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Uranium Resources Inc Announces Terms Of Rights Offering


Wednesday, 6 Feb 2013 06:55am EST 

Uranium Resources Inc announced that certain terms of previously announced rights offering in which all existing URI shareholders and warrant holders, may participate on an equal, proportional basis in purchasing common shares. The Company anticipates launching the Rights Offering on February 7, 2013 and seeks to raise up to $13.0 million. Under the Rights Offering, each URI shareholder and warrant holder will receive one non-transferrable subscription right for each share of common stock owned or subject to a warrant as of 5:00pm ET on January 28, 2013. Every subscription right will entitle the holder to purchase 0.3119 of a share of common stock of URI at a price of $2.55 per whole share, representing a discount of approximately 20% to the closing price of $3.19 on February 5, 2013 and a discount of approximately 32% to the closing price of $3.77 on the Record Date. Fractional shares of URI common stock will not be issued in this Rights Offering. Any fractional shares resulting from the exercise of the subscription rights will be eliminated by rounding down to the nearest whole share. As previously announced, in December 2012, URI and Resource Capital Fund V L.P. (RCF) entered into a standby purchase agreement pursuant to which RCF agreed, subject to certain conditions, to participate in the Rights Offering and to exercise rights so that total proceeds to the Company will equal at least $8.0 million, inclusive of the conversion of the $5.0 million bridge loan facility. 

Company Quote

2.0
0.06 +3.09%
19 Dec 2014