Energy Fuels (NYSE American: UUUU) (TSX: EFR), the largest uranium mining company in the United States, today announced that it has delivered a notice to the holders of its currently outstanding floating rate convertible unsecured subordinated debentures, due December 31, 2020 (the “Debentures”) that pursuant to the terms of the indenture (the “Indenture”) governing the Debentures, the Company will redeem on July 14, 2020 (the “Redemption Date”) Cdn$10,430,000 principal amount of the Cdn$20,860,000 Debentures outstanding. Per the update, the Debentures are redeemable for an amount equal to 101% plus accrued and unpaid interest, up to but excluding the Redemption Date. “Energy Fuels is proud to announce that we are paying off half of our debt on July 14, 2020, and that we expect to become debt-free by the end of 2020,” Mark S. Chalmers, president and CEO of Energy Fuels, stated in the news release. “We are proactively managing our remaining debt to ensure we have the ability to pay it off on our own timing and terms and with minimal disruption. We believe it makes sense to redeem half of the Debentures now because the U.S.-Canada exchange rate is favorable, we have sufficient cash available, and we will avoid approximately US$350,000 in interest payments in 2020 by doing so. We will address the remaining Cdn$10,430,000 balance over the next several months when we think the timing is most appropriate.”
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About Energy Fuels
Energy Fuels is the leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant. Its corporate offices are near Denver, Colorado, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers – the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” For more information, visit the Company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://nnw.fm/UUUU
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