Uranium Resources Secures up to $10.8 Million of Additional Funding from Aspire Capital

February 4, 2016

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Uranium Resources, Inc. (NASDAQ:URRE; ASX: URI) has entered into a stock purchase agreement with Aspire Capital Fund, LLC, selling 3,560,000 shares of its common stock in a registered direct offering for an aggregate purchase price of US $838,000.00. There were no underwriting discounts or placement agent fees. Uranium Resources intends to use the net proceeds from this transaction for general corporate purposes, which may include technical studies, restoration commitments, capital expenditures and working capital.

According to the company’s press release:

Separately, on February 3, 2016, the Company and Aspire Capital also entered into an option agreement by which Aspire Capital granted the Company the right at any time or times prior to April 30, 2017, for the Company to require Aspire Capital to enter into up to two common stock purchase agreements, each having a term of up to 24 months, and collectively requiring Aspire Capital to purchase up to the aggregate amounts of which shall not exceed $10 million in the aggregate of Company’s common stock (or such lesser amount as the Company may determine) on an ongoing basis when required by the Company. Upon the execution of the option agreement, the Company issued 900,000 restricted common shares to Aspire Capital as a commitment fee.

Click here to view the full press release. 

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Category: Energy