- EnCore Energy (EU) is looking to raise C$4.8 million in a private placement to fund exploration work at its properties in the southwest United States
- The company plans to issue 12 million units at a price 40 cents each, comprised of one common share and half of one common share purchase warrant
- Each warrant will be exercisable at a price of 60 cents per share for a period of 36 months
- The financing comes hot on the heels of a management reshuffle, in which Paul Goranson will be appointed as CEO, effective on October 1, 2020
- enCore Energy (EU) is currently steady at 45 cents per share at 12:31pm EDT
EnCore Energy (EU) is looking to raise C$4.8 million in a private placement to fund exploration work at its properties in the southwest United States.
Under the terms of the placement, the Toronto-based company plans to issue 12 million units at a price of $0.40 each. These units will be comprised of one common share in enCore Energy and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share at a price of $0.60 for a period of 36 months from the date of issuance.
However, should the company’s shares trade on the TSX Venture Exchange at or above a price of $0.90 for a period of five consecutive days, the expiry date of the warrants may be brought forward.
Clarus Securities and PowerOne Capital Markets will act as the co-agents for the placement, and have been granted an over-allotment option to purchase an additional amount of shares equal to 15 per cent of the total amount on offer.
This option will be exercisable within the first 30 days of the placement’s closing.
EnCore Energy intends to use the proceeds to fund exploration and development work at its uranium projects, which are located predominantly in Arizona and New Mexico.
The financing comes hot on the heels of a management reshuffle earlier this week, in which Paul Goranson was appointed CEO, effective October 1, 2020, replacing Dennis Stover who will transition to the role of Chief Technical Officer.
EnCore Energy (EU) is currently steady at 45 cents per share at 12:31pm EDT.