Each one in plain English, with the numbers worked through for a shareholder.
14 July 2015business combination● NeutralMajor
Uranium Resources filed a preliminary proxy asking its shareholders to approve issuing shares for the Anatolia Energy acquisition agreed June 3, 2015 (0.06579 URI share per Anatolia share). Anatolia holders would own about 41% of the combined company (about 44% fully diluted), and the board unanimously recommends a vote in favour. The same meeting also covers director elections, Hein & Associates as auditor and an executive-pay advisory vote. This moves forward the Anatolia deal announced in June; the meeting date is still blank in this draft.
The company bought a $150,000 historical data set on its Butler Ranch project in South Texas and said it plans to relocate its idle Rosita processing plant to Turkey to cut startup costs for the pending Anatolia/Temrezli project.
Ahead of the Anatolia merger closing, Uranium Resources agreed to lend Anatolia up to A$2 million as bridge financing, convertible into Anatolia shares if the deal falls through.
Uranium Resources agreed to acquire Australia's Anatolia Energy in an all-stock merger, gaining the high-grade Temrezli in-situ uranium project in Turkey and adding a planned dual listing on the ASX.
The company raised $6 million in another registered direct offering, at $1.50 per unit with attached warrants - a lower price and richer warrant coverage than its 2014 raise, reflecting a weaker stock.
The company agreed to swap two New Mexico mineral properties and some royalty interests for Rio Grande Resources' South Texas uranium ground -- the Alta Mesa Este, Sejita Dome and Butler Ranch projects covering about 8,800 acres -- re-entering South Texas with different assets than the ones it had just walked away from.
RCF cut its convertible loan facility from $15 million to $8 million by shrinking the second tranche to $3 million and cancelling the third. RCF then advanced the final $3 million, and the company settled its lawsuit with former CFO Thomas Ehrlich by issuing him 119,231 shares.
5 Mar 2014material agreement termination▼ BadMajor
With Cameco already gone, Uranium Resources itself terminated the underlying lease option covering the Kenedy County ground, closing out its South Texas exploration push entirely.
The company raised $10.3 million selling 3.96 million shares at $2.60 in a direct offering to institutional investors, on top of its existing small at-the-market stock-sale program with BTIG.
What it means for a shareholder
4.0m new shares at US$2.60 to raise about US$10.3m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held US$1,000 of shares (385 at the issue price), your slice goes from 0.00194% to 0.00162% of the company. To keep it you'd need 77 more shares - about US$200 at the issue price.
5 Dec 2013material agreement termination▼ BadMajor
Cameco walked away from its South Texas exploration joint venture in Kenedy County after the ground failed to produce significant uranium finds, ending the earn-in it had expanded just a year earlier.
The company said it would restate three years of financials (2010-2012) plus 2013 quarters after the SEC challenged its practice of capitalizing mine-development costs before proven reserves were declared, cutting reported plant and equipment value by about $9 million.
Resource Capital Fund extended a new $15 million secured convertible loan facility, with $3 million drawn immediately, deepening the company's reliance on RCF as both lender and major shareholder.
18 July 2013material agreement termination▲ GoodMajor
Uranium Resources replaced its 2006 uranium supply contract with ITOCHU with a new contract. ITOCHU will buy half of production from Vasquez, Rosita and Kingsville, up to 3 million pounds, at market prices less a 5-7% discount, and can cancel deliveries on 180 days' notice.
Lender Resource Capital Fund V exercised rights to buy about $5 million more stock at $2.55/share, paying for it by offsetting its existing bridge loan, which pushed RCF's ownership stake from 28% to almost 33%.
The company executed a 1-for-10 reverse stock split, mandated by its RCF bridge loan, to fix its Nasdaq minimum-price problem, but Nasdaq still moved to delist it and the company had to appeal to a hearing panel.
Cameco expanded its South Texas exploration joint venture with Uranium Resources, committing $4.3 million for a 70% stake and adding the 22,700-acre Tecolote tract to the program.
A feasibility study confirmed the Church Rock Section 8 uranium deposit in New Mexico could be mined economically using in-situ recovery, a positive technical read despite the ongoing Navajo Nation access dispute.
Resource Capital Fund provided a $5 million secured bridge loan, conditioned on the company holding a reverse stock split and completing a rights offering by early 2013 to fix its Nasdaq minimum-price problem.
CEO Don Ewigleben resigned and board member Terence Cryan stepped in as interim President and CEO; because Cryan is no longer independent, the board and audit committee fell out of Nasdaq's independence rules, with a year to fix it.
Uranium Resources' shareholders approved issuing the 37 million shares needed for the Neutron Energy merger, with the deal expected to close within days.
The company's Church Rock subsidiary settled a trespass dispute with the Navajo Nation, gaining temporary site access for permitting work in exchange for agreeing to remediate existing radioactive contamination before mining could start.
The amendment set 23 July 2012 as the record date and put figures on what URI is taking on with Neutron: $28.2 million of senior debt net of costs, plus payables and accrued expenses of $472,000, against about $1.69 million of transaction costs for the deal itself.
Neutron Energy sent its own shareholders a letter recapping the merger terms and disclosing that RCF had already bought $10 million of Uranium Resources stock to help fund the deal; no new terms changed.
The formal Neutron Energy merger agreement and financing package were filed: 37 million new shares in total, a $20 million equity investment from Resource Capital Fund, and a credit facility to keep Neutron funded until closing.
