UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 or 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2015.
Commission File Number 001-36204
ENERGY FUELS
INC.
(Translation of registrants name into English)
225 Union Blvd., Suite 600
Lakewood, CO 80228
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F
Form 20-F [
] Form 40-F [X]
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Note: Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an attached
annual report to security holders.
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Note: Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrants home country), or under the
rules of the home country exchange on which the registrants securities are
traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrants security
holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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ENERGY FUELS INC. |
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/S/
David C. Frydenlund |
Date: February 17, 2015 |
David C. Frydenlund |
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Senior Vice President, General Counsel &
Corporate Secretary |
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INDEX TO EXHIBITS
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Energy Fuels Acquires 50% Interest in the High-Grade Wate
Uranium
Project in Arizona
Lakewood, Colorado February 17, 2015
Energy Fuels Inc. (NYSE MKT:UUUU; TSX:EFR) (Energy Fuels
or the Company) is pleased to announce that, through its wholly-owned
subsidiary EFR Arizona Strip LLC, the Company has acquired a 50% interest in the
high-grade Wate uranium deposit (the Wate Project) from VANE Minerals (US) LLC
(VANE). The Wate Project is held in the Wate Mining Company, LLC joint venture
(the LLC). The other 50% of the LLC continues to be owned by Uranium One
Americas, Inc. (U1).
Northern Arizona, where the Wate Project is located, contains
the highest-grade uranium deposits in the United States, and some of the
highest-grade uranium deposits in the World (outside of Canadas Athabasca
Basin). The Wate Project is a breccia pipe deposit like the Companys Pinenut,
Canyon, and Arizona 1 mines. The Company is currently producing ore at the
Pinenut mine, and recently announced that it is preparing to resume development
at the Canyon mine. It is anticipated that future production from the Wate
Project would be processed at Energy Fuels White Mesa uranium mill in Utah,
which is currently the only operating uranium mill in the U.S. Energy Fuels will
also assume VANEs role as Manager of the LLC, which provides the Company with
control over LLC activities, including programs and budgets.
As consideration for the 50% interest in the LLC, Energy Fuels
paid US$250,000 cash to VANE at closing, along with a US$500,000
non-interest-bearing promissory note, payable in two equal installments of
US$250,000 on each of the first and second anniversaries of the note, and a 2%
production royalty on the 50% LLC interest being acquired. The royalty can be
purchased by Energy Fuels upon payment to VANE of an additional US$750,000, less
any royalties previously paid. In addition, upon the LLC meeting certain
permitting milestones and other conditions, the amounts due under the note will
be accelerated, and the Company will pay an additional $250,000 cash to VANE. If
Energy Fuels elects not to make the payments under the note, it will be required
to transfer its interest in the LLC back to VANE.
The Wate Project is located on land owned by the State of
Arizona, and is therefore not subject to the U.S. governments withdrawal of
certain lands in Arizona from new mineral location. Primary permitting authority
for the project lies with the State. The LLC has submitted an application to the
State to convert the previous exploration permit into a state mineral lease,
which will confer the right to mine and ship ores and to conduct all support operations, similar to a mining permit in other
jurisdictions. The Company expects the mineral lease to be granted in 2015. Once
the lease is granted, the Company expects to move forward to acquire the
additional State aquifer protection and air quality permits and other approvals
required to commence development and mining.
There is an existing historical estimate from 2011 which shows
that the Wate Project contains 1.1 million pounds of U3O8 with an average grade
of 0.79% eU3O8 contained in 71,000 tons of inferred mineral resources. A
qualified person has not done sufficient work to classify this estimate as a
current estimate of mineral resources or mineral reserves, and as such the
Company is not treating it as a current estimate of mineral resources or mineral
reserves. However, the Company believes the estimate is relevant and reliable,
as it was prepared recently by a reputable mining consultant. In order to
upgrade and verify this historical estimate as a current mineral resource, the
Company needs to perform further evaluations of the estimate and confirm that
its underlying assumptions continue to be reasonable and that the report is
complete and current. The Company expects to perform this evaluation and update
it to a NI 43-101 compliant technical report, which would be filed on SEDAR.
Stephen P. Antony, President and CEO of Energy Fuels commented:
We are extremely pleased to acquire VANEs interest in the Wate Project. Wate
is a well-known, high-grade breccia pipe deposit that fits nicely into our
existing uranium portfolio. Due to their high-grades, these deposits generally
represent the lowest-cost sources of uranium production in our portfolio. We
have a wealth of experience mining similar deposits in Arizona, and I am proud
of our Companys commitment to the safety of our workers, the community, and the
environment, as we bring uranium to the marketplace for the production of
emission-free, carbon-free electricity.
Stephen P. Antony, P.E., President & CEO of Energy
Fuels, is a Qualified Person as defined by National Instrument 43-101
and has reviewed and approved the technical disclosure contained in this news
release.
About Energy Fuels: Energy Fuels is currently
Americas largest conventional uranium producer, supplying approximately 25% of
the uranium produced in the U.S. in 2013. 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. EnergyFuels has projects located in a
number of Western U.S. states, including a producing mine, mines on
standby, and mineral properties in various stages of permitting and development.
The Companys common shares are listed on the NYSE MKT under the trading symbol
UUUU, and on the Toronto Stock Exchange under the trading symbol EFR.
IMPORTANT INFORMATION FOR INVESTORS AND STOCKHOLDERS OF
URANERZ ENERGY CORP. AND ENERGY FUELS INC.
On January 5, 2015, the Company announced a transaction
whereby it would acquire all of the issued and outstanding shares of Uranerz
Energy Corp. (Uranerz). This press release is for informational purposes only
and does not constitute an offer to purchase, a solicitation of an offer to sell
the shares of common stock of Uranerz or a solicitation of any proxy, vote or
approval. Energy Fuels will file with the United States Securities and Exchange
Commission (SEC) a registration statement on Form F-4 that will include a
proxy statement of Uranerz that also constitutes a prospectus of Energy Fuels.
Energy Fuels and Uranerz also plan to file with or furnish other documents to securities regulatory
authorities in Canada and the United States regarding the proposed acquisition
of Uranerz by Energy Fuels.
INVESTORS AND STOCKHOLDERS OF URANERZ ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION OF URANERZ BY
ENERGY FUELS.
Anyone may obtain copies of these documents when available
free of charge under Energy Fuels profile on SEDAR at www.sedar.com or EDGAR at
www.sec.gov, or by accessing Energy Fuels website at
www.energyfuels.com under the heading Investors and from Energy Fuels directly
by contacting Curtis Moore, Investor Relations: (303) 974-2140. Documents will
also be available free of charge under Uranerz profile on EDGAR at www.sec.gov
or on SEDAR at www.sedar.com, or by accessing Uranerz
website at www.uranerz.com under the heading Investors and from Uranerz
directly by contacting Derek Iwanaka, Investor Relations: (800) 689-1659. Energy
Fuels, Uranerz, their respective directors and certain of their executive
officers may be deemed to be participants in the solicitation of proxies from
the shareholders of Uranerz in connection with the proposed acquisition of
Uranerz by Energy Fuels. Information about the directors and executive officers
of Uranerz is set forth in its proxy statement for its 2014 annual meeting of
shareholders, which was filed with the SEC on April 29, 2014. Information about
the directors and executive officers of Energy Fuels can be found in its 2014
management information circular dated March 26, 2014, which is available at
www.sedar.com and www.sec.gov. Other information regarding
the participants in the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, will be contained in the
proxy statement/prospectus and other relevant materials to be filed with the SEC
when they become available.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this news release,
including any information relating to the resources in the Wate project, the
issuance of the state mineral lease, the ability to mine the resources, future
permitting, future SEDAR filings, the ability of the Company to repay the
promissory note, and any other statements regarding Energy Fuels future
expectations, beliefs, goals or prospects constitute forward-looking information
within the meaning of applicable 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", "does not expect", "plans", "anticipates", "does not anticipate",
"believes", "intends", "estimates", "estimates", "projects", "potential",
"scheduled", "forecast", "budget" and similar expressions) should be considered
forward-looking statements. All such forward-looking statements are subject to
important risk factors and uncertainties, many of which are beyond Energy Fuels
ability to control or predict. 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: the resources in the
Wate project; the issuance of the state mineral lease; the ability to mine the
resources; future permitting; future SEDAR filings; the ability of the Company
to repay the promissory note; uranium markets; future production scalability;
the volatility of the international marketplace; future uranium prices; the
ability to raise capital to fund project development; the ability to complete
future acquisitions and other risk factors as described in Energy Fuels most
recent annual information forms and annual and quarterly financial reports.
Energy Fuels assumes no obligation to update the information
in this communication, except as otherwise required by law. Additional
information identifying risks and uncertainties iscontained in Energy Fuels filings 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 the
management of Energy Fuels relating to the future. Readers are cautioned that
such statements may not be appropriate for other purposes. Readers are also
cautioned not to place undue reliance on these forward-looking statements, that
speak only as of the date hereof.
Contact Information:
Energy Fuels Inc. |
Curtis Moore |
Investor Relations |
(303) 974-2140 or Toll free: 1-888-864-2125 |
investorinfo@energyfuels.com |
www.energyfuels.com |
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