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Energy Fuels Executes Definitive Agreement to Sell Alta Mesa ISR Project to enCore Energy for $120 Million, Facilitating the Company's Plans to Accelerate Both Uranium and Rare Earth Production
Energy Fuels Executes Definitive Agreement to Sell Alta Mesa ISR Project to enCore Energy...
About this update from Energy Fuels Inc.
[{"type":"text","content":"\n \n \n \n Energy Fuels Executes Definitive Agreement to Sell Alta Mesa ISR Project to enCore Energy for $120 Million, Facilitating the Company's Plans to Accelerate Both Uranium and Rare Earth Production\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Non-dilutive sale of asset expected to materially enhance Energy Fuels' balance sheet and help to fund the rapid advancement and expansion of near-term U.S. uranium and rare earth production\n \n \n \n \n \n LAKEWOOD, Colo.\n \n \n ,\n \n \n Nov. 14, 2022\n \n \n /CNW/ -\n \n Energy Fuels Inc.\n \n (NYSE American: UUUU) (TSX: EFR)\n \n (\"Energy Fuels\" or the \"Company\")\n \n , a leading U.S. producer of uranium and rare earth elements (\"\n \n REE\n \n \"), is pleased to announce that it has entered into a definitive agreement to sell three wholly-owned subsidiaries that together hold Energy Fuels' Alta Mesa ISR Project (\"\n \n Alta Mesa\n \n \") to enCore Energy (\"\n \n enCore\n \n \") for total consideration of\n \n $120 million\n \n (the \"\n \n Transaction\n \n \"). The Transaction is expected to close by the end of 2022 or early 2023.\n \n \n \n \n \n \n \n \n \n The Transaction is significant for the Company, as the cash received is expected to fully finance much of the Company's uranium, REE, vanadium and medical isotope business plans for the next two to three years without diluting shareholders. These plans may include:\n \n \n \n Ramping-up uranium production at one or more of the White Mesa Mill, the Nichols Ranch ISR Project, the Pinyon Plain mine, the La Sal Complex, and/or the Whirlwind mine which total up to two (2) million pounds of U3O8 per year of near-term, lower cost U.S. production capacity in order to fulfill commitments under existing and future long-term uranium supply agreements and as market conditions may warrant;\n \n \n Accelerating the licensing and development of the Company's larger-scale uranium mines, including the Sheep Mountain,\n \n Roca Honda\n \n , and/or Bullfrog projects, which together will add...