Together with $41.8
million previously paid by enCore, net proceeds from the
Note total $64.2 million
LAKEWOOD, Colo., Nov. 13,
2023 /PRNewswire/ - Energy Fuels Inc. (NYSE American:
UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") is
pleased to announce that, on November 9,
2023, it sold to MMCAP International Inc. SPC
("MMCAP") the remaining unpaid balance of $20 million owed under the Secured Convertible
Note (the "Note") issued to the Company by enCore Energy
Corp. ("enCore") as partial consideration for enCore's
purchase of the Alta Mesa In-Situ Recovery Project (the "Alta
Mesa Sale"), as previously announced on February 15, 2023, for total consideration of
$21 million plus $1.5 million in unpaid accrued interest, less a
sales commission of $100,000 paid to
a third-party broker. As disclosed in the Company's Form 10-Q for
the quarter ended September 30, 2023,
enCore previously paid $40 million
toward the $60 million principal Note
balance and $1.8 million of interest
to the Company in partial fulfillment of its obligations under the
Note. As a result of enCore's earlier paydown and the $22.4 million received in connection with the
Note's sale, the Company has now received payment in full for the
Alta Mesa Sale, and no further consideration is owed in connection
therewith. All references to dollar amounts in this press release
are references to US$.
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company.
The Company, as the leading producer of uranium in the United States, mines uranium and produces
natural uranium concentrates that are sold to major nuclear
utilities for the production of carbon-free nuclear energy. Energy
Fuels recently began production of advanced rare earth element
("REE") materials, including mixed REE carbonate, and plans
to produce commercial quantities of separated REE oxides in the
future. Energy Fuels also produces vanadium from certain of its
projects, as market conditions warrant, and is evaluating the
recovery of radionuclides needed for emerging cancer treatments.
Its corporate offices are in Lakewood,
Colorado, near Denver, and
substantially all its assets and employees are in the United States. Energy Fuels holds two of
America's key uranium production centers: the White Mesa Mill in
Utah and the Nichols Ranch in-situ
recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only
conventional uranium mill operating in the US today, has a licensed
capacity of over 8 million pounds of U3O8 per
year, and has the ability to produce vanadium when market
conditions warrant, as well as REE products, from various
uranium-bearing ores. The Nichols Ranch ISR Project is on standby
and has a licensed capacity of 2 million pounds of
U3O8 per year. The Company recently acquired
the Bahia Project in Brazil, which
is believed to have significant quantities of titanium (ilmenite
and rutile), zirconium (zircon) and REE (monazite) minerals. In
addition to the above production facilities, Energy Fuels also has
one of the largest NI 43-101 compliant uranium resource portfolios
in the US and several uranium and uranium/vanadium mining projects
on standby and in various stages of permitting and development. The
primary trading market for Energy Fuels' common shares is the NYSE
American under the trading symbol "UUUU," and the Company's common
shares are also listed on the Toronto Stock Exchange under the
trading symbol "EFR." Energy Fuels' website is
www.energyfuels.com.
Cautionary Note Regarding Forward-Looking
Statements: This news release contains certain "Forward
Looking Information" and "Forward Looking Statements" within the
meaning of applicable United
States and Canadian securities legislation, which may
include, but are not limited to, statements with respect to: any
expectation that the Company will maintain its position as a
leading U.S.-based critical minerals company or as the leading
producer of uranium in the U.S. 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," "budgets," "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 "have the potential
to." All statements, other than statements of historical fact,
herein are 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 include risks
associated with: commodity prices and price fluctuations;
engineering, construction, processing and mining difficulties,
upsets and delays; permitting and licensing requirements and
delays; changes to regulatory requirements; legal challenges; the
availability of feed sources for the Mill; competition from other
producers; public opinion; government and political actions;
available supplies of monazite; the ability of the Mill to produce
rare earth carbonate, rare earth element oxides or other rare earth
element products to meet commercial specifications on a commercial
scale at acceptable costs or at all; market factors, including
future demand for rare earth elements; the ability of the Mill to
be able to separate radium or other radioisotopes at reasonable
costs or at all; market prices and demand for medical isotopes; and
the other factors described under the caption "Risk Factors" in the
Company's most recently filed Annual Report on Form 10-K, which is
available for review on EDGAR at www.sec.gov/edgar.shtml, on SEDAR
at www.sedar.com, and on the Company's website at
www.energyfuels.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. The Company assumes no obligation to
update the information in this communication, except as otherwise
required by law.
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SOURCE Energy Fuels Inc.