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 Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium and rare earth elements ("REE"), 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 ("Alta Mesa") to enCore Energy ("enCore") for total consideration of $120 million (the "Transaction"). The Transaction is expected to close by the end of 2022 or early 2023
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
LAKEWOOD, Colo., Nov. 14, 2022 /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium and rare earth elements ("REE"), 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 ("Alta Mesa") to enCore Energy ("enCore") for total consideration of $120 million (the "Transaction"). The Transaction is expected to close by the end of 2022 or early 2023.
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:
