Ur-Energy Announces Proposed $100M Convertible Senior Notes Offering

Ur-Energy Inc. ("Ur-Energy" or the "Company") (NYSE:URG)(TSX:URE), today announced its intent to offer $100 million aggregate principal amount of Convertible Senior Notes due 2031 (the "notes") in a private placement (the "convertible notes offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Ur-Energy also intends to grant the initial purchasers of the notes an option to purchase, during a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $20 million aggregate principal amount of notes. The convertible notes offering is subject to market and other conditions, and there can be no assurance as to whether or when the convertible notes offering may be completed, or as to the actual size or terms of the convertible notes offering.

The notes will be general senior unsecured obligations of Ur-Energy and will accrue interest payable semiannually in arrears. The notes will be convertible at the option of holders under certain conditions into cash, common shares, no par value, of Ur-Energy ("common shares") or a combination of cash and common shares, at Ur-Energy's election. The interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing of the convertible notes offering.