TSX.V: EU
OTCQB: ENCUF
www.encoreuranium.com
CORPUS
CHRISTI, Texas, May 25, 2022
/CNW/ - enCore Energy Corp. ("enCore" or the
"Company") (TSXV: EU) (OTCQB: ENCUF) announced today the
Company has acquired 11,308,250 common shares (the "Shares")
of Future Fuel Corporation (formerly Evolving Gold Corp.)
("Future Fuel") on May 24,
2022. The Shares were issued to enCore in connection with a
definitive share purchase agreement (the "Agreement"),
related to a property transaction whereby Future Fuel acquired the
Company's interest in the Ceboletta project located in New Mexico.
As a former shareholder of ECC, the Company acquired
the Shares in exchange for the common
shares of ECC previously held by the Company. As result of the
foregoing Transaction, enCore owns and/or has control over
11,308,250 common shares of Future Fuel and its ownership of the
issued and outstanding common shares of Future Fuel increased from
nil% to 15.90% on an undiluted basis.
The Company may, depending on market and other conditions,
increase or decrease its beneficial ownership of the Future Fuel's
securities, whether in the open market, by privately negotiated
agreements or otherwise, subject to a number of factors, including
general market conditions and other available investment and
business opportunities.
The Shares were issued within the Agreement dated April 14, 2022 among Future Fuel, Elephant
Capital Corp. ("ECC"), and the former shareholders of ECC pursuant
to which Future Fuel purchased all the issued and outstanding
shares in the capital of ECC from the former shareholders of ECC in
exchange for an equivalent number of common shares of Future Fuel
(the "Transaction").
The disclosure respecting the Company's shareholdings of Future
Fuel contained in this press release is made pursuant to
Multilateral Instrument 62-103 and a report respecting the above
acquisition will be filed with the applicable securities
commissions using the Canadian System for Electronic Document
Analysis and Retrieval (SEDAR) and will be available for viewing at
www.sedar.com.
About enCore
With approximately 90 million pounds of U3O8 estimated in the
measured and indicated categories and 9 million pounds of U3O8
estimated in the inferred category1, enCore
is the most diversified in-situ recovery
uranium development company in the United
States. enCore is focused on becoming the next uranium
producer from its licensed and past-producing South Texas Rosita
Processing Plant by 2023. The South
Dakota-based Dewey Burdock
project and the Wyoming Gas Hills project offer mid-term production
opportunities with significant New
Mexico uranium resource endowments providing long-term
opportunities. The enCore team is led by industry experts with
extensive knowledge and experience in all aspects of ISR uranium
operations and the nuclear fuel cycle.
For more information, visit www.encoreuranium.com.
1 Mineral
resource estimates are based on technical reports prepared in
accordance with NI43-101 and available on SEDAR as well as company
websites at www.encoreuranium.com.
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ACCURACY OF THIS RELEASE.
SOURCE enCore Energy Corp.