NexGen Energy Shares Fall on C$224M Placement to Australian Investors

Dow Jones04-30

By Adriano Marchese

NexGen Energy shares were lower Tuesday morning after the company said it would be raising 224 million Canadian dollars ($164 million) in an placement offering to Australian investors.

Shares trading in Toronto were down 5% to C$10.96.

The Vancouver, British Columbia-based uranium development and exploration company said it is offering about 20.2 million common shares a price of C$11.11 apiece. This was increased from an earlier offering of 16.1 million to raise C$180 million earlier in the morning.

Shares have been higher so far in 2024, rising over 18% in the year so far. Over the past 52 weeks, the stock has more than doubled.

The proceeds will be used to fund the development and exploration of the company's mineral properties, and for general corporate purposes.

NexGen said the offering will be marketed to Australian investors to enhance the liquidity, trading volumes and market capitalization of the its CHESS Depositary Interests listed on the Australian Stock Exchange.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

April 30, 2024 10:01 ET (14:01 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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