Feb 18 Canada's Cameco Corp (CCO.TO) (CCJ.N)
said it has agreed to sell C$400 million ($317.5 million) of
stock at a discount in a bought deal financing to shore up its
The world's top uranium producer said a syndicate led by
BMO Capital Markets and RBC Capital Markets have agreed to
purchase about 23.19 million of its shares at a price of
C$17.25 per share, a discount of 9.78 percent to Wednesday's
Cameco, which planned to cut costs and defer projects due
to the credit crunch, said underwriters have an over-allotment
option to purchase up to a further C$60 million of stock.
The company has had to rely on short-term debt to fund
fluctuations in working capital due to the uncertain timing of
contract uranium sales.
Cameco shares, which have lost more than 40 percent of
their value in the past six months, closed Wednesday up 95
Canadian cents at C$19.12 on the Toronto Stock Exchange.
($1=1.260 CANADIAN DOLLAR)
(Reporting by Krishna Chaithanya in Bangalore; Editing by
Vikram S Subhedar)