Lightbridge Corp.,
a nuclear energy company based in McLean, Virginia, said Tuesday that Aspire Capital Fund, LLC has made a commitment to purchase up to $10 million worth of Lightbridge common stock.
Under the agreement, Lightbridge would be responsible for the initiation of the sale of any common stock and how many shares to Aspire Capital. Aspire will not be allowed to require any sales of common stock and has committed to make purchases as Lightbridge sees fit.
“Our primary focus is to bring our metallic nuclear fuel to market to enable utilities to increase safety margins and improve the economics of their existing reactor fleets,” Lightbridge President and CEO Seth Grae said. “We are encouraged by the support we have received from the industry and remain on track to commence manufacturing of our fuel samples in 2016, with demonstration of our fuel samples in a test reactor under prototypic commercial reactor operating conditions to begin in 2017. We believe our recent accomplishments, along with current progress on other pending milestones, will drive significant value for our shareholders. At the same time, we remain focused on minimizing dilution by carefully managing our operating expenses.”
There are currently no limitations on how proceeds from stock sales will be utilized.
Lightbridge is focused on the development of nuclear fuel technologies for reactor systems. Recently the company achieved the approval of patents for their multi-lobed metallic fuel rod design from the U.S., South Korea and Australia.
