NexGen sales fuel uranium project
NexGen Energy raised an upsized C$1bn (US$717m) in two concurrent fundraisings in Canada and Australia to fund its uranium project, as it positions itself as the leading provider of nuclear fuel.
Bank of America led a syndicate of banks on the C$400m Canadian-style bought deal of 33.1m shares priced at C$12.08, a 4.5% discount to Thursday’s C$12.65 TSX close.
Aitken Mount Capital Partners and Canaccord Genuity jointly led an upsized A$600m raising from the sale of 45.8m Australian CHESS Depositary Interests at A$13.10. The Australian tranche was increased from the A$400m targeted at launch.
NexGen’s TSX shares fell 2.8% to close Thursday’s session at C$12.30.
NexGen, whose shares are triple-listed on the TSX, NYSE and ASX, is using the proceeds to advance engineering and pre-production costs of its Rook I Project uranium development. The project is in the southwestern Athabasca Basin in Saskatchewan, Canada, where one of the world’s richest uranium deposits is located.
NexGen also bought Rio Tinto’s 10% production carried interest in 39 mineral claims at the Pattern Corridor East discovery in July, raising its ownership to 100%.
NexGen is adding to the $371.6m of cash in place as of June 30.