Uranium Resources Announces $4.5 Million Sale of Common Stock

Uranium Resources (NASDAQ:URRE) has announced that it has completed a registered direct offering with Aspire Capital Fund, where Aspire purchased a combination of 2,748,101 common shares and pre-funded common stock warrants at $1.58.
As quoted in the press release:

Gross proceeds from the offering were $4.5 million.  The common shares and pre-funded warrants will be issued pursuant to a take-down off the Company’s existing S-3 Shelf Registration Statement.  The warrants have an exercise price of $0.01 per share and a term of three years.
Christopher M. Jones, President and Chief Executive Officer of URI said,
“Our continued efforts to strengthen our financial position have resulted in this transaction – a low cost and high value way to add cash to our treasury.  With the support of our long term funding partner Aspire Capital, we have taken advantage of stronger capital and uranium markets, and have enhanced our ability to grow our energy metals business this year.”
The offering is expected to result in net proceeds to URRE of approximately $4.5 million.  URRE intends to use the net proceeds from this offering for general corporate purposes, which may include technical studies, restoration commitments, capital expenditures and working capital.
The securities are being offered by the Company pursuant to an effective shelf registration statement (File No. 333-196880), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on June 30, 2014.  A prospectus supplement and accompanying base prospectus relating to the offering will be filed with the SEC.  Copies of the prospectus and prospectus supplement relating to the offering may be obtained at the SEC’s website, https://www.sec.gov.

Click here to read the full press release.