CORPUS CHRISTI, Texas,
April 9, 2021 /CNW/ - Uranium
Energy Corp (NYSE: UEC) (the "Company" or "UEC") is pleased to
announce the closing of its previously announced offering of an
aggregate of 3,636,364 shares of common stock of the Company (each,
a "Share") at a purchase price of $3.30 per Share and for gross proceeds of
$12,000,000 in a registered direct
offering (the "Offering").
The Company offered and sold the Shares pursuant to a Securities
Purchase Agreement, dated April 5,
2021, with certain institutional investors.
UEC anticipates that the net proceeds of the Offering will be
used for additional uranium purchases and for general corporate and
working capital purposes.
Following the closing of this offering, the Company has
over $110 million in cash, equity and inventory
holdings.
UEC's physical uranium initiative is fully funded with cash on
hand and now includes 2.105 million pounds of U.S. warehoused
uranium at a volume weighted average price of ~$30 per pound with deliveries between March
2021 to December 2022.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the Offering.
The Shares were offered by the Company pursuant to a prospectus
supplement to the Company's effective shelf registration statement
on Form S-3 (File No. 333-236571) previously filed with the United
States Securities and Exchange Commission (the "SEC") and which
became effective March 3, 2020. The
Offering was made only by means of a prospectus supplement and
accompanying prospectus that form a part of the effective shelf
registration statement. A prospectus supplement relating to the
Offering was recently filed by the Company with the SEC.
Electronic copies of the prospectus supplement and accompanying
base prospectus relating to the Offering may be obtained from the
SEC's website at http://www.sec.gov, or from H.C. Wainwright &
Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022 by e-mail at:
placements@hcwco.com or by telephone at: (212) 856-5711.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities, nor shall
there be any sale of the 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 any
state or jurisdiction. The securities being offered have not
been approved or disapproved by any regulatory authority, nor has
any such authority passed upon the accuracy or adequacy of the
prospectus supplement, the prospectus or the Company's shelf
registration statement.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and
exploration company. As a leading pure-play American uranium
company, UEC is advancing the next generation of low-cost and
environmentally friendly In-Situ Recovery (ISR) mining uranium
projects. In South Texas, the
Company's hub-and-spoke operations are anchored by our
fully-licensed Hobson Processing Facility which is central to our
Palangana, Burke Hollow, Goliad
and other ISR pipeline projects. In Wyoming, UEC controls the Reno Creek project,
which is the largest permitted, pre-construction ISR uranium
project in the U.S. Additionally, the Company's diversified
holdings provide exposure to a unique portfolio of uranium related
assets, including: 1) major equity stake in the only royalty
company in the sector, Uranium Royalty Corp; 2) physical uranium
warehoused in the U.S.; and 3) a pipeline of resource-stage uranium
projects in Arizona, Colorado, New
Mexico and Paraguay. In
Paraguay, the Company owns one of
the largest and highest-grade ferro-titanium deposits in the world.
The Company's operations are managed by professionals with a
recognized profile for excellence in their industry, a profile
based on many decades of hands-on experience in the key facets of
uranium exploration, development and mining.
Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISN: US916896103
Safe Harbor Statement
Except for the statements of historical fact contained herein,
the information presented in this news release constitutes
"forward-looking statements" as such term is used in
applicable United States and Canadian laws. These
statements relate to analyses and other information that are based
on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Any other statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "expects" or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans, "estimates" or
"intends", or stating that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved) are not statements of historical fact and should be
viewed as "forward-looking statements". Such forward looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and other factors
include, among others, market and other conditions, risks that the
Offering will not be completed, failure to satisfy the conditions
to closing of the Offering, the actual results of exploration
activities, variations in the underlying assumptions associated
with the estimation or realization of mineral resources, the
availability of capital to fund programs and the resulting dilution
caused by the raising of capital through the sale of shares,
accidents, labor disputes and other risks of the mining industry
including, without limitation, those associated with the
environment, delays in obtaining governmental approvals, permits or
financing or in the completion of development or construction
activities, title disputes or claims limitations on insurance
coverage. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements contained in
this news release and in any document referred to in this news
release. Certain matters discussed in this news release and oral
statements made from time to time by representatives of the Company
may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Federal
securities laws. Although the Company believes that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that its
expectations will be achieved. Forward-looking information is
subject to certain risks, trends and uncertainties that could cause
actual results to differ materially from those projected. Many of
these factors are beyond the Company's ability to control or
predict. Important factors that may cause actual results to differ
materially and that could impact the Company and the statements
contained in this news release can be found in the Company's
filings with the Securities and Exchange Commission.
For forward-looking statements in this news release, the
Company claims the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. The Company assumes no obligation to
update or supplement any forward-looking statements whether as a
result of new information, future events or otherwise. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy securities.
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SOURCE Uranium Energy Corp