Uranium Energy (UEC) Jumps 14% on US Govt $80-Billion Nuclear Backing

We recently published 10 Stocks Soaring by Double Digits; Uranium Stocks Leading. Uranium Energy Corp. (NYSEAmerican:UEC) is one of the top-performing stocks on Tuesday.

Uranium Energy jumped by 14.34 percent on Tuesday to finish at $15.23 apiece as investors gobbled up shares in uranium stocks following the US government’s $80 billion investment to unleash the American energy sector.

Uranium Energy Corp. (NYSEAmerican:UEC) rallied alongside its counterparts, Denison Mines, NexGen Energy, and Energy Fuels, after the Trump administration clinched a billion-dollar partnership with Cameco Corp., Brookfield Asset Management, and Westinghouse Electric Company to accelerate the deployment of nuclear power through the development of new reactors across the US.

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Uranium companies stand to benefit from the development, with uranium fuel vital in running nuclear power plants.

In other news, Uranium Energy Corp. (NYSEAmerican:UEC) recently raised $30 million through the issuance of new shares. Proceeds from the offer were allocated for the development of a new, state-of-the-art American uranium refining and conversion facility through its wholly owned subsidiary, United States Uranium Refining & Conversion Corp., as well as for general corporate and working capital purposes.

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Disclosure: None. This article is originally published at Insider Monkey.