Uranium Resources Announces Pricing of $9.7 Million Public Offering
January 13 2017 - 8:30AM
Uranium Resources, Inc. (Nasdaq:URRE)
(ASX:URI)
, an energy metals exploration and
development company, today announced that it has priced a
registered public offering of an aggregate of 4,825,871 shares of
common stock at a price to the public of $2.01 per share. The
offering is expected to close on or before January 19, 2017,
subject to customary closing conditions.
Dawson James Securities, Inc. is acting as the sole
book-running manager for the offering.
Total gross proceeds from the offering are expected
to be approximately $9.7 million, before deducting placement agent
fees and other estimated offering expenses. URI intends to use the
net proceeds from the offering to fund ongoing business activities,
which may include technical studies, restoration commitments,
capital expenditures, debt reduction, working capital and other
general corporate purposes.
The securities are being offered by URI pursuant to
an effective shelf registration statement on Form S-3 (File No.
333-196880), which was declared effective by the U.S. Securities
and Exchange Commission (the “SEC”) on June 30, 2014. A
preliminary prospectus related to the offering has been filed with
the SEC and is available on the website of the SEC at www.sec.gov.
Copies of the preliminary prospectus and a final prospectus, when
available, may also be obtained from Dawson James Securities, Inc.,
Attention: Prospectus Department, 1 North Federal Highway, 5th
Floor, Boca Raton, FL 33432, mmaclaren@dawsonjames.com or toll
free at (866) 928-0928.
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any
sale of, these 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 such
state or jurisdiction.
About Uranium Resources (URI)
URI is focused on expanding its energy metals
strategy, which includes developing its new lithium business while
maintaining optionality on the future rising uranium price.
The Company has developed a dominant land position in two
prospective lithium brine basins in Nevada and Utah in preparation
for exploration and potential development of any lithium resources
that may be discovered there. In addition, URI remains
focused on advancing the Temrezli in-situ recovery (ISR) uranium
project in Central Turkey when uranium prices permit economic
development of this project. URI controls extensive exploration
properties in Turkey under nine exploration and operating licenses
covering approximately 32,000 acres (over 13,000 ha) with numerous
exploration targets, including the potential satellite Sefaatli
Project, which is 30 miles (48 km) southwest of the Temrezli
Project. In Texas, the Company has two licensed and currently idled
uranium processing facilities and approximately 11,000 acres (4,400
ha) of prospective ISR uranium projects. In New Mexico, the Company
controls mineral rights encompassing approximately 186,000 acres
(75,300 ha) in the prolific Grants Mineral Belt, which is one of
the largest concentrations of sandstone-hosted uranium deposits in
the world. Incorporated in 1977, URI also owns an extensive
information database of historic drillhole logs, assay
certificates, maps and technical reports for uranium properties
located in the Western United States.
Cautionary Statement
This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are subject to
risks, uncertainties and assumptions and are identified by words
such as "expects," "estimates," "projects," "anticipates,"
"believes," "could," and other similar words. All statements
addressing events or developments that the Company expects or
anticipates will occur in the future, including but not limited to
statements relating to the closing of the offering and developments
at the Company’s projects, including future exploration costs and
results, are forward-looking statements. Because they are
forward-looking, they should be evaluated in light of important
risk factors and uncertainties. These risk factors and
uncertainties include, but are not limited to, (a) the Company's
ability to raise additional capital in the future; (b) spot price
and long-term contract price of uranium and lithium; (c) risks
associated with our foreign operations, (d) operating conditions at
the Company's projects; (e) government and tribal regulation of the
uranium industry, the lithium industry, and the power industry; (f)
world-wide uranium and lithium supply and demand, including the
supply and demand for lithium based batteries; (g) maintaining
sufficient financial assurance in the form of sufficiently
collateralized surety instruments; (h) unanticipated geological,
processing, regulatory and legal or other problems the Company may
encounter in the jurisdictions where the Company operates,
including in Texas, New Mexico, Utah, Nevada and Turkey; (i) the
ability of the Company to enter into and successfully close
acquisitions or other material transactions; (j) the results
of the Company’s lithium brine exploration activities at the
Columbus Basin and Sal Rica Projects, and (k) other factors which
are more fully described in the Company's Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, and other filings with the
Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should any of the Company's
underlying assumptions prove incorrect, actual results may vary
materially from those currently anticipated. In addition, undue
reliance should not be placed on the Company's forward-looking
statements. Except as required by law, the Company disclaims any
obligation to update or publicly announce any revisions to any of
the forward-looking statements contained in this news release.
Uranium Resources Contact:
Christopher M. Jones, President and CEO
303.531.0472
Jeff Vigil, VP Finance and CFO
303.531.0473
Email: Info@uraniumresources.com
Website: www.uraniumresources.com
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