Energy Fuels slides after $550 mln convertible bonds sale announced
Shares of uranium and rare earths miner Energy Fuels UUUU.A down 6.8% at $15.40 in extended trading after planned capital raise news
Lakewood, Colorado-headquartered firm announces private offering of $550 mln convertible bonds due 2031
Co plans to use net offering proceeds to fund development expenditures and project financing for its planned Phase 2 rare earth separations circuit expansion at the White Mesa Mill, as well as project financing for its Donald heavy mineral sands and rare earth project in Australia, among other uses
It also intends to use portion of proceeds to pay cost of capped calls, derivative transactions employed to help offset potential dilution
With ~230.67 mln shares outstanding, co has $3.8 bln market cap
UUUU shares on Mon finished session down 1.1% at $16.52, trimming YTD gain to 222%
Of 3 analysts covering UUUU, 2 rate "buy" and 1 rates "hold"; median PT is $11, per LSEG data
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