LITTLETON, CO, Feb. 7 /CNW/ - Ur-Energy Inc. (TSX:URE, NYSE Amex: URG) ("Ur-Energy" or the "Company") is pleased to announce that it has entered into an agreement with a
syndicate of underwriters (the "Underwriters"), pursuant to which the
Underwriters have agreed to purchase, on a bought deal basis, pursuant
to a short form prospectus filed in certain provinces of Canada,
10,000,000 common shares (the "Common Shares") of the Company at a
price of CAD$3.00 per Common Share for gross proceeds of CAD$30,000,000
(the "Underwritten Offering"). In addition, the Company will grant the
Underwriters an option to purchase additional Common Shares at the
Offering price to raise additional gross proceeds of up to 15% of the
Offering (the "Over-Allotment Option") exercisable for a period of up
to 30 days after the closing date (the "Over-Allotment Option", and
together with the Underwritten Offering, the "Offering").
In connection with this Offering the Underwriters will receive a cash
fee of 6% of the gross proceeds raised.
The proceeds from the Offering are expected to be used by the Company to
finance development of its properties, possible acquisitions, and for
general working capital and corporate purposes.
Closing of the Offering is anticipated to occur on or before March 1,
2011 and is subject to certain conditions including, but not limited
to, the completion of satisfactory due diligence by the Underwriters
and the receipt of applicable regulatory approvals including approval
of the Toronto Stock Exchange and the NYSE Amex.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy nor shall there be any sale of any of the Common
Shares in any jurisdiction in which such offer, solicitation or sale
would be unlawful. The Common Shares have not been and will not be
registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act") or the securities laws of any state of the
United States and may not be offered or sold within the United States
or to, or for the account or benefit of, U.S. persons (as defined in
Regulation S under the U.S. Securities Act) unless registered under the
U.S. Securities Act and applicable state securities laws or pursuant to
an exemption from such registration requirements.
Ur-Energy is a junior uranium company currently completing mine planning
and permitting activities to bring its Lost Creek Wyoming uranium
deposit into production. Permitting also will allow the construction
of a two-million-pounds-per-year in situ uranium processing facility.
Engineering for the process facility is complete and mine planning is
at an advanced stage for the first two mine units. Ur-Energy engages in
the identification, acquisition and exploration of uranium properties
in both Canada and the United States. Shares of Ur-Energy trade on the
Toronto Stock Exchange under the symbol "URE" and on the NYSE Amex
under the symbol "URG". Ur-Energy's corporate office is located in
Littleton, Colorado; its registered office is in Ottawa, Ontario.
Ur-Energy's website is www.ur-energy.com.
This release may contain "forward-looking statements" within the meaning
of applicable securities laws regarding events or conditions that may
occur in the future, including statements regarding the anticipated
offering and sale of the common shares, the anticipated closing date of
the offering, the over-allotment option, the anticipated use of
proceeds, the approvals of the Toronto Stock Exchange and NYSE Amex and
other regulatory approvals, anticipated completion of mine planning and
permitting activities and production, the anticipated construction and
capacity of an in situ uranium processing facility at Lost Creek. These
statements are based on current expectations that, while considered
reasonable by management at this time, inherently involve a number of
significant business, economic and competitive risks, uncertainties and
contingencies. Factors that could cause actual results to differ
materially from any forward-looking statements include, but are not
limited to, whether the proposed offering is successful, whether
required approvals are received, disruptions in the financial markets,
changes in the anticipated or actual use of proceeds, capital and other
costs varying significantly from estimates; failure to establish
estimated resources and reserves; the grade and recovery of ore which
is mined varying from estimates; production rates, methods and amounts
varying from estimates; delays in obtaining or failures to obtain
required governmental, environmental or other project approvals;
inflation; changes in exchange rates; fluctuations in commodity prices;
delays in development, inability to obtain financing required to
complete its projects on acceptable terms or at all and other factors.
There can be no assurance that forward looking statements will prove to
be accurate and actual results and future events could differ
materially from those anticipated in such statements. Readers should
not place undue reliance on forward-looking statements. The
forward-looking statements contained herein are based on the beliefs,
expectations and opinions of management as of the date hereof and
Ur-Energy disclaims any intent or obligation to update them or revise
them to reflect any change in circumstances or in management's beliefs,
expectations or opinions that occur in the future, except as required
by applicable securities laws. Additional risks relating to Ur-Energy
may be found in the current and period ic reports filed with Canadian
securities regulatory authorities and the SEC by Ur-Energy.
SOURCE Ur-Energy Inc.
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