Nufcor Uranium Ltd. said it has agreed to purchase 237,000 kilos of uranium for $38.9 million from a major international counterparty for payment and delivery in the fourth quarter.

The purchase is equivalent to approximately 620,532 pounds of triuranium octoxide (U3O8) at an inferred price of $59.03 per pound.

The company said it intends to pay for the purchase from existing cash resources and via the proceeds of its proposed offering of new shares in Canada,

but that if the offering does not go ahead it will fund the purchase via the sale of existing uranium assets and new credit facilities.

Nufcor added it expects its preliminary prospectus for the Toronto Stock Exchange listing to be approved by Canadian regulators by the end of this month. – Thomson Financial