On May 8, 2024, NexGen Energy Ltd. entered into a binding term sheet with MMCap International Inc. for the purchase of 2,702,410 pounds of natural uranium concentrate (U3O8) for US$250 million (C$336 million), based on the five-day average UxC spot price. NexGen issued US$250 million (C$336 million) in unsecured convertible debentures to finance the purchase. These debentures, convertible into approximately 23 million common shares, represented about 4.3% of NexGen's outstanding shares.

The transaction was part of NexGen’s strategy to enhance its market positioning amid a tight physical uranium market. Following the Australian Chess Depository Interest offering and this purchase, NexGen would have approximately C$600 million in cash and US$250 million (C$336 million) in physical uranium on its balance sheet, totaling over C$930 million. This financial strength is aimed at supporting the development of the Rook I Project.

The debentures carry a 9.0% interest rate over five years, with a conversion price of US$10.73 (C$14.70) per share, reflecting a 30% premium to the recent trading price on the Toronto Stock Exchange. NexGen also agreed to issue 909,090 common shares to MMCap as an establishment fee.

Legal advisors included Farris LLP for NexGen and Wildeboer Dellelce LLP for MMCap. The deal is expected to close by June 28, 2024, pending customary approvals.