Energy Fuels and Magnum Uranium Corp. Finalize Arrangement Agreement; Magnum Shareholder Meeting Scheduled for June 22, 2009
19 May 2009 - 8:00PM
Marketwired
Energy Fuels Inc. (TSX: EFR) ("Energy Fuels" or the "Company") and
Magnum Uranium Corp. (TSX VENTURE: MM) ("Magnum Uranium") are
pleased to announce that the companies have entered into a
definitive arrangement agreement to implement the acquisition of
Magnum by Energy Fuels originally announced on March 30, 2009.
Pursuant to the agreement, the parties will complete a plan of
arrangement whereby Energy Fuels will acquire all of the
outstanding shares of Magnum Uranium on the basis of 0.78 shares of
Energy Fuels for each Magnum Uranium share. Based on the currently
outstanding shares of Magnum Uranium, Energy Fuels would issue
approximately 23.33 million shares to acquire all of the currently
outstanding Magnum Uranium shares. It is anticipated that the
transaction will close on or about June 30, 2009.
The transaction is to be effected pursuant to a plan of
arrangement under the Business Corporations Act (British Columbia),
which will require approval of the shareholders of Magnum Uranium
holding at least 66 2/3% of the issued shares of Magnum Uranium
being voted at a shareholders meeting being in favour of the
transaction. The Magnum shareholders' meeting has been scheduled
for June 22, 2009. It is expected that a notice of meeting and
management information circular containing detailed information
concerning the transaction will be filed on SEDAR and mailed to
Magnum shareholders by the end of May. Completion of the
transaction is conditional upon satisfaction of various conditions
precedent, including receipt of all required court and regulatory
approvals.
"The execution of the Arrangement Agreement marks an important
milestone for Magnum and its shareholders. Our board of directors,
being in receipt of an external fairness opinion, has unanimously
concluded that this transaction is the best way to maximize the
value of Magnum's assets. Post-Arrangement, shareholders will have
exposure to a production-focused uranium company with an extensive
asset base in the Western United States." stated Craig Lindsay,
President & CEO of Magnum.
In addition, George Glasier, President & CEO of Energy Fuels
said, "We are pleased to complete this important step toward
consolidation of uranium assets in the Colorado Plateau. The
combination with Magnum Uranium will enhance the property portfolio
of Energy Fuels, add significant 43-101 resource to our potential
mill feed inventory, and fit well with Energy Fuels' plan to become
the next North American conventional uranium producer."
Energy Fuels Inc. is a Toronto-based uranium and vanadium
mineral development company actively rehabilitating and developing
formerly producing mines. With more than 46,000 acres of highly
prospective uranium and vanadium property located in the states of
Colorado, Utah and Arizona, the Company has a full pipeline of
additional development prospects. Energy Fuels, through its
wholly-owned Colorado subsidiary, Energy Fuels Resources
Corporation, has assembled this property portfolio along with a
first class management team, including highly skilled technical
mining and milling professionals based in Lakewood and Nucla,
Colorado and Kanab, Utah.
Magnum Uranium is a Vancouver-based minerals exploration company
focused on the acquisition and development of uranium assets in
North America. Currently, Magnum's primary property holdings are
located in the Western United States, specifically Wyoming, Utah,
Idaho, and New Mexico, and in Canada's Athabasca Basin.
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.
Contacts: Energy Fuels Inc. Gary Steele Investor Relations (303)
974-2147 or Toll free: 1-888-864-2125 investorinfo@energyfuels.com
www.energyfuels.com Magnum Uranium Corp. Craig Lindsay President
& CEO 604-683-2507 info@magnumuranium.com
www.magnumuranium.com
Magnum Uranium Com Npv (TSXV:MM)
Historical Stock Chart
From May 2024 to Jun 2024
Magnum Uranium Com Npv (TSXV:MM)
Historical Stock Chart
From Jun 2023 to Jun 2024