Key Developments: Uranium Resources Inc (URRE.W)
2.63USD
24 May 2013
$0.08 (+3.14%)
$2.55
$2.61
$2.63
$2.61
200
123
$8.07
$1.89
Latest Key Developments (Source: Significant Developments)
Uranium Resources Inc Appoints Christopher M. Jones As President And Chief Executive Officer
Uranium Resources Inc announced that Board of Directors has appointed Christopher M. Jones, P.E., as President and Chief Executive Officer (CEO) effective April 1, 2013. Full Article
Uranium Resources Inc Announces Results Of Rights Offering
Uranium Resources Inc announced the preliminary results of its non-transferable rights offering, which expired on February 27, 2013. The Company estimates it will receive gross proceeds of approximately $8.7 million, before expenses, from the shareholder rights offering, which is to be used to satisfy a $5.0 million bridge loan and for general working capital. The rights offering is expected to result in the issuance of 3.4 million additional shares of URI common stock, which would represent approximately 67% of the maximum number of common shares available under the rights offering. As part of the rights offering, Resource Capital Fund V L.P. (RCF) exercised rights to purchase approximately 1.9 million shares of URI common stock pursuant to the previously-announced standby purchase agreement between URI and RCF. RCF will satisfy its $5.0 million subscription by offsetting the purchase against $5.0 million in borrowings owed to it by URI under a bridge loan agreement. Excluding such amount, the Company estimates that it will receive net proceeds from the rights offering of approximately $3.7 million. URI expects that the rights offering will close on March 5, 2013 to accommodate those who exercised their rights using guaranteed delivery procedures Full Article
Uranium Resources Inc Announces Terms Of Rights Offering
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. Full Article
Uranium Resources Inc Sets Record Date For Rights Offering
Uranium Resources Inc announced that it has set 5:00 p.m. eastern time on January 28, 2013 as the record date for its previously-announced shareholder rights offering (Rights Offering). Under the terms of the Rights Offering, the Company will distribute at no charge to the holders of its common stock and warrants as of 5:00 p.m. eastern time on January 28, 2013 (the Record Date) non-transferable subscription rights to purchase shares of the Company’s common stock (the Rights). The final terms of the Rights Offering, including the subscription price and the expiration date for the Rights, will be set forth in a prospectus supplement that will be distributed to holders of the Company’s common stock and warrants as of the Record Date. The Company seeks to raise up to $13.0 million in the Rights Offering. By giving URI shareholders and warrant holders the right to purchase additional shares of common stock on a pro-rata basis, the rights offering permits such holders to maintain their percentage ownership in the Company. Full Article
Uranium Resources Inc Secures Bridge Financing
Uranium Resources Inc announced the closing of $5 million in bridge financing (Bridge Financing) with Resource Capital Fund V L.P. (RCF). The $5 million Bridge Financing, which carries an annualized interest rate of 10%, will be used for the advancement of URI`s strategic projects and general working capital requirements. Full Article
Uranium Resources Inc Announces Resignation of Chief Executive Officer and President
Uranium Resources Inc announced that its President, Chief Executive Officer, Chief Operating Officer and Director, Donald C. Ewigleben, tendered his resignation effective September 28, 2012, to pursue other opportunities. The Board of Directors has named current Board member Terence J. Cryan as Interim President and CEO. The Board will immediately begin a search for a replacement CEO. Full Article
Uranium Resources Inc Closes $5 million In Funding With Resource Capital Fund V L.P.
Uranium Resources Inc announced that, on September 5, 2012, it closed the $5 million financing with Resource Capital Fund V L.P. (RCF), pursuant to its investment agreement with RCF. URI exercised the $5 million option on August 31, 2012 in conjunction with the closing of its acquisition of Neutron Energy, Inc. RCF purchased 9,691,801 shares of URI common stock at a price of $0.5159 per share. The share price was based on the volume weighted average trading price of URI common stock on the NASDAQ Capital Market for the 20 trading days prior to the closing of the Neutron merger. Full Article
Uranium Resources Inc Announces Closing Of Neutron Energy, Inc.'s Acquisition
Uranium Resources Inc announced the completion of a stock-for-stock transaction to acquire 100% of the equity of Neutron Energy, Inc. pursuant to the Agreement and Plan of Merger dated March 1, 2012 by and among URI, Neutron and URI Merger Corporation. At the effective time of the merger on August 31, 2012, URI Merger Corporation merged with and into Neutron with Neutron surviving the merger as an indirect wholly owned subsidiary of URI. Full Article
Uranium Resources, Inc. Signs Definitive Agreement To Acquire Neutron Energy, Inc. And Executes Financing Agreement With Resource Capital Fund
Uranium Resources, Inc. announced that it has entered into a merger agreement to acquire 100% of the equity capital of Neutron Energy, Inc. (Neutron) in a stock-for-stock transaction (Transaction). At the same time as the Transaction, an affiliate of Resource Capital Fund V L.P. (RCF) will provide $20 million that will be used to retire the majority of Neutron’s outstanding debt owed to RMB Australia Holdings Limited (RMB) in exchange for URI common stock. The remainder of Neutron debt owed to RMB will be converted into the Company common stock, resulting in the Company acquiring Neutron on a debt-free basis. A total of 37 million Company common shares will be issued for the merger, resulting in a total consideration of $38.1 million, based on the Company's closing stock price on February 24, 2012 of $1.03. The Company has also entered into an investment agreement with RCF, pursuant to which RCF will provide an additional $10 million in funding to the Company through the purchase of an additional 10.3 million the Company shares within 10 days of the signing of the definitive agreement. At closing of the merger, the Company, at its option, can receive an additional $5 million from RCF. The $10 million provided by RCF, as well as the optional $5 million available to the Company, will be used for working capital and to advance the development of projects held by the Company and Neutron. Neutron is a private uranium exploration and development company. Full Article
Uranium Resources, Inc. Begins Drilling At Los Finados Project In South Texas
Uranium Resources, Inc. announced that it began exploratory drilling on the 54,847 acres in Kenedy County, Texas, known as the Los Finados Project. The first phase of the drilling program began on June 21, 2011, and is expected to be completed by the end of September 2011, at a cost of approximately $1 million. This phase of the exploratory core drilling will be done using a widely and evenly spaced program covering a grid designed to test the potential for uranium mineralization over the entire area. Specifically, the objective is to identify oxidation-reduction interfaces within the wide-spaced drilling. Full Article
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