Energy Fuels sells Alta Mesa ISR project to enCore for $120M in cash and convertible note

ENERGY FUELS INC

Total consideration $120M: $60M cash at close + $60M secured convertible note (8% interest, 2-yr maturity).
Note convertible into enCore common shares at 20% premium to 10-day VWAP; conversion limited to $10M/month.
enCore assumes ~$10.3M reclamation liabilities and pays $3.6M cash collateral to Energy Fuels.
Break fee of $6M payable by enCore if deal fails under certain circumstances.
Closing expected by end of 2022 or early 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ENERGY FUELS INC entered into Membership Interest Purchase Agreement with enCore Energy Corp. and enCore Energy US Corp. valued at $120 million (effective 2022-11-13).

Action: entry
Agreement: asset purchase
Counterparty: enCore Energy Corp. and enCore Energy US Corp.
Value: $120 million
Effective: 2022-11-13

Exact text from the filing

On November 13, 2022, EFR White Canyon Corp. ("EFR"), a wholly-owned subsidiary of Energy Fuels Inc. (the "Company"), entered into a Membership Interest Purchase Agreement (the "Purchase Agreement") with enCore Energy Corp. ("enCore") and enCore Energy US Corp. (together with enCore, the "enCore Parties") to sell three wholly-owned subsidiaries that together hold the Company's Alta Mesa ISR Project for total consideration of $120 million (the "Transaction").

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Source: SEC EDGAR

accession 0001062993-22-022376

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