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Uranerz Announces Upsizing of Offering to US$12 Million

CASPER, WYOMING -- (Marketwired) -- 07/18/14 -- Uranerz Energy Corporation ("Uranerz" or the "Company") (TSX: URZ)(NYSE MKT: URZ)(FRANKFURT: U9E) is pleased to announce that due to demand, it has increased the size of its previously announced offering of units on July 16, 2014 (the "Offering") to raise gross proceeds of US$12 million consisting of 9,600,000 units of the Company at a price per unit of US$1.25 ("Units"). Each Unit will be comprised of one share of the Company's common stock ("Common Share"), and one half of one common share purchase warrant, with each whole warrant ("Warrant") exercisable to purchase one additional Common Share for a period of 30 months following the closing of the Offering at an exercise price of US$1.60, subject to adjustment and acceleration provisions. The Warrants will be transferable, however, the Company will not apply for listing of the Warrants on any securities exchange.

The Offering is led by Haywood Securities Inc. and Cantor Fitzgerald Canada Corporation (the "Lead Agents") on behalf of a syndicate of agents including H.C. Wainwright & Co., LLC, and Laurentian Bank Securities Inc. (the "Agents"). All offers of Units in the United States will be made by U.S. registered broker-dealers. H.C. Wainwright & Co., LLC will only be offering the Units in the United States.

The Company has been informed by the Lead Agents that the books are now closed. Closing of the Offering is anticipated to take place on July 25, 2014, subject to satisfaction of the conditions to closing set forth in an Agency Agreement, including receipt of approval of the NYSE MKT LLC and the Toronto Stock Exchange.

The Company anticipates that the net proceeds from the offering will be utilized to continue development and operations of mining facilities, including wellfields, at the Company's Nichols Ranch ISR Uranium Project. Additionally, proceeds will be used for working capital and other general corporate purposes.

The Units are being offered through the Agents pursuant to a prospectus supplement to the Company's effective shelf registration statement on Form S-3 (File No. 333-196686) previously filed with the Securities and Exchange Commission and pursuant to a prospectus supplement to the Company's shelf prospectus filed with certain Canadian regulators in each of the provinces of Canada, except Quebec, pursuant to the multi-jurisdictional disclosure system. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the Securities and Exchange Commission website at http://www.sec.gov, from the System for Electronic Document Analysis and Retrieval (SEDAR) website at http://www.sedar.com or from the Lead Agents at:

Haywood Securities Inc.
Suite 700 - 200 Burrard Street
Vancouver, BC
V6C 3L6
Attention: Michelle Jankovich
Telephone: 604-697-7126
E-mail: [email protected]

Cantor Fitzgerald Canada Corporation
Suite 1500 - 181 University Avenue
Toronto, ON
M5H 3M7
Attention: Maylin Cui
Telephone: 416-350-8155
E-mail: [email protected]

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the 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 state or jurisdiction.

About Uranerz

Uranerz Energy Corporation is a U.S.-domiciled uranium company. The Company's Nichols Ranch unit is its first ISR uranium mine. Uranerz controls a large strategic land position in the central Powder River Basin. The Company's management team has specialized expertise in the ISR uranium mining method and a record of licensing, constructing and operating ISR uranium projects. The Company has entered into long-term uranium sales contracts for a portion of its planned production with Exelon and one other of the largest nuclear utilities in the country.

Further Information

For further information, please contact Derek Iwanaka, Manager of Investor Relations at 1-800-689-1659 or by email at [email protected]. Alternatively, please review the Company's filings with the Securities and Exchange Commission at www.sec.gov, or visit the Company's profile on SEDAR at www.sedar.com.

Forward-looking Statements

This press release may contain or refer to "forward-looking information" and "forward-looking statements" within the meaning of applicable United States and Canadian securities laws, which may include, but are not limited to, statements with respect to the Offering size and terms and gross proceeds from the Offering, completion of the Offering, anticipated use of proceeds, and all statements which describe future activities or express intentions, plans or expectations and all statements in the future tense. All such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the Securities and Exchange Commission (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to update forward-looking statements, except as required by law.

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