THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the
"Company"), an advanced uranium and vanadium development
company, announced today that it has priced its previously announced
best efforts prospectus offering (the "Offering"). The
Offering will consist of up to 20,000,000 units (the "Units")
at a price of $0.50 per Unit for aggregate gross proceeds of up to
$10,000,000. Each Unit shall consist of one common share (a
"Common Share") of the Company and one-half of one common
share purchase warrant (each whole warrant, a "Warrant").
Each Warrant shall entitle the holder thereof to acquire one Common
Share of the Company at a price of $0.65 for a period of 48 months
following the closing date of the Offering. The Warrants will not be
listed for trading.
The Offering is being made through a syndicate of agents led by Dundee
Securities Ltd. and including Haywood Securities Inc., Scotia Capital
Inc., Versant Partners Inc., Cormark
Securities Inc. and Toll Cross Securities Inc. (collectively, the
"Agents"). The Company has granted an over-allotment option
(the "Over-Allotment Option") to the Agents, pursuant to
which the Agents may purchase, for a period of 30 days following the
closing of the Offering, additional Units (the "Over-Allotment
Units"), in a maximum number equal to 15% of the number of Units
sold pursuant to the Offering.
Energy Fuels filed a preliminary short form prospectus dated February
25, 2011 in respect of the Offering with the securities commissions of
British Columbia, Alberta, Saskatchewan, Manitoba and Ontario.
Additional information concerning the Company and the terms of the
Offering are set out in the preliminary short form prospectus, a copy
of which is available on SEDAR at www.sedar.com.
Closing of the Offering is expected to occur on or about March 31, 2011
and is subject to certain conditions including, but not limited to, the
execution of a definitive agency agreement with the Agents, receipt of
all necessary regulatory and stock exchange approvals including the
issuance of a receipt for a (final) short form prospectus and the
receipt of listing approval by the Toronto Stock Exchange
("TSX") for: (i) the Common Shares
included in the Units and the Over-Allotment Units, and (ii) the Common
Shares issuable pursuant to the exercise of the Warrants included in
the Units, the Warrants included in the Over-Allotment Units and the
Compensation Warrants. Successful listing of such Common Shares will be
subject to the Company fulfilling all of the listing requirements of
the TSX.
The securities have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, or under any U.S. state securities
laws and may not be offered or sold in the United States, absent
registration or an applicable exemption from the registration
requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This news release does not constitute an offer to sell
or the solicitation of an offer to buy nor will there be any sale of
the securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral
development company actively rehabilitating and developing formerly
producing mines. With more than 38,000 acres of highly prospective
uranium and vanadium property located in the states of Colorado, Utah,
Arizona, Wyoming, and New Mexico, and exploration properties in
Saskatchewan's Athabasca Basin totaling approximately 32,000 additional
acres, the Company has a full pipeline of additional development
prospects. Energy Fuels, through its wholly-owned Colorado subsidiary,
Energy Fuels Resources Corporation and its British Columbia subsidiary,
Magnum Uranium Corp., has assembled this property portfolio along with
a first class management team, including highly skilled technical
mining and milling professionals based in Lakewood and Naturita, 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, Saskatchewan, Manitoba and Ontario
Securities Commissions.
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