LAKEWOOD, CO, May 13, 2016 /CNW/ - Energy Fuels Inc. (NYSE
MKT:UUUU; TSX:EFR) ("Energy Fuels" or the "Company") announces
that it intends to re-extend the expiry dates of two different
series of previously issued and extended common share purchase
warrants, in each case by one year.
The warrants which the Company proposes to re-extend are as
follows:
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(a)
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An aggregate of
351,020 warrants (the "2012 Warrants") issued on June 21, 2012 as
part of a private placement, having an original expiry date of June
22, 2015, and a first extension expiry date of June 22, 2016.
Each 2012 Warrant entitles the holder to purchase one common share
of the Company at a price of Cdn$13.25 per share; and
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(b)
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An aggregate of
456,948 warrants (the "2013 Warrants") issued on June 13, 2013 as
part of a private placement, having an original expiry date of June
15, 2015, and a first extension expiry date of June 15, 2016.
Each 2013 Warrant entitles the holder to purchase one common share
of the Company at a price of Cdn$9.50 per share.
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The Company has applied to the Toronto Stock Exchange (the
"TSX") to re-extend the expiry date of the 2012 Warrants to
June 22, 2017, provided that in the
event that the trading price of the Company's common shares on the
TSX shall exceed Cdn$19.875 (being
150% of the exercise price of the 2012 Warrants) for any period of
twenty consecutive trading days (a "Selected Period"), the Company
would have the right (but not the obligation) to accelerate the
expiry date of the 2012 Warrants to a date which is not less than
30 days after the date on which the Company gives notice of such
accelerated expiry date to the holders of the 2012 Warrants.
Additionally, the Company has applied to the TSX to re-extend
the expiry date of the 2013 Warrants to June
15, 2017, provided that in the event that the trading price
of the Company's common shares on the TSX shall exceed Cdn$13.50 (being 150% of the exercise price of
the 2013 Warrants) for a Selected Period, the Company would have
the right (but not the obligation) to accelerate the expiry date of
the 2013 Warrants to a date which is not less than 30 days after
the date on which the Company gives notice of such accelerated
expiry date to the holders of the 2013 Warrants.
To the extent that 2012 Warrants or 2013 Warrants were held by
insiders of the Company, such Warrants were excluded from the first
extension and have expired on their original expiry date.
The re-extension of the expiry dates of the 2012 Warrants and
the 2013 Warrants is subject to TSX approval. The effective
date of the amendment will be on or after May 30, 2016.
About Energy Fuels: Energy Fuels is a
leading integrated US-based uranium mining company, supplying
U3O8 to major nuclear utilities. Energy
Fuels operates two of America's key uranium production centers, the
White Mesa Mill in Utah and the
Nichols Ranch Processing Facility in Wyoming. The White Mesa
Mill is the only conventional uranium mill operating in the U.S.
today and has a licensed capacity of over 8 million pounds of
U3O8 per year. The Nichols Ranch
Processing Facility, acquired in the Company's acquisition of
Uranerz Energy Corporation, is an in situ recovery ("ISR")
production center with a licensed capacity of 2 million pounds of
U3O8 per year. Energy Fuels also has the
largest NI 43-101 compliant uranium resource portfolio in the U.S.
among producers, and uranium mining projects located in a number of
Western U.S. states, including one producing ISR project, mines on
standby, and mineral properties in various stages of permitting and
development. The Company's common shares are listed on the
NYSE MKT under the trading symbol "UUUU", and on the Toronto Stock
Exchange under the trading symbol "EFR".
Cautionary Note Regarding Forward-Looking
Statements: Certain information contained in this
news release, including any information relating to TSX approval
regarding extension of the expiry dates of the 2012 and 2013
warrants, and any other statements regarding Energy Fuels'
management, 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", "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 factors relating to TSX
approval regarding extension of the expiry dates of the 2012 and
2013 warrants, and other risk factors as described in Energy Fuels'
most recent annual report on Form 10-K 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 is contained 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.
SOURCE Energy Fuels Inc.