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LIQUIDITY | 3 Months Ended
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Mar. 31, 2014
LIQUIDITY |
LIQUIDITY | 3. LIQUIDITY As of March 31, 2014, the Company had approximately $10.6 million in cash and our cash balance at May 6, 2014 was approximately $11.9 million. The Company is not currently conducting uranium production activities and has no uranium inventory. The Company is not projecting significant sales revenue and related cash inflows for 2014. On October 28, 2011, the Company entered into an At-The-Market Sales Agreement with BTIG, LLC, allowing it to sell from time to time, shares of its common stock having an aggregate offering price of up to $15.0 million, through an “at-the-market” equity offering program (“ATM Sales Agreement”). From January 17, 2014 to January 31, 2014, the Company sold 523,350 shares of common stock for net proceeds of $1,875,826 under its ATM Sales Agreement. The Company has a total of $7.1 million available for future sales under the ATM Sales Agreement. On February 12, 2014, the Company completed a registered direct offering with the issuance of 3,960,000 shares of common stock at a price of $2.60 per share for net proceeds of $9,372,885. On November 13, 2013, the Company and its largest stockholder, Resource Capital Fund V L.P. (“RCF”) entered into a Loan Agreement (the “Loan Agreement”) whereby RCF agreed, subject to the terms and conditions set forth in the Loan Agreement, to provide a secured convertible loan facility of up to $15.0 million to the Company. The facility initially consisted of three tranches of $5.0 million each. RCF advanced $3.0 million of the first $5.0 million tranche shortly following the closing of the Loan Agreement and on January 29, 2014, the Company’s stockholders, excluding RCF, approved the Loan Agreement and the issuance of shares thereunder. Following such approval, RCF advanced the remaining $2.0 million of the first tranche on February 4, 2014. On April 29, 2014, the Company and RCF executed an amendment to the Loan Agreement which reduced the amount available thereunder from $15.0 million to $8.0 million, and on April 30, 2014, the Company requested, and RCF advanced, the final $3.0 million available under the Loan Agreement. See Note 11 — Subsequent Events — Amendment to Loan Agreement. No additional amounts may be drawn under the Loan Agreement. Given the current planned operations, the Company expects that its existing cash will provide it the necessary liquidity through 2014. Additional funding under the ATM Sales Agreement or other public offerings is subject to market conditions. In the event funds are not available, we may be required to change our planned business strategies.

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- Definition This element represents liquidity of the company during the reporting period. It also includes an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). + References No definition available. + Details
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