British Columbia uranium company NexGen has announced a C$150-million bought deal financing, the proceeds of which will be used for general corporate purposes, including the development of the Rook I project, in the Athabasca basin of Saskatchewan.
NextGen entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Canaccord Genuity and under which the underwriters have agreed to buy on a bought deal basis 33.40-million common shares at a price of C$4.50 each.
The 100%-owned Rook I project hosts the land-based Arrow deposit, which has an indicated mineral resource estimate of 179.5-million pounds of uranium oxide (U3O8) contained within 1.18-million tonnes, grading 6.88% U3O8 including a high-grade core of 164.9-million pounds contained within 0.40-million tonnes, grading 18.84%.
Shares in NexGen closed nearly 4% up at C$5.02 a share.