Energy Fuels’ Uranerz Acquisition Now Closed

- June 19th, 2015

Energy Fuels Inc. (NYSEMKT:UUUU,TSX:EFR) announced that its acquisition of Uranerz Energy Corporation (NYSEMKT:URZ,TSX:URZ) has closed, with the U.S. Nuclear Regulatory Commission providing consent to the transaction. Under the terms of the transaction, each Uranerz shareholder received 0.255 Energy Fuels common shares for each share of Uranerz common stock held. All outstanding options and warrants to acquire Uranerz shares of common stock now entitle the holder thereof to acquire 0.255 common shares of Energy Fuels on exercise thereof at an exercise price equal to the exercise price of such option or warrant divided by 0.255.

Energy Fuels Inc. (NYSEMKT:UUUU,TSX:EFR) announced that its acquisition of Uranerz Energy Corporation (NYSEMKT:URZ,TSX:URZ) has closed, with the U.S. Nuclear Regulatory Commission providing consent to the transaction. Under the terms of the transaction, each Uranerz shareholder received 0.255 Energy Fuels common shares for each share of Uranerz common stock held. All outstanding options and warrants to acquire Uranerz shares of common stock now entitle the holder thereof to acquire 0.255 common shares of Energy Fuels on exercise thereof at an exercise price equal to the exercise price of such option or warrant divided by 0.255. Trading of common stock of Uranerz on the NYSE MKT will be suspended at the open of June 19, 2015, and Uranerz common stock will be delisted from both the Toronto Stock Exchange and the NYSE MKT following closing.

As quoted in the press release:

Effective at the closing of the Transaction, and as contemplated by the Agreement and Plan of Merger governing the Transaction, two members of the Energy Fuels Board of Directors, Mr. Larry Goldberg and Mr. Richard Patricio resigned from the Board of Directors, and Mr. Dennis Higgs, the former Executive Chairman and a Director of Uranerz, and Mr. Glenn Catchpole, the former Chief Executive Officer and a Director of Uranerz, were appointed as directors of Energy Fuels to fill the vacancies created by those resignations.

Stephen P. Antony, President and CEO of Energy Fuels stated: “With the completion of our acquisition of Uranerz, Energy Fuels is clearly emerging as a leading integrated producer of uranium in the U.S. We now have competitive ISR and conventional uranium production in our portfolio, the largest NI 43-101 compliant in-ground uranium resource in the U.S. among producers, and the ability to significantly increase uranium production in the future as uranium prices rise. On the marketing side, our combined existing sales contract portfolio positions us very well among U.S. and international nuclear utilities and from a balance sheet perspective we also enjoy a strong working capital position. Our goal is to become the largest uranium mining company in the U.S., strategically supplying the domestic American nuclear power market, and this transaction is a major step towards achieving that goal. We look forward to working with Uranerz employees as we continue to position Energy Fuels for production and sales growth in an improving global uranium market.

I would also like to take this opportunity to thank Mr. Goldberg and Mr. Patricio for all of their contributions to Energy Fuels as Directors over the years, and to welcome Mr. Higgs and Mr. Catchpole to our Board.”

As previously reported, the Transaction was approved by the respective shareholders of Uranerz and Energy Fuels at their respective special meetings of shareholders held on June 18, 2015.

Trading in shares of common stock of Uranerz on the NYSE MKT will be suspended at the open of trading on Friday, June 19, 2015, and Uranerz common stock will be delisted from both the Toronto Stock Exchange and the NYSE MKT following closing. Uranerz will cease to be a reporting issuer in Canada and will terminate its reporting obligations with the United States Securities and Exchange Commission. Energy Fuels common shares will continue to be listed on both the Toronto Stock Exchange (under the symbol “EFR”) and the NYSE MKT (under the symbol “UUUU”).

Click here to read the Energy Fuels Inc. (NYSEMKT:UUUU,,TSX:EFR) press release
Click here to see the Energy Fuels Inc. (NYSEMKT:UUUU,,TSX:EFR) profile.

Leave a Reply