Uranium Energy (UEC) Stock Falls After Announcing $10 Million Secondary Offering

NEW YORK (TheStreet) -- Uranium Energy (UEC) shares are down 7.92% to $1.86 in morning trading on Tuesday after the Canadian uranium exploration company announced a $10 million financing plan.

The company will sell up to 5 million shares of common stock at $2 per share to two unnamed institutional investors.

The offering is expected to close June 26.

"We are very pleased to complete this capital raise on attractive terms which will enable the continued growth of our South Texas hub-and-spoke operations and provide us with greater financial flexibility," said CEO Amir Adnani.

UEC Chart UEC data by YCharts

If you liked this article you might like

The Fed's Dilemma Is Quite Obvious

Precious Metals, Mining Lifting Markets

Bearish Arguments Make Early Headway

Uranium Market Poised to Take-Off?

Is Uranium The New Star Commodity?