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Ur-Energy
Inc. (TSX:URE, NYSE Amex:URG)
("Ur-Energy" or the "Company") is
pleased to announce that it has entered into an agreement with a syndicate of
underwriters led by Canaccord Genuity
Corp. and including Raymond James Ltd. and Roth Capital Partners, LLC (the
"Underwriters"), pursuant to which the Underwriters have agreed to
purchase, on a bought deal basis, pursuant to a short form prospectus,
10,000,000 common shares (the "Common Shares") of the Company at a
price of CAD$3.00 per Common Share for gross proceeds of CAD$30,000,000 (the
"Underwritten Offering"). In addition, the Company will grant
the Underwriters an option to purchase additional Common Shares at the
Offering price to raise additional gross proceeds of up to 15% of the
Offering (the "Over-Allotment Option") exercisable for a period of
up to 30 days after the closing date (the "Over-Allotment Option",
and together with the Underwritten Offering, the "Offering").
In
connection with this Offering the Underwriters will receive a cash fee of 6%
of the gross proceeds raised.
The
proceeds from the Offering are expected to be used by the Company to finance
development of its properties, possible acquisitions, and for general working
capital and corporate purposes.
Closing
of the Offering is anticipated to occur on or before March 1, 2011 and is
subject to certain conditions including, but not limited to, the completion
of satisfactory due diligence by the Underwriters and the receipt of
applicable regulatory approvals including approval of the Toronto Stock
Exchange and the NYSE Amex.
This
news release does not constitute an offer to sell or a solicitation of an
offer to buy nor shall there be any sale of any of the Common Shares in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. The Common Shares have not been and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or the securities laws of any state of the United
States and may not be offered or sold within the United States or to, or for
the account or the benefit of, U.S. persons (as defined in Regulation S under
the U.S. Securities Act) unless registered under the U.S. Securities Act and
applicable state securities laws or pursuant to an exemption from such
registration requirements.
About
Ur-Energy
Ur-Energy is a junior uranium company currently
completing mine planning and permitting activities to bring its Lost Creek
Wyoming uranium deposit into production. Permitting also will allow the
construction of a two-million-pounds-per-year in situ uranium processing
facility. Engineering for the process facility is complete and mine planning
is at an advanced stage for the first two mine units. Ur-Energy engages in
the identification, acquisition and exploration of uranium properties in both
Canada and the United States. Shares of Ur-Energy trade on the Toronto Stock
Exchange under the symbol "URE" and on the NYSE Amex under the
symbol "URG". Ur-Energy's corporate office is located in Littleton,
Colorado; its registered office is in Ottawa, Ontario. Ur-Energy's
website is www.ur-energy.com.
This
release may contain "forward-looking statements" within the meaning
of applicable securities laws regarding events or conditions that may occur
in the future, including statements regarding the anticipated offering and
sale of the common shares, the anticipated closing date of the offering, the
over-allotment option, the anticipated use of proceeds, the approvals of the Toronto
Stock Exchange and NYSE Amex and other regulatory approvals, anticipated
completion of mine planning and permitting activities and production, the
anticipated construction and capacity of an in situ uranium processing
facility at Lost Creek. These statements are based on current expectations
that, while considered reasonable by management at this time, inherently
involve a number of significant business, economic and competitive risks,
uncertainties and contingencies. Factors that could cause actual results to
differ materially from any forward-looking statements include, but are not
limited to, whether the proposed offering is successful, whether required
approvals are received, disruptions in the financial markets, changes in the
anticipated or actual use of proceeds, capital and other costs varying
significantly from estimates; failure to establish estimated resources and
reserves; the grade and recovery of ore which is mined varying from
estimates; production rates, methods and amounts varying from estimates;
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals; inflation; changes in exchange
rates; fluctuations in commodity prices; delays in development, inability to
obtain financing required to complete its projects on acceptable terms or at
all and other factors. There can be no assurance that forward looking
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Readers should not place undue reliance on forward-looking statements. The
forward-looking statements contained herein are based on the beliefs,
expectations and opinions of management as of the date hereof and Ur-Energy
disclaims any intent or obligation to update them or revise them to reflect
any change in circumstances or in management's beliefs, expectations or
opinions that occur in the future, except as required by applicable securities
laws. Additional risks relating to Ur-Energy may be found in the
current and periodic reports filed with Canadian securities regulatory
authorities and the SEC by Ur-Energy.
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