Each one in plain English, with the numbers worked through for a shareholder.
18 July 2014material agreement● NeutralMajor
On July 17, 2014 Uranerz signed an agency agreement with Haywood Securities and Cantor Fitzgerald Canada (lead agents) to sell 9,600,000 units at $1.25 each. Each unit is one share plus one-half of a warrant, and each whole warrant buys a share at $1.60 for 30 months after closing. Agents are paid 6% of gross proceeds, and directors and officers agreed to a 90-day lock-up. This is the sale announced by the July 2014 prospectus filings; the offering closed later (see July 25).
Global X Management Company LLC, Bruno del Ama, Jose C. Gonzalez reported a URANERZ ENERGY CORP. shareholding of 3,642,970 shares (4.25% of votes) in a periodic institutional filing.
On November 26, 2013 Uranerz agreed a $20 million loan from Johnson County, Wyoming, funded by a bond bought by the State of Wyoming, to finance Nichols Ranch; it closed December 3, 2013. The loan carries 5.75% interest, is interest-only through 2014, then amortises quarterly to October 2020, and is secured by a mortgage and assignment of sales contracts. Proceeds were used to repay the $6 million Deans Knight loan from June 2013, whose security was discharged, which resolves that earlier debt.
This filing says the offering announced August 27, 2013 closed on September 6, 2013: 8,550,000 units at US$1.17, about US$10 million gross. It also records a warrant indenture with Corporation Stock Transfer as warrant agent. The US$1.60 warrants last 30 months, and Uranerz may accelerate their expiry if the shares close above US$2.75 for 20 consecutive trading days.
On August 27, 2013 Uranerz agreed a bought-deal offering of 8,550,000 units at US$1.17 each (about US$10 million gross), led by Haywood Securities. Each unit is one share plus half a warrant exercisable at US$1.60 for 30 months, so existing shareholders are diluted. Underwriters get 6% of gross proceeds, and directors and officers agreed to a 90-day lock-up. The company says proceeds are intended for ongoing Nichols Ranch construction and general corporate purposes.
On June 24, 2013 the board authorised agreements under which the company will indemnify its directors and officers, and advance their legal expenses, to the fullest extent the law permits. No money amounts are stated; this is a routine governance step.
12 June 2013capital raising announcement● NeutralMajor
On June 6, 2013 Uranerz agreed a $6 million note financing with investors managed by Deans Knight (the same firm that disclosed a 5.75% holding in Feb 2012), closed June 7. The senior notes pay 6% interest, rising to 10% from August 16, 2013 if not repaid by August 15, 2013, and are secured by a mortgage over its 100%-owned mineral interests, the Nichols Ranch processing facility and its product sales contracts. The investors also get 1,600,000 warrants at US$1.60 (1,200,000 exercisable now, 400,000 only if the notes are still outstanding after August 15, 2013), which could dilute shareholders. This is the company's first disclosed debt.
On March 29, 2013 the company concluded it must restate more widely after SEC staff disagreed with its continued capitalization of Nichols Ranch processing facility costs. All such costs will be expensed, which also affects the 2012 annual report filed March 28, 2013. Investors should no longer rely on the 2012 and 2011 annual statements or the three 2012 quarterly statements. The company says cash, cash flow and business plan are unchanged. This widens the February 2013 restatement.
This March 2013 amendment only corrects the item numbers tagged on the February 15, 2013 8-K and changes nothing else. That original report said the company decided on February 11, 2013 that some Nichols Ranch construction costs should have been expensed as exploration costs, not capitalized. It will restate its 2011 annual and 2012 first-three-quarter results and says cash, cash flow and business plan are unaffected. Investors should no longer rely on those statements. By 2013 the company is building its first mine, Nichols Ranch.
