In a news release, Uranium Energy Corp. (UEC:NYSE AMERICAN) announced it closed on March 17, 2021, its registered direct offering, generating gross proceeds of $30.5 million.
The company stated that the funds will be used for additional uranium purchases and general corporate and working capital purposes. "Uranium Energy Corp.'s physical uranium initiative is fully funded with cash on hand," the release noted.
Uranium Energy reported that, following the close of financing, it has about $95 million in cash and equity holdings, $61 million of it in cash. It intends to use the monies to continue building its uranium stockpile and as general corporate and working capital.
For the financing, the energy company issued 10 million Uranium Energy common shares at a purchase price of $3.05 apiece.
UEC reported that physical uranium initiative "now includes 1.4 million pounds of U.S. warehoused uranium with 1,000,000 pounds delivered by May 2021 and another 400,000 pounds delivered by March 2022."
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