DENVER, CO, Dec. 28, 2018 /PRNewswire/ - Energy Fuels
Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the
"Company"), is pleased to announce that today it received a
final receipt from the Ontario Securities Commission (the
"OSC") for a Short Form Base Shelf Prospectus (the
"Prospectus") allowing the Company to issue common shares,
warrants, subscription receipts, preferred shares, debt securities,
or any combination of such securities as units, in amounts, and at
prices, and on terms to be determined based on market conditions at
the time of sale, and as set forth in an accompanying prospectus
supplement, for an aggregate offering amount of up to US$150 million during the 25-month period that
the statement remains effective.
The Prospectus was filed in Canada in conjunction with the filing of a
similar base shelf registration statement on Form S-3 with the U.S.
Securities and Exchange Commission on November 5, 2018, and allows the Company to more
easily offer securities to shareholders in both countries in the
event of any cross-border financings and also provides the Company
with more flexibility to offer securities in Canada generally should the need arise.
Mark S. Chalmers, President and
CEO of Energy Fuels stated: "The financial flexibility from filing
this base shelf prospectus in Canada, together with our recently filed base
shelf registration statement in the U.S., puts the Company in a
stronger position to be able to increase uranium and vanadium
production quickly in the event of a favorable determination under
the Company's Petition to the U.S. Department of Commerce under
Section 232 of the U.S. Trade Expansion Act of 1962 (as amended),
and as may also be required in today's very strong vanadium
market."
In addition, as a result of a review by staff of the Ontario
Securities Commission, the Company also announces that it has
revised its recent November 2018
Corporate Presentation, which is included on the Company's website
at www.energyfuels.com, by removing references to projected years
of mine life, expected months to increase production, and annual
production targets at a number of its operating mines and
facilities, standby mines and facilities, and other projects in
various stages of permitting, that are not supported by current
technical reports. For those mines and facilities that have an
operating history, the Company has replaced such disclosure with
actual historical maximum annual production of
U3O8 from each such facility since 2005, and
for each project or facility that has a current Preliminary
Economic Assessment or Pre-feasibility Study, the Company has
replaced such disclosure with the annual future production
estimates from those technical reports. While past production
amounts are not necessarily representative of future results, they
do provide actual data on historic production from those facilities
and are not estimates.
About Energy Fuels: Energy Fuels is a leading
integrated US-based uranium mining company, supplying
U3O8 to major nuclear utilities. Its
corporate offices are in Denver,
Colorado, and all of its assets and employees are in the
western United States. Energy
Fuels holds three of America's key uranium production centers, the
White Mesa Mill in Utah, the
Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in
Texas. The White Mesa Mill is the
only conventional uranium mill operating in the U.S. today and has
a licensed capacity of over 8 million pounds of
U3O8 per year. The Nichols Ranch Processing
Facility is an ISR production center with a licensed capacity of 2
million pounds of U3O8 per year. Alta Mesa is an ISR production center currently
on standby. Energy Fuels also has the largest National Instrument
43-101 compliant uranium resource portfolio in the U.S. among
producers, and uranium mining projects located in a number of
Western U.S. states, including one producing ISR project, mines on
standby, and mineral properties in various stages of permitting and
development. The Company also produces vanadium as a by-product of
its uranium production from certain of its mines on the Colorado
Plateau, as market conditions warrant. 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 STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This news release contains certain "Forward Looking
Information" and "Forward Looking Statements" within the meaning of
applicable securities legislation, which may include, but is not
limited to, statements with respect to: the Company being a
leading producer of uranium in the U.S; whether or not any
Securities may be issued under the Prospectus; any expectations
with regard to the outcome of the Section 232 investigation,
including any expectation that any remedy may be granted and the
potential impacts of any such remedy; whether or not any expected
financial flexibility from filing the Prospectus or otherwise
will put the Company in a stronger position to be able to
increase uranium and vanadium production quickly in the event of a
favorable determination under the Section 232 investigation and/or
favorable vanadium market conditions; and any other
statements regarding Energy Fuels' future expectations, beliefs,
goals or prospects; constitute forward-looking information within
the meaning of applicable securities legislation (collectively,
"forward-looking statements. 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", "budget" "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, other than
statements of historical fact, herein 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 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 being a leading producer of uranium in the U.S;
whether or not any Securities may be issued under the
Prospectus; any expectations with regard to the outcome of the
Section 232 investigation, including any expectation that any
remedy may be granted and the potential impacts of any such remedy;
whether or not any expected financial flexibility from filing the
Prospectus or otherwise will put the Company in a stronger
position to be able to increase uranium and vanadium production
quickly in the event of a favorable determination under the Section
232 investigation and/or favorable vanadium market conditions; and
the other factors described under the caption "Risk Factors" in the
Company's Annual Report on Form 10-K dated March 9, 2018, 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 if
management's estimates or opinions should change, 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.