Energy Fuels Announces Closing of Previously Announced US$12.075 Million Offering of Units

March 14, 2016

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Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) announced that it has closed the previously announced public offering (the “Offering”) of Units made pursuant to an underwriting agreement dated March 9, 2016 between the Company and a syndicate of underwriters led by Cantor Fitzgerald Canada Corporation, as sole bookrunner, along with Haywood Securities Inc., Roth Capital Partners, LLC, Dundee Securities Ltd., Raymond James Ltd., and Rodman & Renshaw, a unit of H.C. Wainwright& Co., LLC.

As quoted in the press release:

The current intention is to use the net proceeds of the Offering to: (i) continue to fund wellfield construction at the Company’s Nichols Ranch Project in Wyoming; (ii) continue to finance the previously announced shaft sinking and evaluation at the Company’s high-grade Canyon mine project in Arizona; (iii) fund costs associated with the proposed acquisition of Mesteña Uranium, LLC announced earlier this week; (iv) fund the cash portion of the proposed acquisition of the remaining 40% of the Roca Honda Project announced last week; and (v) use any remaining funds for general corporate needs and working capital requirements.

Energy Fuels President and CEO, Stephen P. Antony, stated:

Following today’s financing, Energy Fuels has the liquidity to execute our business plan in a variety of uranium price environments.  We recently announced two strategic acquisitions.  We are currently under contract to acquire Mesteña Uranium LLC, which is expected to provide the Company with a permitted source of near-term ISR uranium production that is on the lower end of our cost curve.  We have also entered into a letter of intent to boost our interest in the Roca Honda Project to 100%, which is expected to increase Energy Fuels’ large-scale conventional production capabilities, at improved uranium prices.  In addition, Energy Fuels is currently pursuing two major capital initiatives, including continued shaft sinking and resource evaluation at the high-grade Canyon mine in Arizona and expanding the wellfields at the Nichols Ranch Project in Wyoming.  In today’s weak price environment, our ongoing investments and recent corporate initiatives demonstrate Energy Fuels’ focus on our lowest cost sources of uranium production, while at the same time increasing our scalability to improved uranium prices.

Connect with Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) to receive an Investor Presentation.

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Category: Energy