Energy Fuels (UUUU) Enters $10M Bought Deal Financing Arragement

September 14, 2016 5:02 PM EDT
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Energy Fuels Inc. (NYSE: UUUU) is pleased to announce that it has entered into an underwriting agreement (the "Underwriting Agreement") with a syndicate of underwriters led by Cantor Fitzgerald Canada Corporation and Rodman & Renshaw a unit of H.C. Wainwright & Co., LLC, acting as co-lead underwriters and joint book-running managers, under which the underwriters have agreed to buy on a bought deal, underwritten basis 5,555,556 units (the "Units"), each Unit consisting of one common share (each a "Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"), at a price of US$1.80 per Unit for gross proceeds of US$10.0 million (the "Offering"). Each Warrant will be exercisable for five years following the closing date and will entitle the holder thereof to acquire one Share upon exercise at an exercise price of US$2.45 per Share. The Company has applied to list the Warrants on the Toronto Stock Exchange (the "TSX"), though listing will be subject to the Company fulfilling all of the listing requirements of the TSX. The Company intends to list the Warrants on the NYSE MKT within 90 days of the closing of the Offering, subject to the Company fulfilling all of the listing requirements of the NYSE MKT. The Company has granted the underwriters an option, exercisable at the offering price at any time prior to 5:00 p.m. (Toronto time) on the day that is the 30th day following the closing date of the Offering, to purchase up to an additional 15% of the base Units offered in the Offering (which may be exercised for Units, Shares, Warrants or a combination thereof) to cover over-allotments, if any, and for market stabilization purposes. The Offering is expected to close on or about September 20, 2016, subject to obtaining customary TSX and NYSE MKT approvals.

The Company intends to use the net proceeds of the Offering (i) to continue to finance the previously announced shaft sinking and evaluation at the Company's high-grade Canyon mine project in Arizona; (ii) to continue to fund wellfield construction at the Company's Nichols Ranch Project in Wyoming; (iii) to continue permitting of the Company's projects, including Roca Honda and Jane Dough; (iv) to repay principal on outstanding indebtedness; and (v) for general corporate needs and working capital requirements. However, management of Energy Fuels will have discretion with respect to the actual use of the net proceeds of the Offering and there may be circumstances where, for sound business reasons, a reallocation of the net proceeds is necessary.

The Company intends to file a final prospectus supplement (the "Supplement") in both Canada and the United States to its Canadian short form base shelf prospectus (the "Canadian Base Prospectus") dated June 14, 2016 and its U.S. shelf registration statement on Form S-3 (the "Registration Statement") which was declared effective on May 5, 2016. Before investing, you should read the prospectus in both the Canadian Base Prospectus as well as in the Registration Statement and other documents the Company has filed with the United States Securities and Exchange Commission and the Canadian Securities regulators for more complete information about the Company and this offering. Copies of the Supplement and the Underwriting Agreement will be, and the Canadian Base Prospectus and the Registration Statement are, available for free by visiting the Company's profiles on SEDAR at www.sedar.com or EDGAR at www.sec.gov/edgar.shtml, as applicable. Alternatively, investors may ask the underwriters or the Company to send them the Supplement, when available, the Canadian Base Prospectus and/or the base prospectus contained in the Registration Statement by contacting Cantor Fitzgerald Canada Corporation, attention: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7, email: ecmcanada@cantor.com or Rodman & Renshaw a unit of H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, email: placements@hcwco.com, or the Company's Investor Relations department at (303) 974-2140.



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Cantor Fitzgerald, Rodman & Renshaw, S3, Definitive Agreement, H.C. Wainwright

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