Energy Fuels Completes Bond Restructure Releasing $12.3 Million of Previously Restricted Cash
03 Março 2014 - 9:00AM
Marketwired
Energy Fuels Completes Bond Restructure Releasing $12.3 Million of
Previously Restricted Cash
TORONTO, ONTARIO and LAKEWOOD, COLORADO--(Marketwired - Mar 3,
2014) - Energy Fuels Inc. (TSX:EFR)(NYSEMKT:UUUU) ("Energy Fuels"
or the "Corporation") is pleased to announce that it has completed
the restructuring of its US$28 million regulatory bonding
portfolio, utilizing three different qualified sureties. As a
result of the bond restructuring program, Energy Fuels has released
US$12.3 million of previously restricted cash, which was required
by the former underwriter. The new, reduced collateral balance more
accurately reflects the value of reclamation liabilities carried on
the Company's balance sheet. Prior bonding arrangements, covering
all of the Company's mines and mills, required Energy Fuels to post
100% cash collateral to back the currently outstanding US$28
million bond liability. The bond restructuring was completed at an
average annual premium of 1.71% of the total bonded amount or
US$479,965; a competitive market rate for the program. The US$12.3
million of released funds provides Energy Fuels with additional
operational and development flexibility as it continues to position
its projects to increase uranium production as market conditions
warrant.
About Energy Fuels
Energy Fuels is currently America's largest conventional uranium
producer, supplying approximately 25% of the uranium produced in
the United States in 2013. Energy Fuels operates the White Mesa
Mill, which is the only conventional uranium mill currently
operating in the U.S. The mill is capable of processing 2,000 tons
per day of uranium ore and has a licensed annual capacity of over 8
million lbs. of U3O8. Energy Fuels has mineral projects located
throughout the Western U.S., including a producing mine and
properties in various stages of permitting and development. The
Corporation's common shares are listed on the Toronto Stock
Exchange under the trading symbol "EFR" and on the NYSEMKT under
the trading symbol "UUUU".
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain "Forward Looking Information"
and "Forward Looking Statements" within the meaning of applicable
Canadian and United States securities legislation, which may
include, but is not limited to statements with respect to the
Company's expected operational and development flexibility from the
bond restructuring. Generally, these forward-looking statements can
be identified by the use of forward-looking terminology such as
"plans", "views", "expects" "does not expect", "is expected", "is
likely", "budget" "scheduled", "estimates", "forecasts", "intends",
"anticipates", "does not anticipate", or "believes", or variations
of such words and phrases, or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken",
"occur", "be achieved" or "have the potential to". All statements,
other than statements of historical fact, herein are considered to
be forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Corporation to be materially different from any future results,
performance or achievements express or implied by the
forward-looking statements. Factors that could cause actual results
to differ materially from those anticipated in these
forward-looking statements are described under the caption "Risk
Factors" in the Corporation's Annual Information Form dated
December 20, 2012, which is available for review on the System for
Electronic Document Analysis and Retrieval at www.sedar.com.
Forward-looking statements contained herein are made as of the date
of this news release, and the Corporation disclaims, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Energy Fuels Inc.Curtis H. MooreInvestor Relations(303) 974-2140
or Toll free:
1-888-864-2125investorinfo@energyfuels.comwww.energyfuels.com
Energy Fuels (TSX:EFR)
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