TORONTO, ONTARIO--(Marketwire
- March 31, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES
Energy Fuels Inc. (TSX:EFR) ("Energy
Fuels" or the "Company"), is pleased to announce that it
has completed its previously announced public equity offering (the
"Offering"). The Offering was made pursuant to a short form
prospectus dated March 24, 2011, and consists of 23,000,000 units (the
"Units") at a price of CDN$0.50 per Unit for aggregate gross
proceeds of CDN$11.5 million. Each Unit consists of one Common Share
and one-half of one common share purchase warrant of the Company (each
whole common share purchase warrant a "Warrant"). Each
Warrant entitles the holder to purchase one additional common share at
a price of CDN$0.65 per common share until March 31, 2015.
The Offering was conducted by a syndicate of agents (the
"Agents") led by Dundee Securities Ltd. and included Haywood
Securities Inc., Scotia Capital Inc., Versant Partners Inc., Cormark Securities Inc. and Toll Cross Securities
Inc. As partial consideration for their services provided in connection
with the Offering, the Company has issued to the Agents an aggregate of
1,589,000 non-transferable compensation warrants (the
"Compensation Warrants"). Each Compensation Warrant entitles
the holder to purchase one additional common share at a price of
CDN$0.50 per share until October 1, 2012.
The Common Shares included in the Units, and the Common Shares issuable
upon exercise of the Warrants and the Compensation Warrants, have been
conditionally approved for listing on the Toronto Stock Exchange. The
Company has not applied to list the Warrants on any exchange.
About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral
development company. With more than 38,000 acres of highly prospective
uranium and vanadium property located in the states of Colorado, Utah,
Arizona, Wyoming, and New Mexico, and exploration properties in
Saskatchewan's Athabasca Basin totaling approximately 32,000 additional
acres, the Company has a full pipeline of additional development
prospects. Energy Fuels, through its wholly-owned Colorado subsidiary,
Energy Fuels Resources Corporation and its British Columbia subsidiary,
Magnum Uranium Corp., has assembled this property portfolio along with
a first class management team, including highly skilled technical
mining and milling professionals based in Lakewood and Naturita, Colorado and Kanab, Utah.
This news release contains certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended and "Forward Looking
Information" within the meaning of applicable Canadian securities
legislation. All statements, other than statements of historical fact,
included herein are forward-looking statements and forward-looking
information that involve various risks and uncertainties. There can be
no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time-to-time with the
British Columbia, Alberta and Ontario Securities Commissions.
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