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Energy Fuels Inc. (TSX:EFR,OTCQX:EFRFF) announced that Korea Electric Power Corporation (KEPCO) signed two support agreements supporting Energy Fuels’ proposed acquisition of Strathmore Minerals Corp. (TSX:STM,OTCQX:STHJF). KEPCO is the largest electric utility in South Korea and is responsible for 93% of all of South Korea’s electricity generation.
As quoted in the press release:
As was previously announced on June 11, 2013, Energy Fuels and Strathmore have entered into a definitive arrangement agreement whereby Energy Fuels will acquire all of the issued and outstanding shares of Strathmore by way of a plan of arrangement (the “Transaction”). The shareholders of Energy Fuels and Strathmore will be asked to approve the Transaction at their special meetings to be held on August 13, 2013 and August 20, 2013, respectively.
KEPCO is the largest shareholder of both Energy Fuels and Strathmore, owning 8.5% and 11.7% of the common shares of each respective company. In addition, an affiliate of KEPCO is Energy Fuels largest uranium customer based on expected FY-2013 deliveries. KEPCO also has a right to enter into a joint venture with Strathmore on the Gas Hills Project in central Wyoming.
Energy Fuels Inc. President and CEO, Stephen P. Antony, said:
We are very pleased that KEPCO supports Energy Fuels’ acquisition of Strathmore. KEPCO is recognized as a world-leader in nuclear power development. We look forward to expanding our relationship with this high-quality organization.
Click here to read the Energy Fuels Inc. (TSX:EFR,OTCQX:EFRFF) press release
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