9th Jul 2018 11:12
LONDON (Alliance News) - Yellow Cake PLC said Monday it received 8.1 million pounds of long term physical uranium (U3O8) from uranium producer Kazatomprom.
The uranium investor is storing the material at Cameco Corporation's Port Hope, Blind River facility in Ontario, Canada.
The company said its strategy to become a "long-term holder" of uranium has now begun.
Last week, the company completed its initial public offering, placing 76.2 million shares at 200 pence each, raising GBP151 million.
The company said it will use the funds raised in the IPO to purchase 8.1 million pounds of U3O8 at a price of USD21.01 per pound under a contract with Kazatomprom.
"We would like to thank Kazatomprom for its strong support as a reliable long-term strategic supplier, thereby contributing to the highly successful IPO of Yellow Cake," Chief Executive Officer Andre Liebenberg said.
Yellow Cake shares were trading 0.7% lower at 202.50 pence each.
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