NYSE
American:EU
TSXV:EU
www.encoreuranium.com
CORPUS
CHRISTI, Texas, Feb. 8, 2023
/CNW/ - enCore Energy Corp. ("enCore" or the
"Company") (NYSE American: EU) (TSXV: EU) today
announces that it has closed its previously announced public
offering (the "Offering") of units (the "Units") of the Company.
Pursuant to the Offering, the Company issued a total of 10,615,650
Units at a price of C$3.25 per Unit
for aggregate gross proceeds of C$34,500,862.50, including the full exercise of
the over-allotment option granted to the Underwriters (as defined
herein) under the Offering.
The Offering was conducted through a syndicate of underwriters
led by Canaccord Genuity, as lead underwriter and sole bookrunner,
and including Cantor Fitzgerald Canada Corporation and Haywood
Securities Inc. (collectively, the "Underwriters") pursuant to an
underwriting agreement dated January 25,
2023 entered into among the Company and the
Underwriters.
Each Unit consists of one common share in the capital of the
Company (each a "Unit Share") and one-half of one common share
purchase warrant (each a "Warrant"). Each Warrant entitles the
holder thereof to purchase one common share of the Company (a
"Warrant Share") at a price of C$4.05
per Warrant Share for a period of 36 months following the closing
of the Offering.
The Company intends to use a portion of the net proceeds from
the Offering to fund amounts required to be paid to complete the
Company's previously announced pending acquisition of the Alta Mesa
ISR uranium project (the "Alta Mesa Acquisition") and to maintain
and advance the Company's material properties, acquire properties,
plant upgrades, drilling, maintenance and refurbishment, community
outreach and communications, licensing and permitting, and for
general corporate and working capital purposes, all in the manner
as set forth in the short form prospectus of the Company dated
February 3, 2023 and filed in
connection with the Offering (the "Prospectus").
The Offering remains subject to the final approval of the NYSE
American and TSX Venture Exchange.
The Prospectus has been filed with the securities commissions or
similar securities regulatory authorities in each of the provinces
of Canada except Québec. A
registration statement on Form F-10 (including such Prospectus)
(the "Registration Statement") has also been filed with the U.S.
Securities and Exchange Commission (the "SEC") for the Offering.
The Prospectus and the Registration Statement contain important
detailed information relating to the Company and the Offering.
Investors should read the Prospectus and the Registration
Statement and other documents the Company has filed with the SEC
for more complete information about the Company and the Offering. A
copy of these documents is available on the SEC website at
www.sec.gov and on SEDAR at www.sedar.com. Copies may also be
obtained in Canada from Canaccord
Genuity Corp., 40 Temperance Street, Suite 2100, Toronto, ON M5H 0B4 and in the United States from Canaccord Genuity LLC,
99 High Street, Suite 1200, Boston,
Massachusetts 02110, Attn: Syndicate Department, by
telephone at (617) 371-3900, or by email at
prospectus@canaccordgenuity.com.
About enCore Energy Corp.
enCore Energy is the most diversified In-Situ Recovery (ISR)
uranium development company in the United
States and recently announced it entered into a definitive
agreement to acquire the Alta Mesa In-Situ Recovery uranium
project. The Alta Mesa Acquisition will position enCore as a
leading US-focused ISR uranium company with the proven management
expertise required to advance multiple production opportunities
within its portfolio. 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. enCore is committed to
engaging and working with local communities and indigenous
governments to create positive impact from corporate
developments.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements: Certain information contained in this
news release, including: any information relating to the Company
being a leading uranium company; the use of proceeds from the
Offering; the ability of the Company to complete the Alta Mesa
Acquisition and to realize the expected benefits of the Alta Mesa
Acquisition; final approvals relating to the Offering; and any
other statements regarding future expectations, beliefs, goals or
prospects; may constitute "forward-looking information" and
"forward-looking statements" within the meaning of applicable
Canadian and United States
securities legislation (collectively, "forward-looking
statements"). All statements in this news release that are not
statements of historical fact (including statements containing the
words "expects", "is expected", "does not expect", "plans",
"anticipates", "does not anticipate", "believes", "intends",
"estimates", "projects", "potential", "scheduled", "forecast",
"budget" and similar expressions or variations (including negative
variations) of such words and phrases, or statements that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken) should be considered forward-looking statements.
All such forward-looking statements are subject to important risk
factors and uncertainties, many of which are beyond the companies'
ability to control or predict. Forward-looking statements
necessarily involve known and unknown risks, including, without
limitation, risks associated with general economic conditions;
adverse industry events; risks associated with accessing additional
funding required for the transactions and operations discussed in
this news release; the use of proceeds of the Offering; obtaining
final approvals relating to the Offering; the Company's ability to
complete the Alta Mesa Acquisition; future legislative and
regulatory developments; the ability of enCore to implement its
business strategies; and other risks. A number of important factors
could cause actual results or events to differ materially from
those indicated or implied by such forward-looking statements,
including without limitation exploration and development risks,
changes in commodity prices, access to skilled mining personnel,
the results of exploration and development activities; uninsured
risks; regulatory risks; defects in title; the availability of
materials and equipment, timeliness of government approvals and
unanticipated environmental impacts on operations; risks posed by
the economic and political environments in which the Company
operates and intends to operate; market instability due to the
COVID-19 pandemic; the potential for losses arising from the
expansion of operations into new markets; increased competition;
assumptions regarding market trends and the expected demand and
desires for the Company's products and proposed products; reliance
on industry manufacturers, suppliers and others; the failure to
adequately protect intellectual property; the failure to adequately
manage future growth; adverse market conditions, the failure to
satisfy ongoing regulatory requirements and factors relating to
forward looking statements listed above which include risks as
disclosed in the companies' annual information form filings. Should
one or more of these risks materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results may vary materially from those described herein as
intended, planned, anticipated, believed, estimated or expected.
The Company assumes no obligation to update the information in this
communication, except as required by law. Additional information
identifying risks and uncertainties is contained in filings by the
Company with the various securities commissions which are available
online at www.sec.gov and www.sedar.com.
Forward-looking statements are provided for the purpose of
providing information about the current expectations, beliefs and
plans of management. Such statements may not be appropriate for
other purposes and readers should not place undue reliance on these
forward-looking statements, that speak only as of the date
hereof, as there can be no assurance that the plans,
intentions or expectations upon which they are placed will occur.
Such information, although considered reasonable by management at
the time of preparation, may prove to be incorrect and actual
results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
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SOURCE enCore Energy Corp.