Energy Fuels and Magnum Uranium Announce Shareholder Approval of Plan of Arrangement
June 23 2009 - 6:00AM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company") and
Magnum Uranium Corp. (TSX VENTURE: MM) ("Magnum") are pleased to
announce that shareholders of Magnum have approved the proposed
Plan of Arrangement between Magnum and Energy Fuels in a vote on
which 99.6% of the votes cast were in favour of the Arrangement.
Completion of the transaction is subject to approval of the court
and the TSX Venture Exchange. Magnum and EFI anticipate that
closing of the Plan of Arrangement will take place on June 30, 2009
and that, in anticipation of closing, Magnum will request that
trading in its shares will be halted before market open on June 30,
2009.
Craig Lindsay, President & CEO of Magnum observed that, "We
at Magnum are very pleased to bring this kind of value to our
shareholders during the recent market downturn. We are especially
excited to see our property portfolio in the hands of a capable
developer like Energy Fuels. The Magnum properties are part of the
mill feed strategy for Energy Fuels' Pinon Ridge uranium mill, and
the path to production is now well defined."
George Glasier, President & CEO of Energy Fuels offered
that, "We are happy to see the confidence shown in the Energy Fuels
management team by the shareholders of Magnum, as we complete
another milestone in the consolidation of Colorado Plateau uranium
assets. The combination of these two companies results in a
stronger, better capitalized company with a significant increase in
uranium resource, and a corporate treasury enhanced by almost 50%.
These assets will contribute to the advancement of Energy Fuels'
Pinon Ridge milling plan and overall growth strategy."
Energy Fuels Inc. is a Toronto-based uranium and vanadium
mineral development company actively rehabilitating and developing
formerly producing mines. With more than 46,000 acres of highly
prospective uranium and vanadium property located in the states of
Colorado, Utah and Arizona, the Company has a full pipeline of
additional development prospects. Energy Fuels, through its
wholly-owned Colorado subsidiary, Energy Fuels Resources
Corporation, has assembled this property portfolio along with a
first class management team, including highly skilled technical
mining and milling professionals based in Lakewood and Nucla,
Colorado and Kanab, Utah.
Magnum Uranium is a Vancouver-based minerals exploration company
focused on the acquisition and development of uranium assets in
North America. Currently, Magnum's primary property holdings are
located in the Western United States, specifically Wyoming, Utah,
Idaho, and New Mexico, and in Canada's Athabasca Basin.
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.
All statements, other than statements of historical fact, included
herein are forward-looking statements and forward looking
information that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
are disclosed in the Company's documents filed from time to time
with the British Columbia, Alberta and Ontario Securities
Commissions.
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2147 or Toll free: 1-888-864-2125 investorinfo@energyfuels.com
www.energyfuels.com Magnum Uranium Corp. Craig Lindsay President
& CEO (604) 683-2507 info@magnumuranium.com
www.magnumuranium.com
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