Uranerz Announces Third Quarter 2013 Financial Results
12.11.2013 | Marketwire
CASPER, WYOMING -- (Marketwired - Nov 12, 2013) - Uranerz Energy Corp. ("Uranerz" or the "Company") (TSX:URZ) (NYSE MKT:URZ) (FRANKFURT:U9E) has released its financial results for the quarter ended September 30, 2013 as filed with the United States Securities and Exchange Commission ("SEC") and in Canada with the Canadian securities administrators (on SEDAR).The financial information presented is in accordance with U.S. generally accepted accounting principles. As an Exploration Stage Company without "proven or probable reserves", we expense all costs related to constructing our first mine as incurred, in accordance with the SEC's Industry Guide 7.
During the nine months ended September 30, 2013, mineral property expenditures totaling $12,762,426 (2012 - $18,117,336) were expensed, including processing facility construction and wellfield expenditures totaling $11,797,330 (2012 - $16,886,003). As of September 30, 2013, the Company has expensed processing facility construction and wellfield expenditures related to its Nichols Ranch ISR Uranium Project totaling $42,831,585 (December 31, 2012 - $31,034,255).
Financial Position at
| September 30, 2013 | December 31, 2012 | ||||
| Cash and Cash Equivalents | $ | 7,548,367 | $ | 7,016,710 | |
| Working Capital | $ | (1,065,590 | ) | $ | 5,718,050 |
| Total Assets | $ | 11,918,615 | $ | 11,553,494 | |
| Notes Payable | $ | 6,019,450 | Nil | ||
| Long Term Debt | Nil | Nil | |||
| Stockholders' Equity | $ | 760,193 | $ | 8,330,343 | |
Results of operations for the three months ended September 30th
| 2013 | 2012 | |||
| Net Loss | $ | 11,051,792 | $ | 5,607,295 |
| Basic and Diluted Net Loss Per Share | $ | 0.14 | $ | 0.07 |
| Net Cash Used in Operation Activities | $ | 7,491,530 | $ | 7,647,160 |
| Net Cash Used in Investing Activities | $ | 18,233 | $ | 7,367 |
| Net Cash Provided by Financing Activities | $ | 9,062,565 | $ | 186,083 |
Results of operations for the nine months ended September 30th
| 2013 | 2012 | |||
| Net Loss | $ | 18,326,203 | $ | 21,834,440 |
| Basic and Diluted Net Loss Per Share | $ | 0.24 | $ | 0.28 |
| Net Cash Used in Operating Activities | $ | 14,266,759 | $ | 22,976,302 |
| Net Cash Used in Investing Activities | $ | 36,084 | $ | 360,963 |
| Net Cash Provided by Financing Activities | $ | 14,834,500 | $ | 476,999 |
To review Uranerz' quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2013, including its management discussion and analysis, please visit the Company's website at www.uranerz.com, or the U.S. Securities and Exchange Commission website at www.sec.gov, or visit the Company's profile on SEDAR at www.sedar.com.
About Uranerz
Uranerz Energy Corp. is a U.S.-based uranium company. The Nichols Ranch ISR Uranium Project is Uranerz' first ISR mine. ISR, or in-situ recovery, is a mining process that uses a leaching solution to extract uranium from sandstone uranium deposits; it is the generally accepted extraction technology used in the Powder River Basin area of Wyoming. Uranerz controls a large strategic land position in the central Powder River Basin. The Company's management team has specialized expertise in the ISR uranium mining method and a record of licensing, constructing and operating ISR uranium projects. The Company has entered into long-term uranium sales contracts for a portion of its planned production with Exelon and one other of the largest nuclear utilities in the country.
Forward-looking Statements
This press release may contain or refer to "forward-looking information" and "forward-looking statements" within the meaning of applicable United States and Canadian securities laws. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the SEC (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to update forward-looking statements, except as required by law.
Contact
Uranerz Energy Corp.
Derek Iwanaka, Manager of Investor Relations
1-800-689-1659
investor@uranerz.com
www.uranerz.com