Business
Energy Fuels Announces Cash Redemption of all Outstanding Debentures; Company to be Debt-Free on October 6, 2020
LAKEWOOD, Colo., Sept. 8, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), the largest uranium mining company i
About this update from Energy Fuels Inc.
[{"type":"text","content":" LAKEWOOD, Colo., Sept. 8, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (\"Energy Fuels\" or the \"Company\"), 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 (the \"Debentures\") that pursuant to the terms of the indenture (the \"Indenture\") governing the Debentures, the Company will redeem on October 6, 2020 (the \"Redemption Date\") 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, vanad...