Global Atomic upsizes offering to C$50m

3rd March 2023 By: Mariaan Webb - Creamer Media Senior Deputy Editor Online

Toronto-listed uranium development company Global Atomic on Thursday announced an increase in the size of its previously announced bought deal prospectus offering from C$25-million to C$50-million, citing significant demand.

Under the revised offering, underwriter Red Cloud Securities has agreed to purchase for resale 16.67-million units at C$3 each and one-half of a common share.

The underwriter has also been granted an option, exercisable in whole or in part, to purchase for resale up to an additional 2.5-million units representing up to 15% of the number of units sold under the offering.

Should the over-allotment option be exercised in full, the aggregate gross proceeds of the offering to the company will be about C$57.5-million.

Global Atomic plans to use the net proceeds raised from the offering to fund a portion of the capital costs required to advance the Dasa project, in Niger, to commercial production and for general working capital purposes.