Toronto, Ontario – enCore Energy Corp. (TSXV:EU) (“enCore Energy Corp.” or the “Company”) has today engaged Clarus Securities Inc. and PowerOne Capital Markets Ltd. to act as co-lead agents to raise up to $4.8-million through a private placement offering of up to 12 million units of the company at a price of 40 cents per unit. Each unit comprises one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at an exercise price of 60 cents for 36 months following the completion of the offering, subject to acceleration of the expiry date to 30 calendar days upon notice provided to the warrantholder by the company, which may be provided at any time following the company’s shares trading at no less than 90 cents per share for five consecutive trading days on the TSX Venture Exchange.
The proceeds raised from the offering will be used by the company for exploration and development of the company’s mineral properties and for general corporate purposes.
The agents will have an option to purchase additional units on the same terms of the offering for aggregate proceeds representing 15 per cent of the offering, for market stabilization purposes and to cover overallotments, exercisable within 30 days of the date of closing of the offering.
The offering is scheduled to close on or about Oct. 8, 2020, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals of the TSX Venture Exchange.
About EnCore Energy Corp.
EnCore Energy is focused on working toward becoming a domestic United States uranium producer. With significant existing resources in the southwest United States and a binding letter of intent to acquire production facilities in Texas along with additional uranium resources in New Mexico, EnCore will, upon completion of the Westwater transaction, hold the largest uranium position in the Grants mineral belt and licensed processing facilities in Texas.
Source: enCore Energy