LAKEWOOD, CO, Feb. 20, 2020 /PRNewswire/ - Energy Fuels
Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the
"Company") is pleased to announce it has closed the
previously announced public offering of common shares (the "Offered
Shares") made pursuant to an underwriting agreement
dated February 13, 2020 (the "Underwriting
Agreement") between the Company and a syndicate of
underwriters led by Cantor Fitzgerald & Co. as lead underwriter
and sole book-runner, and H.C. Wainwright & Co., LLC, Eight
Capital, Haywood Securities Inc. and Roth Capital Partners, LLC
(together with the Lead Underwriter, the "Underwriters") (the
"Offering").
Pursuant to the Offering, the Company issued an aggregate of
11,300,000 common shares at a price of US$1.47 per share for
gross proceeds of US$16,611,000.
As previously announced, the Company intends to use the net
proceeds of the Offering to provide the Company with additional
financial flexibility and enhanced options with respect to any or
all of the following: (i) to fund various activities required to
increase uranium and/or vanadium production at the Company's
properties in response to the President of the United States' budget for fiscal year
2021, including: wellfield construction and other enhancements at
the Company's Nichols Ranch ISR Project in Wyoming, development and mining activities at
the Company's La Sal Complex in Utah, development and mining activities at the
Company's Canyon Mine in Arizona,
exploration drilling, development activities and wellfield
construction at the Company's Alta Mesa Project in Texas, exploration, permitting and development
activities at the Company's other projects, and various capital and
sustaining capital expenditures at the Company's White Mesa Mill
and other projects; (ii) to continue to pursue additional
revenue-generating activities at the White Mesa Mill, including
alternate feed material processing and land clean-up activities;
(iii) to continue to finance evaluation of the high-grade uranium
and copper mineralization at the Company's Canyon Mine, including
further evaluation of processing options at the White Mesa Mill for
the copper resources; (iv) to continue permitting the Company's
projects, including Roca Honda; (v)
to repay all or a portion of the Company's convertible debentures;
(vi) for general corporate needs and working capital requirements;
and/or (vii) to retain all or a portion of the net proceeds of the
Offering in cash and/or marketable securities as collateral for
advances under any credit facility that may be used by the Company
for any of the foregoing purposes, and if necessary to repay any
advances under such credit facility. However, management of Energy
Fuels will have discretion with respect to the actual use of the
net proceeds of the Offering, and there may be circumstances where,
for sound business reasons, a reallocation of the net proceeds is
necessary.
The Offered Shares were offered in the
United States pursuant to a prospectus supplement to the
Company's shelf registration statement on Form S-3 that was filed
with the U.S. Securities and Exchange Commission (the "Commission")
and became effective on December 26,
2018. The Offered Shares were offered in Canada pursuant to a prospectus supplement to
the Company's final short form base shelf prospectus dated
December 27, 2018, which was filed in
each of the provinces of Canada
other than Quebec.
About Energy Fuels: Energy Fuels is a leading
US-based uranium mining company, supplying
U3O8 to major nuclear utilities. The Company
also produces vanadium from certain of its projects, as market
conditions warrant. Its corporate offices are near Denver, Colorado, and all of its assets and
employees are in the United
States. Energy Fuels holds three of America's key uranium
production centers, the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery
("ISR") Project in Wyoming, and
the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only
conventional uranium mill operating in the U.S. 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. The Nichols Ranch ISR
Project is in operation and has a licensed capacity of 2 million
pounds of U3O8 per year. The Alta Mesa ISR
Project is currently on standby. In addition to the above
production facilities, Energy Fuels also has one of the largest NI
43-101 compliant uranium resource portfolios in the United States, 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."
Cautionary Note Regarding Forward-Looking
Statements: This news release contains certain
"Forward Looking Information" and "Forward Looking Statements"
within the meaning of applicable Canadian and United States securities legislation, which
may include, but is not limited to, statements with respect to the
expected use of proceeds of the Offering. 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 statements
with respect to: the expected use of proceeds of the
Offering; 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.