Business
Energy Fuels Now Debt-Free; Unique in Uranium Sector
LAKEWOOD, Colo., Oct. 6, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), the leading uranium producer in the
About this update from Energy Fuels Inc.
[{"type":"text","content":" LAKEWOOD, Colo., Oct. 6, 2020 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (\"Energy Fuels\" or the \"Company\"), the leading uranium producer in the United States, is pleased to announce that today the Company became debt-free, following the retirement of its remaining Cdn$10,430,000 of floating rate convertible unsecured subordinated debentures (the \"Debentures\"). As of today, no Debentures remain outstanding, and they have ceased to be listed on the Toronto Stock Exchange. Further, the Company currently has no other remaining short- or long-term debt. \"While many uranium and other natural resource companies have significant debt burdens, Energy Fuels is proud to announce that today we became debt free,\" stated Mark S. Chalmers, President and CEO of Energy Fuels. \"Being debt-free distinguishes Energy Fuels not only from many of our peers in the uranium and natural resource sectors, but also from many public companies in general. Having no debt reduces costs and allows Energy Fuels to better weather market volatility. Coupled with our strong working capital position, this also provides us with a 'clean slate' from which to increase uranium production when warranted and to launch the exciting rare earth element initiative we are pursuing. \"We have a number of opportunities in front of us right now, any one of which could result in significant cash flows for the Company. Critical minerals, including uranium, rare earth elements, and vanadium, are front-and-center in the U.S. right now, including bipartisan support in the U.S. government. We are continuing to work with our allies in the Administration and Congress to create a strategic U.S. uranium reserve to enhance national security and energy security. As the leading uranium miner in the U.S., with more production facilities, capacity, expertise and in-ground resources than any other U.S. uranium producer, we expect to be one of the prime beneficiaries of any U.S. government support. \"We were also pleased that the U.S. Department of Commerce was recently able to reduce uranium and nuclear fuel imports into the U.S. from Russia over the long-term, thereby eliminating the specter of more state-owned uranium imports entering the U.S. President Trump's Executive Orders on critical minerals last week may be an important step toward the U.S. gove...