Uranium producer enCore Energy drops on equity offering plans

enCore Energy

24/01/2023 22:06

** Shares of enCore Energy Corp  EU.N  shares down >14%
after hours as co looks to raise equity
    ** Uranium developer announces offering of units through
underwriting group led by Canaccord Genuity; deal size not
disclosed  urn:newsml:reuters.com:*:nPn4zqrmsa
    ** Each units comprises one common share and one-half of a
common share purchase warrant to purchase one common share
    ** Co plans to use net offering proceeds to maintain/advance
its material properties, acquire properties, plant upgrades,
among other uses
    ** EU on Tues closed down 1.1% at $2.70, trimming YTD gain
to 14.3%. Stock has lost ~18% over the past 12 months
    ** Co has ~109 mln shares outstanding for roughly $294 mln
market cap, per Refinitiv, and ~103 mln shares of free float
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))