UPC invests in physical holdings of uranium, with the primary objective of achieving appreciation in the value of its uranium holdings. The Corporation also earns income from lending or relocating portions of its uranium holdings to third parties from time to time. Unless the context requires otherwise, references to "uranium" means uranium oxide in concentrates ("U3O8") and uranium hexafluoride ("UF6").
Since incorporation to the end of the 2020 fiscal year, the Corporation has completed 12 public offerings with aggregate gross proceeds of $788.2 million. The Corporation received a further $31.2 million from the exercise of warrants issued under the public offerings and approximately $8.0 million from the exercise of options assumed by UPC. See "Business of UPC -- Operations" in its most recent Annual Information Form ("AIF"). The net proceeds from the offerings, the exercise of warrants, and the options were used to fund (or have been set aside to fund in the future) the purchase of uranium, the repurchase of shares pursuant to a normal course issuer bid and general corporate purposes.
The Corporation's uranium is held directly by UPC or indirectly through UPC's wholly-owned subsidiaries, Uranium Participation Bermuda Limited ("UPBL") and Uranium Participation Bermuda 2 Limited ("UPBL2"). UPBL was formed effective March 11, 2016 pursuant to a certificate of continuance issued by the Bermuda Register of Companies on the migration of the Corporation's subsidiary Uranium Participation Cyprus Limited ("UPCL") from Cyprus to Bermuda. UPCL was incorporated under the laws of the Republic of Cyprus on September 10, 2006. UPBL2 was formed pursuant to a certificate of incorporation issued by the Bermuda Register of Companies effective October 3, 2018. UPBL and UPBL2 invest directly in, and hold, uranium.
Since formation, UPC has appointed Denison Mines Inc. (the "Manager"), a wholly owned subsidiary of Denison Mines Corp. ("DMC"), to manage UPC pursuant to a management services agreement. The Manager provides four officers to the Corporation: the President and Chief Executive Officer, the Chief Financial Officer, the Chief Commercial Officer and the Corporate Secretary. See "Business of UPC -- Management of UPC" in the AIF.