Energy Fuels Adopts Shareholder Rights Plan
03 Février 2009 - 2:00PM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company")
announces that its board of directors (the "Board") has approved
the adoption of, and that it has now adopted, a Shareholder Rights
Plan (the "Rights Plan").
The Rights Plan is designed to provide shareholders and the
Board with adequate time to consider and evaluate any unsolicited
bid made for the Company, to give the Board time, if appropriate,
to pursue alternatives to maximize shareholder value in the event
of an unsolicited bid, to encourage the fair treatment of
shareholders in connection with any take-over bid for the Company
and to ensure that any proposed transaction is in the best
interests of the Company's shareholders.
The Rights Plan provides for the distribution of one Right in
respect of each common share outstanding as of 5:00 pm ET on
February 3, 2009 (the "Record Time") to each holder of record of
common shares at that time, and provides for the issuance of one
Right in respect of each common share issued after the Record Time
and prior to the earlier of the Separation Time and the Expiration
Time (as defined in the Rights Plan).
Rights issued under the Rights Plan will become exercisable when
a person, together with its affiliates, associates and joint
actors, acquires or announces its intention to acquire beneficial
ownership of common shares or securities convertible into common
shares of the Company which, when aggregated with its current
holdings, total 20% or more of the Company's outstanding common
shares without complying with the provisions of the Rights Plan or
without approval of the Board. Under such circumstances, each
Right, upon exercise, will permit the purchase of common shares of
the Company at a substantial discount to the market price.
The Toronto Stock Exchange has conditionally accepted notice for
filing of the Rights Plan, subject to, among other things,
ratification by the shareholders of the Company at a meeting to be
held within six months of the date of the Rights Plan.
The Company will hold its Annual General and Special meeting of
shareholders ('AGM') on March 19, 2009 at 4:30 pm EST at the Albany
Club on 91 King Street East, Toronto, Ontario, Canada. Official
notice of the AGM will be mailed to shareholders of record. The
Company intends to seek shareholder approval of the Rights Plan at
the AGM.
The Rights Plan is not being proposed in response to, or in
contemplation of, any specific take-over bid for the Company. The
Board did not adopt the Rights Plan to prevent a take-over of the
Company, to secure the continuance of management or the directors
in their respective offices or to deter fair offers for the common
shares of the Company.
Energy Fuels Inc. is a Toronto-based uranium and vanadium
mineral development company actively rehabilitating and developing
formerly producing mines. With more than 40,000 acres of highly
prospective uranium and vanadium property located in the states of
Colorado, Utah and Arizona, the Company has a full pipeline of
additional development prospects. Energy Fuels, through its
wholly-owned Colorado subsidiary, Energy Fuels Resources
Corporation, has assembled this property portfolio along with a
first class management team, including highly skilled technical
mining and milling professionals based in Lakewood and Nucla,
Colorado and Kanab, Utah.
This news release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended and "Forward Looking Information"
within the meaning of applicable Canadian securities legislation.
All statements, other than statements of historical fact, included
herein are forward-looking statements and forward looking
information that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
are disclosed in the Company's documents filed from time to time
with the British Columbia, Alberta and Ontario Securities
Commissions.
George E.L. Glasier, President & CEO
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2147 or Toll Free: 1-888-864-2125 Email:
investorinfo@energyfuels.com Website: www.energyfuels.com
Energy Fuels (TSX:EFR)
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