22 Aug 2025capital raising announcement● NeutralMajor
enCore sold $115.0 million of 5.50% convertible senior notes due August 15, 2030 to initial purchasers led by Cantor Fitzgerald, closing August 22, 2025; the total includes the full $15.0 million extra-notes option. Net proceeds are about $109.8 million, of which $11.5 million is for capped call transactions and about $10.6 million is to repay the Boss Energy uranium loan (the $10.4 million balance outstanding in July), with the rest for general corporate purposes. The notes convert at about $3.29 per share (303.9976 shares per $1,000), so shareholders could be diluted if holders convert into shares (the company may instead pay cash or a mix); the notes are unsecured. This resolves the Boss loan repayment thread ahead of the December 27, 2025 deadline, though the repayment is stated as an intention and the filing excerpt does not confirm it has been made.