IUC to raise $45 million

Vancouver – Looking to capitalize on its strong equity rally, International Uranium (IUC-T) is lining up a $45 million private placement financing.

The Lundin Group uranium company, enjoying strong market support in light the buoyant metal price, plans a non-brokered offering of up to 6 million shares at $7.50. Proceeds will be primarily allocated towards reopening of its mines in the U.S. and for general working capital.

IUC holds the fully permitted White Mesa Mill in southeastern Utah, which has been in operation for over 20 years. The mill, only one of two in the U.S., processes and disposes of uranium bearing waste material and unlike most disposal facilities, extracts and recovers the uranium and other commercially valuable metals such as vanadium and tantalum.

The company also holds significant uranium deposits in Mongolia and the U.S, plus exploration projects in the Athabasca Basin region of northern Saskatchewan. Additionally, through its 56% shareholding in Fortress Minerals (FST-V, FTMNF-O), IUC has exposure to gold and copper projects in Mongolia and Russia.

With its 81.1 million shares outstanding, IUC posts a $616 million market capitalization at its recent trading level of $7.60 per share. Its 52-week trading range is $3.34-$8.15.