Mr. Derek Iwanaka reports
URANERZ ANNOUNCES THIRD QUARTER 2012 FINANCIAL RESULTS
Uranerz Energy Corp. has released its financial results for the quarter ended Sept. 30, 2012, as filed with the United States Securities and Exchange Commission (SEC) and in Canada with the Canadian securities administrators (on SEDAR).
Subsequent to the third quarter-end, the company received its Class I underground injection control (deep disposal well) permit from the Wyoming Department of Environmental Quality for the Nichols Ranch in-situ recovery uranium project located in the Powder River basin of Wyoming, United States. The company now has all of the regulatory permits and licences needed to construct and operate an ISR uranium mine in Wyoming. Construction of the Nichols Ranch ISR mine is nearing completion, and uranium production is targeted to commence in 2013.
On Nov. 6, 2012, the Wyoming Business Council recommended approval of the company's application for a $20-million loan under the State of Wyoming's Industrial Development Bond financing program. The loan will be repayable over seven years and bear interest at a rate of 4.25 per cent. Final approval for the loan is subject to the completion of due diligence and satisfaction of various other state approvals.
QUARTERLY FINANCIAL RESULTS HIGHLIGHTS
Results of operations for three months ended Sept. 30,
Net (loss) $ (1,668,910) $ (2,113,094)
Basic and diluted net (loss) per share $ (0.02) $ (0.03)
Net cash used in operating activities $ 2,324,885 $ 1,874,546
Net cash used in investing activities (i) $ 5,329,642 $ 2,578,700
Net cash provided by financing activities $ 186,083 $ 631,467
For nine months ended Sept. 30,
Net (loss) $ (4,948,437) $ (11,558,864)
Basic and diluted net (loss) per share $ (0.06) $ (0.15)
Net cash used in operating activities $ 6,008,211 $ 6,772,101
Net cash used in investing activities (i) $ 17,329,054 $ 3,401,863
Net cash provided by financing activities $ 476,999 $ 14,767,575
(i) Capital assets including mine construction
The financial information presented is in accordance with U.S. generally accepted accounting principles. To review Uranerz's quarterly report on form 10-Q for the fiscal quarter ended Sept. 30, 2012, including its management discussion and analysis, visit the SEC, SEDAR or Uranerz websites.
We seek Safe Harbor.
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