Business
Energy Fuels Announces US$16.6 Million Common Share Bought Deal
LAKEWOOD, CO, Feb. 13, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) ("Energy Fuels" or the "Company") is pleased to announce that it has enter
About this update from Energy Fuels Inc.
[{"type":"text","content":" LAKEWOOD, CO, Feb. 13, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR) (\"Energy Fuels\" or the \"Company\") is pleased to announce that it has entered into an underwriting agreement (the \"Underwriting Agreement\") with Cantor Fitzgerald & Co., as lead underwriter, sole book-runner and representative of the other underwriters, under which it has agreed to purchase, on a bought deal basis, US$16.6 million of common shares of the Company at a price of US$1.47 per share (the \"Firm Shares\"). The Company has also granted the underwriters an option to purchase up to an aggregate of approximately US$2.5 million of additional common shares of the Company (the \"Option Shares\", and together with the Firm Shares, the \"Offered Shares\", and the \"Offering\") by providing notice to the Company within thirty (30) days of the date of the Underwriting Agreement. The Offering is expected to close on or about February 20, 2020, subject to customary closing conditions. Use of Proceeds of the Offering 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 fo...