Contact:
|
Lightbridge
Corporation:
|
Ogilvy
Public Relations:
|
|
Gerry
Pascale
|
Greg
Jawski
|
|
(571)
730-1213
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212-880-5353
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|
ir@Ltbridge.com
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greg.jawski@ogilvypr.com
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Linda
Byus
(571)
730-1218
lbyus@ltbridge.com
Lightbridge
Corporation Announces $13.7 Million Registered Direct Offering
MCLEAN,
VA, July 23, 2010 – Lightbridge Corporation (NASDAQ: LTBR), a leading
developer of non-proliferative nuclear fuel technology and provider of
comprehensive advisory services for civil nuclear energy programs, announced
today that it has entered into purchase agreements with institutional investors,
including the Special Situations Funds, to sell $13.7 million of its common
stock and warrants in a registered direct offering.
Under the
terms of the offering, Lightbridge will sell a total of 2,069,992 newly issued
shares of its common stock at $6.60 per share. In addition, warrants
to purchase a total of 1,034,996 shares of its common stock at an exercise price
of $9.00 per share will be issued to the investors. The warrants will be
exercisable beginning on the six month anniversary of the closing date of the
offering and will expire seven years from the date of
issuance.
The
offering is expected to close on or about Wednesday, July 28, 2010, subject to
the satisfaction of customary closing conditions. The newly acquired capital
will help to fund the Company’s continued work on the nuclear fuel design
business, providing the necessary financial flexibility to keep moving forward
with current technological and nuclear fuel development plans.
William
Blair & Company, LLC acted as the exclusive placement agent for the
offering.
The
securities described above are being offered by Lightbridge through a prospectus
supplement pursuant to Lightbridge's shelf registration statement previously
filed and declared effective by the Securities and Exchange Commission and the
base prospectus contained therein. A prospectus supplement related to the
offering will be filed with the Securities and Exchange
Commission. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The securities may be
offered only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. Copies of the
final prospectus supplement and accompanying based prospectus may be obtained,
when available, from William Blair & Company, L.L.C. at 222 West Adams,
Chicago, Illinois 60606, attention: Equity Capital Markets at 312-236-1600 or
the Securities and Exchange Commission's website at
http://www.sec.gov.
About
Lightbridge Corporation
Lightbridge
is a U.S. nuclear energy company based in McLean, VA with operations in Abu
Dhabi, Moscow and London. The Company develops non-proliferative nuclear fuel
technology and provides comprehensive advisory services for established and
emerging nuclear programs based on a philosophy of transparency,
non-proliferation, safety and operational excellence. Lightbridge's breakthrough
fuel technology is establishing new global standards for peaceful nuclear power
and leading the way towards a sustainable energy future. Lightbridge consultants
provide integrated strategic advice and expertise across a range of disciplines
including regulatory affairs, nuclear reactor procurement and deployment,
reactor and fuel technology and international relations. The Company
leverages those broad and integrated capabilities by offering services to
commercial entities and governments with a need to establish or expand nuclear
industry capabilities and infrastructure.
Forward
Looking Statement
This
press release contains statements that are forward-looking in nature, including
statements regarding the Company's competitive position and product and service
offerings. These statements are based on current expectations on the date of
this press release and involve a number of risks and uncertainties, which may
cause actual results to differ significantly from such estimates. The risks
include, but are not limited to, the degree of market adoption of the Company's
product and service offerings; market competition; dependence on strategic
partners; and the Company's ability to manage its business effectively in a
rapidly evolving market. Certain of these and other risks are set forth in more
detail in "Item 1A. Risk Factors" in Lightbridge’s Quarterly report on Form 10-Q
for the fiscal quarter ended June 30, 2010. Lightbridge does not assume any
obligation to update or revise any such forward-looking statements, whether as
the result of new developments or otherwise.