UEC expands physical uranium purchases
US-based Uranium Energy Corp (UEC) on Tuesday reported that it had expanded its physical uranium initiative to buy an additional 705 000 lb of warehoused uranium, with delivery dates out to December 2022.
This brings the contracts that UEC has announced to 2.11-million pounds of uranium oxide at a volume-weighted average price of $30/lb.
The company, which owns projects in Texas and Wyoming, announced its physical uranium initiative last month, explaining that it would buy warehoused uranium to strengthen its balance sheet as prices appreciated and to provide strategic inventory to support future marketing efforts.
Physical uranium purchases would also increase the availability of UEC’s Texas and Wyoming production capacity to pursue specific opportunities for uranium of US origin; which could command premium pricing owing to the scarcity of domestic uranium production.
UEC would fund the additional uranium purchases with proceeds from an offering that it announced on Monday. The company has entered institutional investors to purchase an aggregate of 3 636 364 common shares of the company at $3.30 each for gross proceeds of $12-million..
Following the closing of the offering and delivery of contracted drummed uranium, UEC would have more than $110-million of cash, equity and inventory holdings.
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