The Prospector News

Energy Fuels Announces Cash Redemption of all Outstanding Debentures; Company to be Debt-Free on October 6, 2020

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Energy Fuels Announces Cash Redemption of all Outstanding Debentures; Company to be Debt-Free on October 6, 2020

 

 

 

 

 

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) 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 that pursuant to the terms of the indenture governing the Debentures, the Company will redeem on October 6, 2020 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 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.

 

Posted September 8, 2020

Share this news article

MORE or "UNCATEGORIZED"


Alamos Gold Announces Friendly Acquisition of Argonaut Gold

Unlocking Value Through the Creation of One of Canada’s Lar... READ MORE

March 27, 2024

Foremost Lithium Reports Widest Intercept to Date; 32.53 Metres of Spodumene-Bearing Pegmatite at its Zoro Lithium Project in Manitoba, Canada

Highlights Include: Drill hole FL 24-009 intersected 32.53 metres... READ MORE

March 27, 2024

WESTERN COPPER AND GOLD ANNOUNCES METALLURGICAL PROGRAM AND ASSOCIATED DRILL RESULTS

Western Copper and Gold Corporation (TSX: WRN) (NYSE American: WR... READ MORE

March 27, 2024

Endeavour Reports Strong FY-2023 Results

ENDEAVOUR REPORTS STRONG FY-2023 RESULTS Production of 1.1Moz at AISC of... READ MORE

March 27, 2024

Orezone Reports 2023 Year-end and Q4 Results, and Provides 2024 Guidance

Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) reported its o... READ MORE

March 27, 2024

Copyright 2024 The Prospector News