Energy Fuels Announces 3rd Quarter FY-2013 Quarterly Results

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Energy Fuels Inc. (TSX:EFR) reported financial results for the three and nine months ended June 30, 2013. Highlights include a working capital of $33.8 million as of June 30, 2013, a definitive arrangement agreement with Strathmore Minerals Corp., and the completion of a Cdn$6.6 million bought deal private placement on June 13, 2013.

Energy Fuels Inc. (TSX:EFR) reported financial results for the three and nine months ended June 30, 2013. Highlights include a working capital of $33.8 million as of June 30, 2013, a definitive arrangement agreement with Strathmore Minerals Corp., and the completion of a Cdn$6.6 million bought deal private placement on June 13, 2013.

As quoted in the press release:

Financial and Operational Highlights for the Quarter-ended June 30, 2013 (“Q3-2013″):

  • Sold 50,000 pounds of U3O8, all of which was pursuant to term contracts at an average realized price of $58.75 per pound.
  • Sold 315,000 pounds of V2O5 at an average realized price of $6.21 per pound.
  • Production at the White Mesa Mill totaled 511,000 pounds of U3O8 and 490,000 pounds of V2O5. U3O8 production included 95,000 pounds of U3O8 from alternate feed materials and 416,000 pounds of U3O8 from conventional ore, primarily from the Company’s Beaver, Pandora, Arizona 1 and Daneros mines.
  • As of June 30, 2013, the Company had working capital of $33.8 million, including cash and cash equivalents of $7.9 million, marketable securities of $0.2 million and 502,000 pounds of uranium concentrate inventory which, based on spot market prices as of June 30, 2013, had a market value of $19.9 million.
  • On June 11, 2013, Energy Fuels and Strathmore Minerals Corp. (“Strathmore”) entered into a definitive arrangement agreement whereby Energy Fuels will acquire by way of a plan of arrangement in accordance with the Business Corporations Act (British Columbia) all of the issued and outstanding shares of Strathmore (the “Transaction”). The Transaction is expected to create value for both companies’ shareholders as a result of significant operating synergies as outlined in the May 24, 2013 joint press release. Korea Electric Power Corporation (“KEPCO”), the largest shareholder of both Energy Fuels and Strathmore, has signed support agreements agreeing to vote their shares of both companies in favour of the Transaction. The shareholders of Energy Fuels approved the Transaction at a special meeting held on August 13, 2013. The shareholders of Strathmore will be asked to approve the Transaction at a special meeting to be held on August 20, 2013.
  • On June 13, 2013, the Company announced the completion of a Cdn$6.6 million bought deal private placement. A total of 47,380,791 units were issued at a price of Cdn$0.14 per unit. After strong investor interest, the offering was increased from the previously announced maximum of Cdn$5.8 million. Each unit consists of one common share of the Company and one-half of one common share purchase warrant, entitling the holder thereof to acquire one common share of the Company at a price of Cdn$0.19 at any time until June 15, 2015.

Click here to read the Energy Fuels Inc. (TSX:EFR) press release

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