LAKEWOOD, CO, Sept. 20, 2016 /CNW/ - Energy Fuels Inc. (NYSE
MKT:UUUU; TSX:EFR) ("Energy Fuels" or the "Company") is pleased
to announce it has closed the previously announced public offering
(the "Offering") of Units made pursuant to an amended and restated
underwriting agreement dated September 15,
2016 between the Company and a syndicate of underwriters led
by Cantor Fitzgerald Canada Corporation and Rodman & Renshaw a
unit of H.C. Wainwright & Co.,
LLC, acting as co-lead underwriters and joint book-running
managers, along with Haywood Securities Inc., Raymond James Ltd.
and Dundee Securities Ltd (collectively, the "Underwriters").
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Pursuant to the Offering, the Company sold an aggregate of
8,337,500 Units (which includes 1,087,500 Units that were issued
upon the exercise, in full, of the over‐allotment option that was
granted to the Underwriters) at a price of US$1.80 per Unit for gross proceeds of
US$15,007,500. Each Unit consists of
one common share (each a "Share") and one half of one common share
purchase warrant (each whole warrant, a "Warrant"), or a total of
8,337,500 Shares and 4,168,750 Warrants. Each Warrant will be
exercisable until September 20, 2021
and will entitle the holder thereof to acquire one Share upon
exercise at an exercise price of US$2.45 per Share.
As previously announced, the Company intends to use the net
proceeds of the Offering (i) to continue to finance the previously
announced shaft sinking and evaluation at the Company's high-grade
Canyon mine project in Arizona;
(ii) to continue to fund wellfield construction at the Company's
Nichols Ranch Project in Wyoming;
(iii) to continue permitting of the Company's projects, including
Roca Honda and Jane Dough; (iv) to
repay principal on outstanding indebtedness; and (v) for general
corporate needs and working capital requirements. However,
management of Energy Fuels will have discretion with respect to the
actual use of the net proceeds of the Offering and there may be
circumstances where, for sound business reasons, a reallocation of
the net proceeds is necessary.
The Warrants are listed on the Toronto Stock Exchange (the
"TSX") under the symbol EFR.WT. The Company intends to
list the Warrants on the NYSE MKT within 90 days of the closing of
the Offering, subject to the Company fulfilling all of the listing
requirements of the NYSE MKT. As previously announced, the
Company relied on the exemption set forth in Section 602.1 of the
TSX Company Manual which provides that the TSX will not apply
certain of its requirements to issuers whose shares are listed on
another recognized stock exchange such as the NYSE MKT.
About Energy Fuels Energy Fuels is a leading
integrated US‐based uranium mining company, supplying
U3O8 to major nuclear utilities. Energy Fuels
holds three of America's key uranium production centers, the White
Mesa Mill in Utah, the Nichols
Ranch Processing Facility in Wyoming, and the Alta Mesa Project in
Texas. 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 is an in situ recovery ("ISR") production center with a
licensed capacity of 2 million pounds of U3O8
per year. Alta Mesa is an ISR
production center currently on care and maintenance. 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
TSX under the trading symbol "EFR".
CAUTIONARY STATEMENT 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 Company
fulfilling all of the listing requirements of the NYSE
MKTfor listing of the Warrants on the NYSE MKT and if so the
timing of such listing, and the use of proceeds from the
Offering. These forward-looking statements can be identified
by the use of forward-looking terminology such as "intends", "will"
and "continue". 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
list date of the Warrants on the NYSE MKT (if listed) or the use of
proceeds from the Offering to be different from those expressed by
the forward-looking statements. Factors that could cause such
events to differ from those anticipated in these forward-looking
statements include risks associated with: the Company's ability to
use the proceeds from the Offering as expected or its ability to
satisfy the requirements to list the Warrants on the NYSE MKT,
which could be affected by many of the risks described under the
caption "Risk Factors" in the Company's Annual Information Form
dated March 15, 2016, which is
available for review on SEDAR at www.sedar.com, and its Annual
Report on Form 10-K for the fiscal year ended December 31, 2015, which is available for review
on EDGAR at www.sec.gov/edgar.shtml and in the Supplement
dated the date hereof and which will be available for review on
SEDAR and EDGAR shortly. 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.
The Company assumes no obligation to update the information
in this communication, except as otherwise required by
law.
SOURCE Energy Fuels Inc.