McMillan Advises Uranium Energy Corp. on its Automatic Shelf Registration

Towards the end of 2022, Uranium Energy Corp. (“UEC”) (NYSE: UEC), a leader in uranium production and exploration company operating North America’s newest uranium mine, filed a Form S-3 automatic shelf registration statement under the Securities Act.

Effective upon filing, it provided for the public offer and sale of certain securities of the Company from time to time, at UEC’s discretion, of an undetermined dollar value of common stock, debt securities, warrants to purchase common stock or debt securities, subscription receipts for and units which include common stock, debt securities, warrants or any combination thereof (the “2022 Shelf”). This included an at-the-market offering agreement prospectus covering the offering, issuance and sale of up to a maximum offering of US$300 million under the 2022 Shelf.

Concurrently, UEC also entered into an at-the-market offering agreement (the “ATM Offering Agreement”) with H.C. Wainwright & Co., LLC and certain co-managers (collectively, the “ATM Managers”) as set forth in the ATM Offering Agreement. Under the Agreement, the Company may, from time to time, sell shares of the common stock having an aggregate offering price of up to $300 million through the ATM Managers selected by UEC. During the six months ended January 31, 2024, UEC issued 10,418,029 and 21,188,029 shares of the Company’s common stock under the ATM Offerings for net cash proceeds of US$73,238,000 and US$129,508,000, respectively.

McMillan represented UEC on all Canadian and US securities matters. Led by Thomas Deutsch with Michael Shannon, the team worked on this transaction, demonstrating our ability to effectively complete cross border transactions. Our US securities practice in Canada is a unique offering, which allows us to assist clients in accessing US capital more effectively and by retaining a single deal team.

As a national business law firm with exceptional capabilities to lead businesses through cross-border transactions and investments into Canada and within multifaceted regulatory regimes, McMillan provides real-time business solutions to our clients. Our Capital Markets & Securities Group is skilled at structuring and closing complex deals of all shapes and sizes in Canada, the US and internationally and in providing innovative transactional advice and solutions. Our understanding of business imperatives and our relationships with the regulators helps our clients stay ahead.