Uranium Resources, Inc. (NASDAQ:URRE), better known for its activities in production, development and exploration activities related to uranium, announced the issuance of 2.5 million shares in return for a massive funding of $1 million.
According to reports, the private party that has agreed to be a part of this deal will buy company’s common stock for $0.40 per share. The closing of this transaction was successful upon the consent of all the shareholders.
Insights of Matter
After all the settlements including offering expenses and the commissions of the placement agent, this transaction will lead to a net proceed of about $0.9 million to the company. This revenue will be used to finance general corporate expenditures of Uranium, such as restoration commitments, technical studies, working capital and other expenses.
Reports claim that Roth Capital Partners was the sole placement agent in this transaction. The management team of Uranium Resources is pleased to announce this update and hopes that it will have a favorable impact on Uranium Resources in the coming months.
Meanwhile, Ur-Energy Inc. (USA)(NYSEMKT:URG) announced an increased and updated mineral resource estimate for Lost Creek Property, which is located in Sweetwater County, Wyoming. It was possible for Ur-Energy only because of great resource estimation of MU2 unit done by wellfield development drilling. Ur-Energy also used 0.20 grade-thickness to revise all the Lost Creek Property resources.
Another energy market leader, Uranium Energy Corp. (NYSEMKT:UEC), announced an update regarding the development activities and drilling campaign at its Texas-based Burke Hollow ISR Project that it finished recently.
As per the reports, the drilling activity started on August 10, 2015, with nothing but a couple of rigs on-site. It went on to complete 25,000-feet of drilling within the given budget and timeline. The primary objective of this drilling activity was to install baseline monitoring wells, in-fill the gaps along with Eastern Lower B trend and further explore the Eastern Lower B extension.
Company’s VP- Resource Development, Andrew Kurrus, said that the results were up-to-expectations and quite motivating for the entire team. Uranium Energy will continue to announce various updates from time to time in the future.