NetworkNewsBreaks – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), International Consolidated Uranium Inc. (TSX.V: CUR) (OTCQB: CURUF) Announce Acquisition, Strategic Alliance
Energy Fuels (NYSE American: UUUU) (TSX: EFR) and International Consolidated Uranium Inc. (TSX.V: CUR) (OTCQB: CURUF) today announced that CUR has entered into a definitive asset purchase agreement with certain wholly owned subsidiaries of Energy Fuels (collectively, the “EF parties”). Under the agreement, CUR will acquire a portfolio of conventional uranium projects located in Utah and Colorado (the “projects”) from the EF parties (collectively, the “transaction”). In connection with the closing of the transaction, the companies have also agreed to enter into toll-milling and operating agreements with respect to the projects, which positions CUR as a potential near-term U.S. Uranium producer subject to an improvement in uranium market conditions and/or CUR entering into acceptable uranium supply agreements.
“This transaction has all the hallmarks of a true win-win for both parties. Energy Fuels currently holds the largest and highest quality portfolio of uranium production, development and exploration projects in the U.S. The assets we are selling to CUR are proven U.S. uranium mines, and in fact production from these mines since 2006 has accounted for over 1,050,000 lbs of U.S. uranium production, which would rank those mines as fifth among all current uranium producers in the U.S. over those years,” said Energy Fuels CEO Mark Chalmers. “However, because Energy Fuels is focusing its attention on its core projects – the Nichols Ranch and Alta Mesa ISR properties and the Pinyon Plain, La Sal and other conventional properties, we do not believe markets have properly valued the projects within our expansive portfolio of exceptional assets. We believe that, in order to realize the full value of our expansive portfolio, certain assets, such as the projects, can be repositioned to the benefit of Energy Fuels and its shareholders, provided we find the right vehicle to unlock the value of these assets. In this transaction, we believe we have found that vehicle in CUR. Having known and worked with the team behind CUR for almost 15 years, I have watched keenly as they have gained market support for their consolidation strategy. This is why we have structured the transaction to provide Energy Fuels with significant exposure to the future share price performance of CUR through a 19.9% equity interest and speaks to our belief in and our commitment to these assets. My joining the CUR board, as well as Energy Fuels’ entering into the toll-milling and operating agreements for the projects, should also be strong signals as to how important we view our alliance with CUR for these assets.”
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Energy Fuels (NYSE American: UUUU) (TSX: EFR) and International Consolidated Uranium Inc. (TSX.V: CUR) (OTCQB: CURUF) today announced that CUR has entered into a definitive asset purchase agreement with certain wholly owned subsidiaries of Energy Fuels (collectively, the “EF parties”). Under the agreement, CUR will acquire a portfolio of conventional uranium projects located in Utah and Colorado (the “projects”) from the EF parties (collectively, the “transaction”). In connection with the closing of the transaction, the companies have also agreed to enter into toll-milling and operating agreements with respect to the projects, which positions CUR as a potential near-term U.S. Uranium producer subject to an improvement in uranium market conditions and/or CUR entering into acceptable uranium supply agreements.
“This transaction has all the hallmarks of a true win-win for both parties. Energy Fuels currently holds the largest and highest quality portfolio of uranium production, development and exploration projects in the U.S. The assets we are selling to CUR are proven U.S. uranium mines, and in fact production from these mines since 2006 has accounted for over 1,050,000 lbs of U.S. uranium production, which would rank those mines as fifth among all current uranium producers in the U.S. over those years,” said Energy Fuels CEO Mark Chalmers. “However, because Energy Fuels is focusing its attention on its core projects – the Nichols Ranch and Alta Mesa ISR properties and the Pinyon Plain, La Sal and other conventional properties, we do not believe markets have properly valued the projects within our expansive portfolio of exceptional assets. We believe that, in order to realize the full value of our expansive portfolio, certain assets, such as the projects, can be repositioned to the benefit of Energy Fuels and its shareholders, provided we find the right vehicle to unlock the value of these assets. In this transaction, we believe we have found that vehicle in CUR. Having known and worked with the team behind CUR for almost 15 years, I have watched keenly as they have gained market support for their consolidation strategy. This is why we have structured the transaction to provide Energy Fuels with significant exposure to the future share price performance of CUR through a 19.9% equity interest and speaks to our belief in and our commitment to these assets. My joining the CUR board, as well as Energy Fuels’ entering into the toll-milling and operating agreements for the projects, should also be strong signals as to how important we view our alliance with CUR for these assets.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
