LAKEWOOD, CO, May 9, 2017 /CNW/ - Energy Fuels Inc. (NYSE MKT:
UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), a leading
producer of uranium in the United
States, is pleased to announce that two representatives of
large shareholders of the Company's stock have expressed an
interest in joining the Company's Board of Directors (the "Board").
Both persons bring successful track-records of achieving financial
profitability, while leading and operating oil, natural gas, and
uranium mining enterprises.
As these two individuals expressed their desire to join the
Board after publication of the Company's current Proxy Statement
for its upcoming Annual General Meeting to be held on May 17, 2017 (the "AGM"), these individuals were
not included in the Proxy Statement and, as a result, will not be
nominated for election by the shareholders at the AGM. Rather, they
will be considered for appointment to the Board following the AGM,
pursuant to the Board's power to increase the size of the Board by
up to one-third in number between annual meetings of
shareholders.
We believe these two individuals will bring new perspectives and
leadership to the Company as we navigate a promising, yet
challenging uranium market. Their interest in serving on the Board
also demonstrates continuing support of some of the Company's
largest shareholders, as well as the Company's comprehensive focus
on, and commitment to, operating for the benefit of
shareholders.
Mr. Benjamin Eshleman III became
a shareholder of Energy Fuels through the Company's acquisition of
Mesteña Uranium LLC (now Alta Mesa LLC) in June 2016. Mr. Eshleman, along with the other
former owners of Alta Mesa, owns a
total of 4.3 million common shares (or approximately 6.1%) of
Energy Fuels. Mr. Eshleman brings extensive financial and natural
resources experience to Energy Fuels' Board. In addition to
his experience in oil and gas operations, he also has significant
experience in situ uranium recovery ("ISR") operations. Under the
ownership of Mr. Eshleman and his associates and affiliates, the
Alta Mesa ISR Project ("Alta Mesa") in Texas produced approximately 4.6 million
pounds of uranium between 2005 and 2013 at attractive costs per
pound. Alta Mesa was acquired by the
Company in 2016, and it is currently being maintained by the
Company on standby to enable it to rapidly restart operations as
market conditions warrant.
Mr. Robert W. Kirkwood is
principal of the Kirkwood Companies, including Kirkwood Oil and Gas
LLC, All Energy LLC, and United Nuclear LLC. Mr. Kirkwood brings
extensive energy experience to the Company's Board. Mr. Kirkwood,
through his affiliated companies, became a shareholder of the
Company by transferring an 81% interest in the Arkose Joint Venture
to the Company in 2008 for cash and shares. One of those properties
was a portion of the Jane Dough property, which is adjacent to the
Company's currently operating Nichols Ranch ISR project. The Jane
Dough property was recently fully licensed by the U.S. Nuclear
Regulatory Commission and the State of Wyoming Department of
Environmental Quality. It is currently expected to be mined after
the Nichols Ranch wellfields, as market conditions warrant.
As of the date of this news release, Mr. Kirkwood and his
affiliated companies and associates hold 1.1 million (or
approximately 1.6%) of the common shares of Energy Fuels, and a 19%
interest in the Arkose Joint Venture.
Upon the appointment of Messrs. Eshleman and Kirkwood, the Board
and Management of Energy Fuels will hold or represent approximately
11.7% of the issued and outstanding shares of the Company.
Stephen P. Antony, President and
CEO of Energy Fuels stated: "We are very pleased that Mr.
Eshleman and Mr. Kirkwood have expressed an interest in serving as
members of the Board of Directors of Energy Fuels. In addition to
their deep knowledge and experience in running profitable energy
companies in the United States,
their interest in serving on the Board demonstrates their
commitment to the Company as two of our largest shareholders.
Further, the addition of large shareholders to our Board will help
ensure that the Company's objectives continue to address the
interests of our shareholders. Share appreciation is of ultimate
importance at Energy Fuels, as we continue to cut costs, lower our
overall cost of capital, focus only on accretive transactions, and
maintain the flexibility to respond to improving uranium market
conditions. With the appointment of Messrs. Eshleman and Kirkwood
following the AGM, our Board and Management will own, exercise
control over, be affiliated with or represent approximately 11.7%
of the issued and outstanding shares of the Company. We look
forward to benefiting from the perspectives and leadership of these
two highly-qualified shareholders."
About Energy Fuels: Energy Fuels is a
leading integrated US-based uranium mining company, supplying
U3O8 to major nuclear utilities. Energy Fuels
holds three of America's key uranium production centers, the White
Mesa Mill in Utah, the Nichols
Ranch Processing Facility in Wyoming, and the Alta Mesa Project in
Texas. The White Mesa Mill is the
only conventional uranium mill operating in the U.S. today and has
a licensed capacity of over 8 million pounds of
U3O8 per year. The Nichols Ranch Processing
Facility is an ISR production center with a licensed capacity of 2
million pounds of U3O8 per year. Alta Mesa is an ISR production center currently
on care and maintenance. Energy Fuels also has the largest NI
43-101 compliant uranium resource portfolio in the U.S. among
producers, and uranium mining projects located in a number of
Western U.S. states, including one producing ISR project, mines on
standby, and mineral properties in various stages of permitting and
development. The Company also produces vanadium as a co-product of
its uranium production from certain of its mines on the Colorado
Plateau, as market conditions warrant. The Company's common shares
are listed on the NYSE MKT under the trading symbol "UUUU", and on
the Toronto Stock Exchange under the trading symbol "EFR".
Cautionary Note Regarding Forward-Looking
Statements: Certain information contained in this
news release, including any information relating to: the Company
being a leading producer of uranium in the U.S.; Messrs.
Eshleman and Kirkwood being appointed as directors of the Company
following the AGM; the skills and experiences Messrs. Eshleman and
Kirkwood may bring to the Board, as well as the benefits expected
from adding them to the Board, including helping to ensure that the
interests of the Board are aligned with the interests of
shareholders; the Company's ability to continue to cut
costs, to lower the Company's overall cost of capital, to focus
only on accretive transactions, and to maintain the flexibility to
respond to improving uranium market conditions; and any
other statements regarding Energy Fuels' future expectations,
beliefs, goals or prospects; constitute forward-looking information
within the meaning of applicable securities legislation
(collectively, "forward-looking statements"). All statements in
this news release that are not statements of historical fact
(including statements containing the words "expects", "does not
expect", "plans", "anticipates", "does not anticipate", "believes",
"intends", "estimates", "projects", "potential", "scheduled",
"forecast", "budget" and similar expressions) should be considered
forward-looking statements. All such forward-looking statements are
subject to important risk factors and uncertainties, many of
which are beyond Energy Fuels' ability to control or
predict. A number of important factors could cause actual
results or events to differ materially from those indicated or
implied by such forward-looking statements, including without
limitation factors relating to: the Company being a leading
producer of uranium in the U.S.; Messrs. Eshleman and
Kirkwood being appointed as directors of the Company following the
AGM; the skills and experiences Messrs. Eshleman and Kirkwood may
bring to the Board, as well as the benefits expected from adding
them to the Board, including helping to ensure that the interests
of the Board are aligned with the interests of shareholders; the
Company's ability to continue to cut costs, to lower the
Company's overall cost of capital, to focus only on accretive
transactions, and to maintain the flexibility to respond to
improving uranium market conditions;and other risk
factors as described in Energy Fuels' most recent annual report on
Form 10-K and quarterly financial reports. Energy Fuels
assumes no obligation to update the information in this
communication, except as otherwise required by law. Additional
information identifying risks and uncertainties is contained in
Energy Fuels' filings with the various securities commissions which
are available online at www.sec.gov and www.sedar.com.
Forward-looking statements are provided for the purpose of
providing information about the current expectations, beliefs and
plans of the management of Energy Fuels relating to the future.
Readers are cautioned that such statements may not be appropriate
for other purposes. Readers are also cautioned not to place undue
reliance on these forward-looking statements, that speak only as of
the date hereof.
SOURCE Energy Fuels Inc.