enCore Energy Corp. announced on August 22, 2025, the closing of its upsized offering of $115 million aggregate principal amount of 5.50% Convertible Senior Notes due 2030. This amount includes the full exercise of the $15 million option granted to the initial purchasers.
The net proceeds from the offering totaled approximately $109.8 million after deducting discounts and estimated expenses. Of these proceeds, $11.5 million was used to pay for capped call transactions, and approximately $10.6 million was used to repay outstanding amounts under its loan agreement.
The remaining net proceeds from the Convertible Notes offering are intended for general corporate purposes. The initial conversion price of $3.2895 per common share represents a premium of 27.5% over the last reported sale price of $2.58 per common share on August 19, 2025, on The Nasdaq Capital Market.
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