LAKEWOOD, Colo., Sept. 8, 2020 /PRNewswire/ - Energy Fuels Inc.
(NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the
"Company"), the largest uranium mining company in the United States, is pleased to announce that
it has delivered a notice to the holders of its currently
outstanding floating rate convertible unsecured subordinated
debentures, due December 31, 2020
(the "Debentures") that pursuant to the terms of the
indenture (the "Indenture") governing the Debentures,
the Company will redeem on October 6,
2020 (the "Redemption Date") the remaining
Cdn$10,430,000 principal amount of
the Cdn$10,430,000 Debentures
outstanding. The Debentures are redeemable for an amount equal to
101% of their principal amount plus accrued and unpaid interest
thereon, up to but excluding the Redemption Date. Following this
redemption, no Debentures will remain outstanding, and the
Debentures will cease to be listed on the Toronto Stock
Exchange.
"Energy Fuels is proud to announce that we are paying off the
remainder of our debt and that we will be debt free on October 6, 2020," stated Mark S. Chalmers, President and CEO of Energy
Fuels.
"Many junior uranium producers and developers around the World
are currently incurring significant amounts of debt to fund
exploration and development activities and to cover corporate
overheads. However, without sufficient cash flow, servicing this
debt can become extremely burdensome and destructive to shareholder
value. Instead, Energy Fuels has focused on cleaning up our balance
sheet with minimal impact to our shareholders. We have raised cash
through the issuance of equity this year, but much of this cash was
used to redeem our debt in a minimally dilutive manner.
"To my knowledge, no other company in the world, except for
Energy Fuels, can claim the production capabilities, balance sheet
strength, or optionality across multiple critical commodities.
Through our significant inventories and unmatched U.S. production
capabilities, we offer short- and long-term exposure to uranium and
vanadium markets. We are extremely excited about the commercial and
technical progress we are making on rare earth elements, and we
hope to provide updates on this initiative in the coming weeks and
months. And, with zero debt, we will be in an excellent position to
capitalize on future opportunities in uranium, vanadium, alternate
feed materials, land clean-up and rare earths with a clean balance
sheet representing unmatched optionality."
About Energy Fuels: Energy Fuels is the leading
U.S.-based uranium mining company, supplying
U3O8 to major nuclear utilities. The Company
also produces vanadium from certain of its projects, as market
conditions warrant. Its corporate offices are near Denver, Colorado, and all of its assets and
employees are in the United
States. Energy Fuels holds three of America's key uranium
production centers – the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery
("ISR") Project in Wyoming, and
the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only
conventional uranium mill operating in the U.S. today, has a
licensed capacity of over 8 million pounds of
U3O8 per year, and has the ability to produce
vanadium when market conditions warrant. The Nichols Ranch ISR
Project is on standby and has a licensed capacity of 2 million
pounds of U3O8 per year. The Alta Mesa ISR
Project is also on standby and has a licensed capacity of 1.5
million pounds of U3O8 per year. In addition
to the above production facilities, Energy Fuels has one of the
largest NI 43-101 compliant uranium resource portfolios in the U.S.
and several uranium and uranium/vanadium mining projects on standby
and in various stages of permitting and development. The primary
trading market for Energy Fuels' common shares is the NYSE American
under the trading symbol "UUUU," and the Company's common shares
are also listed on the Toronto Stock Exchange under the trading
symbol "EFR." Energy Fuels' website is www.energyfuels.com.
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 are not limited to, statements with respect to:
the Company's planned final redemption of its outstanding
Debentures; any expectation relating to the Company's
production capabilities, balance sheet strength, or optionality
across multiple critical commodities; any expectation that the
Company will continue to offer short- and long-term exposure to
uranium and vanadium markets; any expectation about the Company's
commercial and technical progress on rare earth elements; and any
expectation that the Company will be in an excellent position to
capitalize on future opportunities in uranium, vanadium, alternate
feed materials, land clean-up and rare earths with a clean balance
sheet. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans," "expects," "does not expect," "is expected," "is likely,"
"budgets," "scheduled," "estimates," "forecasts," "intends,"
"anticipates," "does not anticipate," or "believes," or variations
of such words and phrases, or state that certain actions, events or
results "may," "could," "would," "might" or "will be taken,"
"occur," "be achieved" or "have the potential to." All statements
herein, other than statements of historical fact, 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 of 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 include risks associated with: the
Company's planned final redemption of its outstanding
Debentures; any expectation relating to the Company's
production capabilities, balance sheet strength, or optionality
across multiple critical commodities; any expectation that the
Company will continue to offer short- and long-term exposure to
uranium and vanadium markets; any expectation about the Company's
commercial and technical progress on rare earth elements; any
expectation that the Company will be in an excellent position to
capitalize on future opportunities in uranium, vanadium, alternate
feed materials, land clean-up and rare earths with a clean balance
sheet; and the other factors described under the
caption "Risk Factors" in the Company's most recently filed Annual
Report on Form 10-K, which is available for review on EDGAR at
www.sec.gov/edgar.shtml, on SEDAR at
www.sedar.com, and on the Company's website at
www.energyfuels.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 as a result
of changes in management's estimates or opinions, 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.
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SOURCE Energy Fuels Inc.