LIQUIDITY	12 Months Ended
Dec. 31, 2012
LIQUIDITY
LIQUIDITY	4. LIQUIDITY The Company had negative cash flow from operations of $18.6 million, $10.3 million and $8.8 million for the years ended December 31, 2012, 2011 and 2010, respectively. We had $4.7 million in cash at December 31, 2012 and $2.9 million at December 31, 2011. The Company is not currently commercially producing uranium and as such does not anticipate generating any significant sales revenues in 2013. In March, 2013, the Company completed a shareholder rights offering (“Rights Offering”) whereby each of the Company’s shareholders and warrant holders were eligible to participate on an equal, proportional basis in purchasing shares of common stock of the Company. Each URI shareholder and warrant holder received one subscription right for each share of common stock owned or subject to a warrant as of the record date. Every subscription right entitled the holder to purchase 0.3119 of a share of common stock of URI at a price of $2.55 per whole share. The Company raised $8.9 million in gross proceeds under the Rights Offering of which $5.0 million was used to repay the short term financing from RCF. In the fourth quarter of 2011, the Company entered into an At-The-Market Sales Agreement with BTIG, LLC, allowing it to sell from time to time, shares of its common stock having an aggregate offering price of up to $15.0 million, through an “at-the-market” equity offering program (“ATM Sales Agreement”). The Company raised capital in 2011 and 2012 through the sale of common stock under this program. During 2012, a total of 973,000 shares of common stock were sold resulting in net proceeds of approximately $5.4 million pursuant to the ATM Sales Agreement. The Company has a total of $9.0 million available for future sales under the ATM Sales Agreement. The Company expects that its existing cash, the funding received from the Rights Offering and funding available under the ATM Sales Agreement will provide it the necessary liquidity moving forward for 2013. Additional funding available under the ATM Sales Agreement is subject to market conditions. In the event funds are not available, we may be required to change our planned business strategies.

4. LIQUIDITY

The Company had negative cash flow from operations of $18.6 million, $10.3 million and $8.8 million for the years ended December 31, 2012, 2011 and 2010, respectively.

We had $4.7 million in cash at December 31, 2012 and $2.9 million at December 31, 2011. The Company is not currently commercially producing uranium and as such does not anticipate generating any significant sales revenues in 2013.

In March, 2013, the Company completed a shareholder rights offering (“Rights Offering”) whereby each of the Company’s shareholders and warrant holders were eligible to participate on an equal, proportional basis in purchasing shares of common stock of the Company. Each URI shareholder and warrant holder received one subscription right for each share of common stock owned or subject to a warrant as of the record date. Every subscription right entitled the holder to purchase 0.3119 of a share of common stock of URI at a price of $2.55 per whole share. The Company raised $8.9 million in gross proceeds under the Rights Offering of which $5.0 million was used to repay the short term financing from RCF.

In the fourth quarter of 2011, the Company entered into an At-The-Market Sales Agreement with BTIG, LLC, allowing it to sell from time to time, shares of its common stock having an aggregate offering price of up to $15.0 million, through an “at-the-market” equity offering program (“ATM Sales Agreement”). The Company raised capital in 2011 and 2012 through the sale of common stock under this program. During 2012, a total of 973,000 shares of common stock were sold resulting in net proceeds of approximately $5.4 million pursuant to the ATM Sales Agreement. The Company has a total of $9.0 million available for future sales under the ATM Sales Agreement.

The Company expects that its existing cash, the funding received from the Rights Offering and funding available under the ATM Sales Agreement will provide it the necessary liquidity moving forward for 2013. Additional funding available under the ATM Sales Agreement is subject to market conditions. In the event funds are not available, we may be required to change our planned business strategies.