Energy Fuels Agrees to Sell Its Interest in Bayswater Uranium to Mega Uranium
December 19 2013 - 7:00AM
Marketwired
Energy Fuels Agrees to Sell Its Interest in Bayswater Uranium to
Mega Uranium
TORONTO, ONTARIO and LAKEWOOD, COLORADO--(Marketwired - Dec 19,
2013) - Energy Fuels Inc. (NYSEMKT:UUUU) (TSX:EFR) ("Energy Fuels"
or the "Company") is pleased to announce that it has entered into a
Securities Purchase Agreement to sell all of its shares of
Bayswater Uranium Corp. ("Bayswater") to Mega Uranium Ltd.
(TSX:MGA) ("Mega") in exchange for 1,750,000 newly issued common
shares of Mega. Energy Fuels acquired 2,759,807 shares of Bayswater
as part of its August 30, 2013 acquisition of Strathmore Minerals
Corp. The 2,759,807 shares represent approximately 11.5% of the
issued and outstanding shares of Bayswater. The transaction is
expected to be completed on or before January 17, 2014, or such
other date as the parties may agree, and is subject to various
conditions including acceptance by the Toronto Stock Exchange. The
shares of Mega being acquired by Energy Fuels will be issued on a
private placement basis and are subject to a statutory four-month
holding period.
Stephen P. Antony, President and CEO of Energy Fuels stated:
"Energy Fuels and Mega have an established relationship, and Energy
Fuels is already a shareholder of Mega through a previous non-core
asset sale. Mega's market capitalization is currently significantly
lower than the Toro Energy Limited common shares it received as
consideration for its sale of the Maitland Lake uranium project,
which closed on November 19, 2013. Mega also owns other
investments, including about 17% of the currently outstanding
shares of NexGen Energy Ltd. Energy Fuels is pleased to increase
its investment in Mega at this time."
About Energy Fuels: Energy Fuels is currently America's largest
conventional uranium producer, supplying approximately 25% of the
uranium produced in the United States. Energy Fuels operates the
White Mesa Mill, which is the only conventional uranium mill
currently operating in the U.S. The mill is capable of processing
2,000 tons per day of uranium ore and has a licensed capacity of
over 8 million lbs. of U3O8 per year. Energy Fuels has projects
located throughout the Western U.S., including producing mines and
mineral properties in various stages of permitting and development.
The Company's common shares are listed on the Toronto Stock
Exchange under the trading symbol "EFR" and on the NYSEMKT under
the trading symbol "UUUU".
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
closing of the transaction, the relationship between Energy Fuels
and Mega, the value of Mega, Toro, or NexGen shares, and the nature
of the assets discussed or the Company's position in Bayswater
and/or Mega. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"expects" "does not expect", "is expected", "subject to",
"prospective" or "believe", or variations of such words and
phrases, or state that certain actions, events or results "may",
"could", or "will be taken", "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 are described under
the caption "Risk Factors" in the Company's Annual Information Form
dated December 20, 2012, which is available for review on the
System for Electronic Document Analysis and Retrieval at
www.sedar.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.
Energy Fuels Inc.Curtis H. MooreInvestor Relations(303) 974-2140
or Toll free:
1-888-864-2125investorinfo@energyfuels.comwww.energyfuels.com
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