8 Aug 2022business combination● Neutral
UEC and UEX Corporation raised the exchange ratio in their pending merger to 0.0890 UEC shares per UEX share and increased the deal's termination fee by 7%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 July 2022resource reserve update▲ Good
UEC filed its first S-K 1300 resource report for the dormant Yuty project in Paraguay, based on 543 drill holes, signaling continued interest in the asset five years after its last update.
13 July 2022resource reserve update▲ Good
UEC re-filed its Anderson project resource under the new S-K 1300 standard - the largest uranium deposit in Arizona, at about 32 million pounds indicated.
30 June 2022capital raising announcement▲ Good
UEC bought a further 6.84 million UEX shares on the open market (average C$0.36), bringing its total pre-merger UEX stake to 18.47 million shares (about 3.32%).
22 June 2022capital raising announcement▲ GoodMajor
Ahead of its formal all-share merger agreement with UEX Corporation (announced days earlier), UEC bought an 11.63 million-share stake in UEX via a C$5 million private placement at C$0.43/share - building a toehold position in its own acquisition target.
17 June 2022business combination● Neutral
UEC filed the formal 8-K for its previously announced UEX Corporation acquisition, setting the exchange ratio at 0.0831 UEC shares per UEX share (about a 50% premium to UEX's trading price) with a shareholder vote planned for August 2022.
13 June 2022business combination▲ GoodMajor
UEC agreed to acquire all shares of Canada's UEX Corporation in a stock-for-stock deal, a move it said would give it the largest Americas-focused uranium portfolio by combining its U.S. production assets with UEX's Canadian development projects; UEC shareholders would end up owning about 86% of the combined company.
13 June 2022asset acquisition disposition▲ Good
UEC settled $18.34 million of debt owed by Anfield Energy - inherited through the Uranium One Americas acquisition - in exchange for cash, Anfield stock and warrants, and a separate swap of Wyoming properties with Anfield's subsidiaries.
5 Apr 2022resource reserve update▲ GoodMajor
UEC combined its Reno Creek project with the Uranium One Americas assets it acquired in 2021 into a single Wyoming ISR "Hub and Spoke" platform, disclosing under the new S-K 1300 standard the largest such uranium resource reported in the U.S. to date - nearly 62 million pounds measured and indicated across seven satellite projects, four fully permitted.
4 Mar 2022asset acquisition disposition● Neutral
UEC filed audited 2019-2020 financial statements for Uranium One Americas, a required follow-up disclosure from its December 2021 acquisition of the company.
9 Feb 2022resource reserve update● Neutral
UEC re-filed its Reno Creek mineral resource under the SEC's new S-K 1300 reporting standard, which replaced the older Canadian NI 43-101 format; the underlying resource figures are unchanged.
21 Jan 2022asset acquisition disposition● Neutral
UEC filed an amended 8-K adding the required historical disclosure for its December 2021 Uranium One Americas acquisition - a paperwork follow-up, not a new development.
21 Dec 2021asset acquisition disposition▲ GoodMajor
UEC closed its purchase of Uranium One Americas from Rosatom-owned Uranium One Investments for a final $128.5 million, doubling its permitted U.S. in-situ recovery projects, resources and processing infrastructure.
9 Nov 2021material agreement▲ GoodMajor
UEC agreed to buy Uranium One Americas from Uranium One Investments, a subsidiary of Russia's state-owned Rosatom, for about $125 million, positioning UEC as the largest uranium mining company in the U.S. through Uranium One Americas' Wyoming assets.
9 Apr 2021capital raising announcement▲ GoodMajor
UEC closed the $12 million registered direct offering announced three days earlier.
8 Apr 2021material agreement● Neutral
UEC raised $12 million in another registered direct stock offering, this time at $3.30 per share.
6 Apr 2021capital raising announcement▲ GoodMajor
UEC secured a further 705,000 pounds of US-warehoused uranium (delivery through Dec 2022) and announced a $12 million offering (3.64 million shares at $3.30), continuing its physical-inventory-building strategy.
What it means for a shareholder
3.6m new shares at US$3.30 to raise about US$12.0m. That's 1.7% dilution: every existing holder's slice gets 1.7% smaller. If you held US$1,000 of shares (303 at the issue price), your slice goes from 0.000141% to 0.000139% of the company. To keep it you'd need 5 more shares - about US$17 at the issue price.
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22 Mar 2021capital raising announcement▲ GoodMajor
UEC closed the $30.5 million registered direct offering announced five days earlier.
19 Mar 2021material agreement▲ Good
UEC raised $30.5 million in a registered direct stock offering at $3.05 per share - roughly 2.5 times the per-share price of its 2020 raises, reflecting the recovering uranium market.
17 Mar 2021capital raising announcement▲ GoodMajor
UEC secured another 800,000 pounds of US-warehoused uranium and announced a $30.5 million offering (10 million shares at $3.05) - part of a deliberate strategy of holding physical uranium inventory alongside its mining operations.
What it means for a shareholder
10.0m new shares at US$3.05 to raise about US$30.5m. That's 4.5% dilution: every existing holder's slice gets 4.5% smaller. If you held US$1,000 of shares (328 at the issue price), your slice goes from 0.000153% to 0.000146% of the company. To keep it you'd need 15 more shares - about US$46 at the issue price.
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24 Sept 2020capital raising announcement▲ GoodMajor
UEC closed the upsized offering, raising $15 million.
21 Sept 2020material agreement● Neutral
UEC raised $15 million in an underwritten public stock offering.
21 Sept 2020capital raising announcement▲ GoodMajor
UEC's underwriters agreed to buy an upsized 12.5 million units at $1.20 - larger than originally planned due to strong demand.
What it means for a shareholder
12.5m new shares at US$1.20 to raise about US$15.0m. That's 6.3% dilution: every existing holder's slice gets 6.3% smaller. If you held US$1,000 of shares (833 at the issue price), your slice goes from 0.000451% to 0.000423% of the company. To keep it you'd need 56 more shares - about US$67 at the issue price.
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2 June 2020auditor change● Neutral
UEC replaced Ernst & Young with PricewaterhouseCoopers as its independent auditor; the company said there were no disagreements with the outgoing auditor over accounting or disclosure.
19 Mar 2020material agreement● Neutral
UEC amended its at-the-market stock program, resetting the total it can raise to $30 million.
5 Nov 2019drilling progress report▲ Good
UEC's 2019 Burke Hollow drilling campaign found additional mineralization and expanded the project's production area, including discovery of a new mineralized trend.
9 Apr 2019material agreement● Neutral
UEC set up an at-the-market equity program allowing it to sell up to $37.9 million of stock over time through H.C. Wainwright and a syndicate of co-managers.
18 Mar 2019capital raising announcement● Neutral
The Pacific Road sellers of the Reno Creek project exchanged their remaining 11 million UEC warrants (from the 2017 acquisition, not due to expire until 2022) for 750,000 shares outright - tidying up a residual overhang from that deal two years after closing.
7 Dec 2018asset acquisition disposition▲ GoodMajor
UEC extended the maturity of its long-standing $20 million Sprott Resource Lending credit facility to January 2022 with no principal due until then, and completed the royalty sales to Uranium Royalty Corp agreed in August 2018, picking up an ownership stake in Uranium Royalty Corp as part of the deal.
1 Oct 2018material agreement● Neutral
UEC raised about $20.2 million in another underwritten public stock offering.