NEW YORK ( TheStreet) -- Uranium Resources ( URRE) shares plunged Tuesday after the uranium miner priced an offering of common stock at a steep discount to the previous closing price.
Uranium Resources said Tuesday it has priced an offering of approximately 23.8 million shares of common stock at 42 cents per share, a 19.2% discount to Monday's closing price of 52 cents a share. Underwriters were give a 30-day option to purchase up to an additional 3.33 million shares of to cover overallotments, if any. Uranium Resources said it intends to use the net proceeds from the offering for general corporate purposes, which may include making additions to our working capital, and funding future acquisitions. Shares of Uranium Resources were dropping by 4 cents, or 7.8%, to 47.5 cents. The stock is down 38% in 2010 and 58% over the last year. Elsewhere, Republic First Bancorp ( FRBK) shares fell 4% to $1.94 after the company priced an offering of 15 million shares of common stock at $2 per share. Underwriters were granted a 30-day option to purchase up to an additional 15% of the offered amount to cover overallotments, if any. Waccamaw Bankshares ( WBNK) shares also traded lower Tuesday after the company announced a rights offering of approximately 8.33 million shares of common stock at $1.25 per share. Shareholders will also be entitled to oversubscribe, the company said. Waccamaw Bankshares also filed a registration statement with the Securities and Exchange Commission in connection with a proposed public offering of up to approximately 21.67 million shares plus any shares not sold in the rights offering. Shares of Waccamaw were down 2.2% to $2.20, good for a loss of 26% in 2010. Royal Gold ( RGLD) shares also fell after the company filed late Monday for an offering of 6.5 million shares of common stock. Underwriters have a 30-day option to purchase up to 975,000 additional shares to cover overallotments, if any. Royal Gold said net proceeds will be used for general corporate purposes, including to repay debt and to fund acquisitions of additional royalty interests. Royal Gold shares were down 2.1% to $52.21. On the IPO front, video ringtone company Vringo ( VRNG) priced its initial public offering of 2.39 million units at $4.60 per unit, which was near the lower end of its expected price range of $4.50 to $5.50 per unit.