Ur-Energy Inc. (NYSE American: URG) announced the pricing of its underwritten public offering of 57.15 million common shares at a public offering price of $1.05 per common share. Ur-Energy has granted underwriters a 30-day option to purchase up to 8.572 million additional common shares on the same terms.
The gross proceeds from this offering are expected to be approximately $60 million, before deducting underwriting discounts, commissions, and other estimated offering expenses payable by Ur-Energy, and assuming no exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on or about July 29, subject to customary closing conditions. All shares in the offering are to be sold by Ur-Energy.
Ur-Energy, based in Littleton, is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. The company has produced and packaged approximately 2.7 million pounds of U3O8 from Lost Creek since the commencement of operations.
Ur-Energy anticipates using the net proceeds from the offering to support working capital for the continued ramp-up at Lost Creek, development at Shirley Basin, possible future acquisitions, strategic transactions and for general corporate purposes.
Cantor is acting as the sole book-running manager for the offering. A.G.P./Alliance Global Partners LLC, H.C. Wainwright & Co., Roth Capital Partners and Ventum Financial Corp. are acting as co-managers for the offering.