pen intersects uranium min. at barber project , page-4

The locals don't seem to have any problems raising funds for projects in the Powder River Basin.

Uranerz nets $17 million, closes public offering
By Staff


October 27, 2009 --
CASPER — Uranerz, a company poised to begin in situ recovery mining of uranium in the Powder River Basin, has closed its public offering of units after selling 8.5 million units, and netting gross proceeds of $17 million, according to a company release.

The company expects to use the net proceeds from the offering to continue development of commercial mining facilities at the company's Nichols Ranch project, including site and infrastructure preparations, as well as final mine design and complete engineering and construction drawings.

Uranerz also plans further exploration of its properties in the Powder River Basin, including its Arkose Mining Venture properties, and is looking at further acquisitions and development of its properties. It also will use its new capital for the advancement of environmental activities, applications and licenses, including the advancement of the Nichols Ranch federal and state mining applications.

Each unit sold consisted of one share of Uranerz common stock and one-half of one share purchase warrant, with each whole warrant exercisable to purchase one additional share of the company's common stock for a period of 30 months at an exercise price of $3, subject to adjustment and early termination.