enCore Energy Corp. announced bought deal private placement of 20,000,000 subscription receipts at a price of CAD 3 per subscription receipt for or aggregate gross proceeds of CAD 60 million on November 14, 2022. The subscription receipts will be issued pursuant to a subscription receipt agreement to be entered into by the company, the lead underwriter, on behalf of the underwriters, and a licensed Canadian trust company as subscription receipt agent to be agreed upon.

Pursuant to the subscription receipt agreement, the gross proceeds from the transaction will be held in escrow pending satisfaction of certain conditions, including, amongst others, the satisfaction of each of the condition?s precedent to the transaction other than the payment of the cash portion of the consideration and the receipt of all required approvals in connection with the transaction, including, without limitation, conditional approval of the Exchange. Upon satisfaction of the escrow release conditions, each of the subscription receipts will automatically convert into one unit. Each unit will be comprised of one common share and one common share purchase warrant, with each warrant entitling the holder thereof to acquire one common share at a price of CAD 3.75 for a period of 3 years following the satisfaction of the escrow release conditions.

If the escrow release conditions have not been satisfied on or prior to February 14, 2023, the escrow agent shall return the issue price plus any interest earned on the escrowed funds, to the holders of subscription receipts and the subscription receipts shall be cancelled. Closing of the Offering is expected to occur on or about December 6, 2022 and is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the Exchange.