NexGen Energy purchases 2,702,410 pounds of natural uranium concentrate

NexGen Energy announced that it has entered into a binding term sheet with MMCap International for the purchase of 2,702,410 pounds natural uranium concentrate for an aggregate purchase price of $250M based on the five-day average UxC spot price. In satisfaction of the purchase price for the U3O8, the company has agreed to issue $250M aggregate principal amount of unsecured convertible debentures. The debentures will be convertible at the holder’s option into approximately 23M common shares of NexGen equivalent to 4.3% of the company’s issued and outstanding common shares. Upon closing of the previously announced Australian Chess Depository Interest offering, as well as this transaction with MMCap, the company will have C$600M in cash and $250M worth of physical uranium on its balance sheet.