See PEN announcement of 1st Feb 18. Simply, they needed cash to continue operations. The sold 935,000 lbs from their LT contracts, which had a weighted average sell price of around $52/lb. They sold the pounds for around $20/lb. On re-reading the announcement, I noticed the following.
"As part of the Contract Sale, Peninsula has also sold its entire interest in an agreement topurchase 900,000 pounds U3O8 between 2018 and 2020. This purchase commitment is nolonger required as uranium purchases under this agreement were intended to provide thebulk of the material for the delivery commitments that have now been satisfied through theContract Sale."
Correct me if I'm wrong, but didn't PEN recently enter into spot purchase agreements for CY19 and CY20? Odd.
See PEN announcement of 1st Feb 18. Simply, they needed cash to...
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5.7¢ |
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Mkt cap ! $274.0M | |||
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