Uranium Participation Corp (TSX:I) entered into an agreement with a syndicate of underwriters led by Cormark Securities and including Cantor Fitzgerald, Raymond James Ltd, RBC Capital Markets and Scotia Capital, whereby each has agreed to purchase a bought deal basis 9,150,000 common shares of UPC at a price of $5.47 per common share. The total proceeds of the deal represent roughly $50 million. The transaction is scheduled to close on or around February 6 2014.
According to the company press release:
The net proceeds of the Offering will be used to fund future purchases of U3O8 and/or UF6 and for general corporate purposes.