Energy Fuels Completes Acquisition of 16.5% Interest in Virginia Energy Resources
28 Gennaio 2013 - 3:15PM
Marketwired
Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company") is
pleased to announce that the Company has completed its acquisition
of a 16.5% interest in Virginia Energy Resources Inc. (TSX
VENTURE:VUI)(OTCQX:VEGYF) ("Virginia Energy") as a part of a
non-brokered private placement financing previously announced by
the Company and Virginia Energy in a joint news release dated
December 28, 2012.
As previously announced, Energy Fuels acquired 9,439,857 common
shares of Virginia Energy at a price of Cdn$0.42 per share, for an
aggregate subscription price of Cdn$3,964,739.94. The subscription
price was satisfied by a combination of $250,000 of cash and the
issuance of 21,851,411 common shares in the capital of the Company.
However, as a result of Virginia Energy's expansion of the original
financing, Energy Fuels' acquired interest in Virginia Energy
represents 16.5% of the currently outstanding common shares of
Virginia Energy (rather than the previously announced 19.9%).
The Company acquired the shares of Virginia Energy for
investment purposes, and has no current intention of acquiring
additional securities of Virginia Energy. No other person acted
jointly or in concert with the Company in connection with its
acquisition of shares of Virginia Energy.
Pursuant to the subscription agreement with Virginia Energy, for
so long as the Company owns at least 9.9% of the outstanding shares
of Virginia Energy, the Company has the right to participate in
equity financings by Virginia Energy in order to maintain its
percentage ownership. In addition, the Company has the right to
nominate one director for election or appointment to the Board of
Directors of Virginia Energy as long as it holds at least 5% of the
issued and outstanding Common Shares, increasing to 9.9% after 2
years. Graham Moylan, Chief Financial Officer of Energy Fuels, will
be appointed as a director of Virginia Energy.
Virginia Energy owns 100% of the advanced-stage Coles Hill
Project located in south central Virginia, USA. Coles Hill is the
largest known uranium deposit in the United States with 119.6
million tons of Indicated Resource with an average grade of 0.056%
U3O8 containing 133 million lbs. of U3O8. According to a September
2012 Preliminary Economic Assessment ("PEA") posted on Virginia
Energy's profile on SEDAR, the Coles Hill Project has attractive
expected economics, including an Internal Rate of Return ("IRR") of
36.3%, a Net Present Value ("NPV") of $427 million, and initial
cash cost of $30.72/lb.
Cantor Fitzgerald Canada Corporation acted as the Company's
financial advisor in connection with this transaction. The Company
will issue 270,270 common shares of the Company to Cantor
Fitzgerald in partial satisfaction of financial advisory fees.
Stephen P. Antony, P.E., President & CEO of Energy Fuels, is
a Qualified Person as defined by National Instrument 43-101 and has
reviewed and approved the technical disclosure contained in this
document.
About Energy Fuels: Energy Fuels is America's largest
conventional uranium producer, supplying approximately 25% of the
uranium produced in the U.S., and is also a significant producer of
vanadium. The company operates the White Mesa Mill, which is the
only conventional uranium mill currently operating in the U.S.,
capable of processing 2,000 tons per day of uranium ore. Energy
Fuels has projects located throughout the Western U.S., including
producing mines and mineral properties in various stages of
permitting and development.
This news release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended and "Forward-Looking Information"
within the meaning of applicable Canadian securities legislation,
which may include, but is not limited to, statements with respect
to the future financial or operating performance of the Company and
its projects. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" "does not expect", "is expected", "is likely",
"budget" "scheduled", "estimates", "forecasts", "intends",
"anticipates", "does not anticipate", or "believes", or variations
of such words and phrases, or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken",
"occur", "be achieved" or "has the potential to". All statements,
other than statements of historical fact, included herein are
generally considered to be forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
express or implied by the forward-looking statements. Factors that
could cause actual results to differ materially from those
anticipated in these forward-looking statements are described under
the caption "Risk Factors" in the Company's Annual Information Form
dated as of December 20, 2012, which is available for view on the
System for Electronic Document Analysis and Retrieval at
www.sedar.com. Forward-looking statements contained herein are made
as of the date of this news release and the Company disclaims,
other than as required by law, any obligation to update any
forward-looking statements whether as a result of new information,
results, future events, circumstances, or if management's estimates
or opinions should change, or otherwise. There can be no assurance
that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Contacts: Energy Fuels Inc. Curtis Moore Investor Relations
(303) 974-2140 or Toll free:
1-888-864-2125investorinfo@energyfuels.com www.energyfuels.com
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