Uranium Participation Up 9.5% Yesterday!
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Topic: Uranium Mining Stocks — February 29th, 2008
An interesting announcement yesterday from Uranium Participation Corporation as they issued a news release outlining their intention to sell shares in order to raise funds to buy uranium. According to Reuters the company said;
“it would issue C$65 million worth of shares to fund the purchase of 900,000 pounds of uranium.”
The company intends to issue over six million shares at C$10.20 each and last night the stock closed at C$11.41, to conclude a nice days work. Reuters goes on to say that this purchase would represent about 5% of the uranium traded on the spot market in 2007.
Taking a quick look at the chart we can see that the volume was heavy yesterday with 3.4 million shares traded. This stock appears to have found support at around the $8.00 mark and subsequently had a very good February. Bring on more months like this one.
The company last produced a Net Asset Value Statement (NAV) on 31 January 2008 where it stated that the NAV was C$9.70 on a basic and fully diluted basis. To read their statement in full just click this link.
Thanks to ‘B’ for giving us a heads up.
Uranium Participation Corporation trades under the symbol of ‘U’ on the Toronto Stock Exchange.
This sector is coming back to life so stay tuned with our free uranium stocks newsletter by clicking this link.
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I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.
Chris Moran
Comment by Chris Moran — February 29, 2008 @ 4:29 am
U is essentially an ETF: Peter Grandich admirably demonstrated yesterday that ETFs have helped gold prices rise–but have dried up funds available for Au companies, especially the juniors. People used to have only two vehicles by which to enter the Au market: bullion, and shares in Au companies. ETFs have given them a third (which is a sub-form of the first, bullion acquisition), to the detriment of the second: Au companies, especially those in the exploration, pre-feasability, feasability and mine development stages. Whence the disastrous performance of Au shares despite POG’s massive climb.
Uranium is showing the same tragic scenario. Investors are shying away from the apparent risk involved in uranium exploration and mine development, whence the disastrous performance of uranium company shares for the past year.
SO do not tell us this is good news, Uranium News Letter editors! It’s very bad news not only for those who presently hold shares in uranium companies, but for the capital-raising prospects and therefore the very survival of those companies. And tragic is the loss of jobs, of the salaries necessary to send kids to school having had breakfast, or wearing tuques and other appropriate clothing depending on where they live. How can breakfast-deprived children learn anything? How can the merchants sell anything to the unemployed uranium mine workers and their families? And this is areas where often mining is the only available industry. It is urgent that something be done to counteract the negative effects of ETFs, including U, on the uranium and precious metals junior and mid-cap shares! (Dr.) Neil B. Bishop
Comment by Neil Bishop — March 1, 2008 @ 12:32 am