NexGen Energy has revised its placement agreement with Aitken Mount Capital Partners, increasing its offering to 20,161,290 common shares at C$11.11 each, aiming for gross proceeds of around C$224m ($162m).
This upsized offering is targeted towards Australian investors to boost the liquidity and trading volumes of the company’s CDIs on the ASX.
The offering is expected to close around 15 May 2024.
Net proceeds from the offering will be channelled into the development and exploration of NexGen Energy’s mineral properties and will also be used for general corporate requirements.
The settlement will be executed through newly issued CDIs on the ASX, which operate under an electronic system called CHESS, allowing for the electronic clearance and settlement of trades.
CDIs represent a beneficial interest in the underlying shares of NexGen Energy, facilitating trading similar to shares of Australian companies on the ASX.
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Each CDI corresponds to a unit of beneficial ownership in one underlying share.
In conjunction with the upsized offering, NexGen Energy has amended its earlier at-the-market programme (ATM Programme) with Virtu Canada and Virtu Americas by reducing the maximum offering from C$500m to C$275.9m in common shares.
To date, the ATM Programme has distributed 13,800 common shares, generating over C$134m in gross proceeds.
The ATM Programme allows for shares to be sold on the TSX, NYSE, or other marketplaces in Canada or the US, as per a prospectus supplement to the company’s US Base Prospectus filed with the US Securities and Exchange Commission.
Following the amended agreement, the remaining sales under the ATM Programme exceed C$140m, with proceeds also intended for the development of NexGen Energy’s mineral properties and corporate needs.
