Company received very strong demand both from long-term existing shareholders as well as from new participants.  This performance is not only a testament to the quality of the Company’s assets, but also to the resurgent interest in the uranium sector in 2017 driven by production cutbacks and strong global nuclear energy growth.  We would like to thank our existing shareholders for their support and welcome the many new investors to UEC.”
The closing of the Offering is expected to occur on January 20, 2017, subject to customary closing conditions.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, and Haywood Securities Inc. are acting as joint book-running managers in connection with the Offering and Dundee Capital Partners and Sprott Private Wealth LP are acting as co-managers.

Click here to read the full press release.