DGAP-News: Uranium Energy Corp Announces a $7.1 Million Financing to Advance the Burke Hollow ISR Project in South Texas
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Miscellaneous
Uranium Energy Corp Announces a $7.1 Million Financing to Advance the
Burke Hollow ISR Project in South Texas
21.10.2013 / 10:45
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Uranium Energy Corp Announces a $7.1 Million Financing to Advance the Burke
Hollow ISR Project in South Texas
- Funding will support the growth of the Company¹s South Texas
exploration projects, primarily the Burke Hollow ISR property and new
acquisition opportunities.
Corpus Christi, TX, October 18, 2013Uranium Energy Corp (NYSE MKT: UEC,
the 'Company') is pleased to announce that it has entered into definitive
agreements with three institutional investors to purchase an aggregate of
up to 3,380,952 Units of the Company at a price of $2.10 per Unit for gross
proceeds of up to $7,100,000. Each Unit is comprised of one share of
common stock of the Company and 0.55 of one share purchase warrant, each
whole warrant exercisable at a price of $2.60 to purchase one share of
common stock of the Company for a three year period from the date of
issuance. The closing of the Offering is expected to take place on or
about October 23, 2013, subject to satisfaction of customary closing
conditions.
Amir Adnani, President and CEO, stated: 'We are very pleased to secure this
capital injection for the Company on attractive terms that will support the
growth of our South Texas hub-and-spoke strategy and provide us with
greater financial flexibility. As the recently established $20 million
credit facility is earmarked for our Palangana and Goliad projects,
including working capital, this new funding will enable us to further our
efforts at Burke Hollow and other exploration opportunities within hauling
distance of our central Hobson processing facility. With the Hobson plant
having a physical capacity of two million pounds per year processing, it is
key that we advance the permitting and exploration of our projects to
maximize the uranium output when higher uranium prices are realized.'
The Company is offering and selling the Units pursuant to a Securities
Purchase Agreement dated October 17, 2013. The Company anticipates that
the net proceeds from the Offering will be used to fund exploration and
pre-extraction expenditures at the Company's South Texas projects including
the Burke Hollow Project and for general corporate and working capital
purposes.
In connection with the Offering, H.C. Wainwright&Co., LLC acted as the
exclusive placement agent. Dundee Capital Markets Ltd. acted as a
financial advisor.
The Units are being offered by the Company pursuant to a prospectus
supplement to the Company's effective shelf registration statement on Form
S-3 (File No. 333-176406) previously filed with the United States
Securities and Exchange Commission (the 'SEC'). A prospectus supplement
relating to the offering will be filed by the Company with the SEC. Copies
of the prospectus supplement and accompanying base prospectus relating to
the Offering may be obtained from the SEC's website at
http://www.sec.gov, by sending an email request to H.C. Wainwright&Co.,
LLC at placements(at)hcwco.com or by contacting the Company at Suite 800N, 500
North Shoreline Boulevard, Corpus Christi, Texas 78401.
This press release does not and shall not constitute an offer to sell or
the solicitation of an offer to buy any of the securities, nor shall there
be any sale of the securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any state or jurisdiction. The
securities being offered have not been approved or disapproved by any
regulatory authority, nor has any such authority passed upon the accuracy
or adequacy of the prospectus supplement, the prospectus or the Company's
shelf registration statement. A registration statement relating to the
securities has been filed with the SEC and became effective September 2,
2011. A prospectus supplement relating to the offering will be filed with
the SEC.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and exploration company.
The Company's fully licensed and permitted Hobson processing facility is
central to all of its projects in South Texas, including the operating
Palangana in-situ recovery mine and the Goliad in-situ recovery project
which is currently in construction. 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.
Contact Uranium Energy Corp Investor Relations at:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info(at)uraniumenergy.com
Stock Exchange Information:
NYSE MKT: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
Safe Harbor Statement
Except for the statements of historical fact contained herein, the
information presented in this news release constitutes 'forward-looking
statements' as such term is used in applicable United States and Canadian
laws. These statements relate to analyses and other information that are
based on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Any other statements that
express or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
'expects' or 'does not expect', 'is expected', 'anticipates' or 'does not
anticipate', 'plans, 'estimates' or 'intends', or stating that certain
actions, events or results 'may', 'could', 'would', 'might' or 'will' be
taken, occur or be achieved) are not statements of historical fact and
should be viewed as 'forward-looking statements'. Such forward looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
risks and other factors include, among others, the actual results of
exploration activities, variations in the underlying assumptions associated
with the estimation or realization of mineral resources, the availability
of capital to fund programs and the resulting dilution caused by the
raising of capital through the sale of shares, accidents, labor disputes
and other risks of the mining industry including, without limitation, those
associated with the environment, delays in obtaining governmental
approvals, permits or financing or in the completion of development or
construction activities, title disputes or claims limitations on insurance
coverage. Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will
prove to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance onforward-looking statements contained in
this news release and in any document referred to in this news release.
Certain matters discussed in this news release and oral statements made
from time to time by representatives of the Company may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and the Federal securities laws. Although the
Company believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no assurance
that its expectations will be achieved. Forward-looking information is
subject to certain risks, trends and uncertainties that could cause actual
results to differ materially from those projected. Many of these factors
are beyond the Company's ability to control or predict. Important factors
that may cause actual results to differ materially and that could impact
the Company and the statements contained in this news release can be found
in the Company's filings with the Securities and Exchange Commission. For
forward-looking statements in this news release, the Company claims the
protection of the safe harbor for forward-looking statements contained in
the Private Securities Litigation Reform Act of 1995. The Company assumes
no obligation to update or supplement any forward-looking statements
whether as a result of new information, future events or otherwise. This
press release shall not constitute an offer to sell or the solicitation of
an offer to buy securities.
End of Corporate News
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