Uranium Resources Announces Closing of $9.7 Million Public Offering
January 19 2017 - 5:58PM
Uranium Resources, Inc. (Nasdaq:URRE) (ASX:URI),
an energy metals exploration and development company, today
announced that it has completed a registered public offering of an
aggregate of 1,399,140 shares of common stock at a price to the
public of $2.01 per share and pre-funded warrants to purchase
3,426,731 shares of common stock at a price to the public of $2.00
per pre-funded warrant.
Dawson James Securities, Inc. acted as the sole
book-running manager for the offering. A long-only family
office led the transaction.
Total gross proceeds from the offering were
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 were 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
prospectus supplement related to the offering and accompanying base
prospectus has been filed with the SEC and is available on the
website of the SEC at www.sec.gov. Copies of the prospectus and
prospectus supplement 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 use of proceeds from 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 |
Jeff
Vigil, VP Finance and CFO |
303.531.0472 |
303.531.0473 |
|
|
Email:
Info@uraniumresources.com |
|
Website:
www.uraniumresources.com |
|
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