Canada's Uranium Participation Corp, ticker "U" on Toronto Stock Exchange, is raising $50 million by issuing new common shares. This is highly significant. It's been 4 years since UPC issued equity capital. Why now?
Because UPC strongly believes that the uranium spot price has bottomed. How would they know? They have as good a view as anyone on the planet. UPC is a holding company that does just one thing-- it buys and sells physical stocks of uranium!
It's kind of like an ETF in a way, an ETF for uranium like the ETFs for gold and silver. UPC's $50 million cash raised will go entirely to buying uranium on the spot market. Therefore, this capital raise could literally move the spot market price higher.
I find this to be yet another bullish uranium market indicator.
positive development from canada...
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