Uranium Energy (NYSE American: UEC), a U.S.-based uranium mining and exploration company, recently announced the close an offering of 10 million shares, resulting in an estimated $30.5 million for the company. According to the announcement, the company plans to use the funds to support its physical uranium purchase initiative as well as for general corporate and working capital requirements. Based on the company’s announcement, H.C. Wainwright & Co. released a target price revision; the report noted a price of $2.65 and a buy rating. “While the company remains focused on developing its low-cost, in-situ recovery (‘ISR’) mining capabilities, management has identified a unique opportunity to purchase drummed uranium at spot prices well below global industry mining costs,” the report stated. “As a result, UEC is establishing a physical uranium inventory initiative based on an initial agreement with ConverDyn in Illinois to acquire 0.4Mlbs of U.S. warehoused uranium for a total cost of $10.9M. We note that ConverDyn is a general partnership between Honeywell (‘HON’; not rated) and General Atomics (private). Management anticipates that this initiative can improve its balance sheet through uranium price appreciation and support future marketing efforts with utilities to accelerate cash flows. Looking ahead, this move should also increase the availability of Texas and Wyoming production capacity for emerging U.S. specific opportunities such as the U.S. Uranium Reserve (UR).”
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About Uranium Energy Corp.
Uranium Energy is a U.S.-based uranium mining and exploration company. In South Texas, the company’s hub-and-spoke operations are anchored by the fully licensed Hobson Processing Facility, which is central to the Palangana, Burke Hollow and Goliad ISR projects. In Wyoming, UEC controls the Reno Creek project, which is the largest permitted, pre-construction ISR uranium project in the U.S. Additionally, the company controls a pipeline of uranium projects in Arizona, New Mexico and Paraguay, a uranium/vanadium project in Colorado and a large, high-grade ferro-titanium project in Paraguay. The company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining. For more information about the company, please visit www.UraniumEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to UEC are available in the company’s newsroom at https://ibn.fm/UEC
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