Uranium Resources said recently that it has agreed to a stock-purchase deal with Aspire Capital Fund LLC.
The uranium exploration and development company sold 3,560,000 shares of common stock in a registered direct offering for $838,000.
The company plans to use the net proceeds from the deal for capital expenditures, conducting technical studies and/or restoration commitments.
Uranium Resources and the Chicago-based institutional investor also entered into an option agreement last month Aspire Capital gave Uranium Resources the right — any time between now and April 30, 2017 — to require that Aspire agree to as many as two common-stock purchase agreements, each with a term of up to 24 months, and requiring Aspire Capital to purchase up to the aggregate amounts, which shall not exceed $10 million in common stock (or a lesser amount, if Uranium Resources allows it).
After execution of the option agreement, Uranium Resources issued 900,000 restricted common shares to Aspire Capital as a commitment fee.
