Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) is pleased to announce it has closed the previously announced public offering of common shares made pursuant to an underwriting agreement dated February 13, 2020 between the Company and a syndicate of underwriters led by Cantor Fitzgerald & Co. as lead underwriter and sole book-runner, and H.C. Wainwright & Co., LLC, Eight Capital, Haywood Securities Inc. and Roth Capital Partners, LLC.
Pursuant to the Offering, the Company issued an aggregate of 11,300,000 common shares at a price of US$1.47 per share for gross proceeds of US$16,611,000.
As previously announced, the Company intends to use the net proceeds of the Offering to provide the Company with additional financial flexibility and enhanced options with respect to any or all of the following: (i) to fund various activities required to increase uranium and/or vanadium production at the Company’s properties in response to the President of the United States’ budget for fiscal year 2021, including: wellfield construction and other enhancements at the Company’s Nichols Ranch ISR Project in Wyoming, development and mining activities at the Company’s La Sal Complex in Utah, development and mining activities at the Company’s Canyon Mine in Arizona, exploration drilling, development activities and wellfield construction at the Company’s Alta Mesa Project in Texas, exploration, permitting and development activities at the Company’s other projects, and various capital and sustaining capital expenditures at the Company’s White Mesa Mill and other projects; (ii) to continue to pursue additional revenue-generating activities at the White Mesa Mill, including alternate feed material processing and land clean-up activities; (iii) to continue to finance evaluation of the high-grade uranium and copper mineralization at the Company’s Canyon Mine, including further evaluation of processing options at the White Mesa Mill for the copper resources; (iv) to continue permitting the Company’s projects, including Roca Honda; (v) to repay all or a portion of the Company’s convertible debentures; (vi) for general corporate needs and working capital requirements; and/or (vii) to retain all or a portion of the net proceeds of the Offering in cash and/or marketable securities as collateral for advances under any credit facility that may be used by the Company for any of the foregoing purposes, and if necessary to repay any advances under such credit facility. 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 Offered Shares were offered in the United States pursuant to a prospectus supplement to the Company’s shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (the “Commission”) and became effective on December 26, 2018. The Offered Shares were offered in Canada pursuant to a prospectus supplement to the Company’s final short form base shelf prospectus dated December 27, 2018, which was filed in each of the provinces of Canada other than Quebec.
About Energy Fuels:
Energy Fuels is a leading US-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 in operation and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is currently on standby. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the United States, and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development.
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We acknowledge the [financial] support of the Government of Canada.