Ur-Energy: $100M Convertible Notes Offering Boosts Balance Sheet, Raises Questions on Valuation

Ur-Energy has closed a $100 million offering of 4.75% senior unsecured convertible notes due 2031, boosting its balance sheet and expanding its options for funding uranium growth projects. The funding news comes after a choppy stretch for the stock, with a 7-day share price return of negative 15.42% and a 1-year total shareholder return of negative 3.95%. However, the 5-year total shareholder return of 88.89% suggests longer-term momentum has rewarded patient holders. The stock trades at a steep discount to analyst targets despite strong top-line growth and fresh capital to scale production.