Funds to be used for drilling of deep disposal wells at Nichols Ranch
By Devika Patel
Knoxville, Tenn., June 7 - Uranerz Energy Corp. said it settled a $6 million private placement of notes.
The 6% notes mature on the earlier of 30 days from the execution of a planned $20 million loan financing and Dec. 31, 2013.
Investors also received warrants for 1.6 million shares, which are each exercisable at $1.60 for 30 months. The strike price reflects a 22.14% premium to the closing share price on June 6 of $1.31.
Proceeds will be used for drilling of deep disposal wells at Nichols Ranch, construction of the company's Nichols Ranch ISR facility and general corporate and administrative purposes.
Vancouver, B.C.-based Uranerz mines for uranium in the Powder River Basin area of Wyoming.
| Issuer: | Uranerz Energy Corp.
|
| Issue: | Notes
|
| Amount: | $6 million
|
| Maturity: | The earlier of 30 days from the execution of a planned $20 million loan financing and Dec. 31, 2013
|
| Coupon: | 6%
|
| Warrants: | For 1.6 million shares
|
| Warrant expiration: | 30 months
|
| Warrant strike price: | $1.60
|
| Settlement date: | June 7
|
| Stock symbol: | NYSE: URZ
|
| Stock price: | $1.31 at close June 6
|
| Market capitalization: | $101.76 million
|
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