All amounts in Canadian dollars unless specified otherwise
Cameco (TSX: CCO; NYSE: CCJ) reported today that it filed
a technical report for the Inkai operation on a voluntary basis
under National Instrument 43-101 – Standards of Disclosure of
Mineral Projects (“NI 43-101”). The technical report is being filed
to provide updated information relating to the Inkai operation and
not as a result of a requirement under NI 43-101. The technical
report has been posted on our website and SEDAR+ at
www.sedarplus.ca and on EDGAR on the SEC website at www.sec.gov.
Our website, SEDAR+ and EDGAR are not part of this press release
and are not incorporated by reference herein. Readers are
encouraged to read the technical report in its entirety, including
all qualifications, assumptions and exclusions therein.
Additionally, Cameco filed a short form base shelf prospectus
dated November 12, 2024 (the “Base Shelf Prospectus”) with the
securities regulatory authorities in each of the provinces and
territories of Canada, and a corresponding shelf registration
statement on Form F-10 with the United States Securities and
Exchange Commission under the Multijurisdictional Disclosure System
(File No. 333-283140) (the “U.S. Registration Statement”). These
filings allow Cameco to make offerings of common shares, preferred
shares, warrants, subscription receipts, debt securities and units
or any combination thereof, having an aggregate offering price of
up to $2 billion (US) (or its equivalent in another currency)
during the next 25 months in Canada and the United States. The
specific terms of any offering of securities will be set forth in a
shelf prospectus supplement.
In addition, Cameco has entered into an equity distribution
agreement (the “Distribution Agreement”) dated November 12, 2024
with TD Securities Inc., CIBC World Markets Inc. and Scotia Capital
Inc., as Canadian agents, and TD Securities (USA) LLC, CIBC World
Markets Corp. and Scotia Capital (USA) Inc., as U.S. agents, to
establish an at-the-market equity program (the “ATM Program”) that
allows Cameco to issue, at its discretion, up to $500 million (US)
(or its Canadian dollar equivalent) of common shares from treasury
to the public from time to time. The ATM Program is established
pursuant to a prospectus supplement to the Base Shelf Prospectus
(the “Canadian ATM Supplement”), and a corresponding prospectus
supplement to the U.S. Registration Statement (the “U.S. ATM
Supplement”). The ATM Program will be effective until December 12,
2026, unless fully utilized or terminated before such date in
accordance with the terms of the Distribution Agreement.
Subject to the terms of the Distribution Agreement, the volume
and timing of distributions under the ATM Program, if any, will be
determined at Cameco’s sole discretion. As common shares sold in
the ATM Program will be distributed at the prevailing market price
at the time of the sale, prices may vary among purchasers during
the period of the distribution. Any common shares sold in the ATM
Program will be sold in transactions that are deemed to be
“at-the-market distributions” as defined in National Instrument
44-102 - Shelf Distributions, through the Toronto Stock Exchange,
the NYSE or by any other method permitted by law, at the prevailing
market price at the time of sale.
Net proceeds of the ATM Program, if any, are expected to fund
development opportunities, future acquisitions, repayment of
indebtedness, and/or other general corporate purposes.
“Today, our balance sheet is strong, and with the return to our
tier-one production run rate and cost basis, we expect continued
strong cash flow generation,” said Grant Isaac, Cameco’s Executive
Vice-President and CFO. “And, we are adding to the tools we have
available to fund future capital requirements, which include our
operating cash flow, our existing credit facilities, new credit
facilities, and additional capital raised through debt or equity
financings. We believe having all these financial tools in place is
prudent, providing us with added flexibility to support our
strategy and to self-manage risk into the future.”
Cameco has filed the Base Shelf Prospectus and the Canadian ATM
Supplement with the securities regulatory authorities in each of
the provinces and territories of Canada, and has filed the U.S.
Registration Statement and the U.S. ATM Supplement with the United
States Securities and Exchange Commission (the “SEC”). Before you
invest, you should read these documents and other documents Cameco
has filed with the securities regulatory authorities in each of the
provinces and territories of Canada or the SEC, as applicable, for
more complete information about Cameco and the ATM Program. Copies
of the Base Shelf Prospectus, the Canadian ATM Supplement and the
Distribution Agreement are available free of charge on SEDAR+ at
www.sedarplus.ca, and copies of the U.S. Registration Statement,
the U.S. ATM Supplement and the Distribution Agreement are
available free of charge on EDGAR on the SEC website at
www.sec.gov.
You may also obtain copies of the Base Shelf Prospectus and the
Canadian ATM Supplement in Canada from: TD Securities Inc., 1625
Tech Avenue, Mississauga, Ontario, L4W 5P5, Attention: Symcor, NPM,
or by telephone at 289-360-2009 or by email at sdcconfirms@td.com;
CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J
2S8 or by telephone at 1-416-956-6378 or by email at
Mailbox.CanadianProspectus@cibc.com; or Scotia Capital Inc., 40
Temperance Street, 6th Floor, Toronto, Ontario M5H 0B4, Attention:
Equity Capital Markets, or by telephone at 416-863-7704, or by
email at equityprospectus@scotiabank.com. You may also obtain
copies of the U.S. Registration Statement and the U.S. ATM
Supplement in the United States from: TD Securities (USA) LLC, 1
Vanderbilt Avenue, New York, New York 10017, Attention: Equity
Capital Markets or by email at TD.ECM_Prospectus@tdsecurities.com;
CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J
2S8 or by telephone at 1-416-956-6378 or by email at
Mailbox.USProspectus@cibc.com; or Scotia Capital (USA) Inc., 250
Vesey Street, 24th Floor, New York, NY 10281, Attention: Equity
Capital Markets or by telephone at 212-255-6854 or by email at
us.ecm@scotiabank.com.
No securities regulatory authority has either approved or
disapproved the contents of this press release. This press release
does not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of, any securities in any
province, territory, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such province,
territory, state or jurisdiction.
Caution about forward-looking information
Certain information in this news release, including statements
regarding potential sales of common shares through the ATM Program,
the anticipated use of the net proceeds of the ATM Program and
expected continued strong cash flows, constitutes “forward-looking
information” within the meaning of applicable securities laws in
Canada and the United States, including the U.S. Private Securities
Litigation Reform Act of 1995.
Forward-looking information and statements involve risks,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by them.
Sentences and phrases containing words such as “believe”,
“estimate”, “anticipate”, “plan”, “will”, “intend”, “predict”,
“outlook”, “goal”, “target”, “forecast”, “project”, “scheduled”,
“proposed”, “expect”, “potential”, “strategy”, and the negative of
any of these words, or variations of them, or comparable
terminology that does not relate strictly to current or historical
facts, are all indicative of forward-looking information or
statements.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by Cameco as of the date of this press release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to the factors described in greater detail in the
“Risk Factors” section of Cameco’s current annual information form,
the Canadian ATM Supplement, the U.S. ATM Supplement and in
Cameco’s other materials filed with the Canadian securities
regulatory authorities and the SEC from time to time, available at
www.sedarplus.ca and www.sec.gov, respectively. These factors are
not intended to represent a complete list of the factors that could
affect Cameco; however, these factors should be considered
carefully. There can be no assurance that such estimates and
assumptions will prove to be correct. The forward-looking
statements contained in this press release are made as of the date
of this press release, and Cameco expressly disclaims any
obligation to update or alter statements containing any
forward-looking information, or the factors or assumptions
underlying them, whether as a result of new information, future
events or otherwise, except as required by law.
Profile
Cameco is one of the largest global providers of the uranium
fuel needed to energize a clean-air world. Our competitive position
is based on our controlling ownership of the world’s largest
high-grade reserves and low-cost operations, as well as significant
investments across the nuclear fuel cycle, including ownership
interests in Westinghouse Electric Company and Global Laser
Enrichment. Utilities around the world rely on Cameco to provide
global nuclear fuel solutions for the generation of safe, reliable,
carbon-free nuclear power. Our shares trade on the Toronto and New
York stock exchanges. Our head office is in Saskatoon,
Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company
and Cameco mean Cameco Corporation and its subsidiaries unless
otherwise indicated.
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version on businesswire.com: https://www.businesswire.com/news/home/20241112269090/en/
Investor inquiries: Cory Kos 306-716-6782
cory_kos@cameco.com
Media inquiries: Veronica Baker 306-385-5541
veronica_baker@cameco.com
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