XML 71 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2013
SHAREHOLDERS' EQUITY  
SHAREHOLDERS' EQUITY

7. SHAREHOLDERS' EQUITY

Equity Infusion—Shareholder Rights Offering

        In March 2013, the Company completed the Rights Offering, whereby each URI shareholder and warrant holder received one non-transferrable subscription right for each share of common stock owned or subject to a warrant as of 5:00pm ET on January 28, 2013. Every subscription right entitled the holder to purchase 0.3119 of a share of common stock of URI at a price of $2.55 per whole share.

        Under the Rights Offering, the Company raised $8.9 million in gross proceeds, of which $5.0 million was used to repay the short term financing from RCF. Also in connection with the RCF short term financing, the Company issued 31,343 shares of common stock in 2013 to pay fourth quarter 2012 and first quarter 2013 interest accrued on the loan of $16,667 and $79,167, respectively.

Equity Infusion—ATM Sales

        On October 31, 2011, the Company entered into an ATM Sales Agreement with BTIG, pursuant to which the Company may sell from time to time, shares of its common stock through an "at-the-market" share offering program under its currently effective registration statement on Form S-3. The Company may sell up to $15,000,000 in aggregate offering price of its common stock through BTIG, acting as sales agent. On October 31, 2011, the Company filed a prospectus supplement with the Securities and Exchange Commission in connection with the offering. The Company will pay BTIG a commission equal to 3.0% of the gross proceeds from the sale of any shares pursuant to the ATM Sales Agreement. The Company raised approximately $5.4 million of net proceeds in 2012 through the ATM Sales Agreement through the sale of 0.97 million shares of common stock.

        From January 17, 2014 to January 31, 2014, the Company sold 523,350 shares of common stock for net proceeds of $1.9 million under its ATM Sales Agreement. As of February 1, 2014, the Company has a total of $7.1 million available for future sales under the ATM Sales Agreement.

Equity Infusion—Private Placement

        The Company raised $10 million on March 9, 2012 in a private placement with RCF. In connection with the transaction the Company sold 1.0 million shares of common stock at a price of $9.75 per share. The Company also raised $5 million on September 5, 2012 in a private placement with RCF. In this transaction the Company sold 0.97 million shares of common stock at a price of $5.16 per share. These capital transactions were conducted as a part of the merger for all of the outstanding shares of Neutron Energy, Inc.

Warrants

        In connection with the May 2008 equity infusion, the Company issued warrants to purchase 0.99 million additional shares of common stock at a price of $57.80 per share. These warrants expired unexercised in May 2013.

Share Issuance for Services

        In January 2013, the Company issued 83,200 shares valued at $3.50 per share based on the market trading price to Cormark Securities, Inc. in satisfaction of $291,500 in fees related to the Neutron Energy, Inc. merger.