Uranium ResourcesInc. said April 11 that it executed a purchase agreement with AspireCapital Fund LLC, under which the miner will place up to US$12.0 million in shareswith Aspire Capital over a term of 30 months.
The key terms of the agreement include Uranium Resources controllingthe timing and amount of sales to Aspire Capital at a price based on the market.
Aspire Capital also said it will not engage in short-sellingor hedging of Uranium Resources shares until the end of the agreement, which UraniumResources may terminate at any time without any additional penalty.
According to Uranium Resources, the deal will provide the companywith the capital needed to fund its work, most importantly those directed at bringingits Temrezli projectin Turkey to a final investment decision.
The agreement remains subject to shareholder approval.
Uranium Resources also recently signed a deal to its Hydro Resources Inc. unit to Laramide Resources Ltd.