Raymond James will act as an agent for the offering of common shares of the company at a price of $0.43 per flow-through share.
Under the deal, the agent is entitled for a cash commission of 5% of the gross proceeds raised.
UEX plans to use the proceeds to finance exploration activities at its uranium properties. Subject to regulatory approvals, the transaction is expected to be concluded by 29 September 2014.
Cameco has a pre-emptive option to acquire shares in UEX on similar terms and conditions as the offering, as part of a deal among UEX, Cameco and Pioneer Metals. The company currently owns around 21.95% interest in UEX.
UEX operates Shea Creek Project, Hidden Bay Project, Riou Lake Project, Northern Athabasca Projects, Black Lake Project, Western Athabasca Projects, and the Beatty River Project.
