---
schema_version: "secwatch.filing_event.v1"
accession: "0001062993-23-004159"
form_type: "8-K"
ticker: "UUUU"
cik: "0001385849"
company_name: "ENERGY FUELS INC"
filed_at: "2023-02-21T23:59:59+00:00"
generated_at: "2026-06-19T06:43:15.717153+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Energy Fuels sells Alta Mesa ISR Project to enCore for $60M cash and $60M convertible note

## Summary
- Consideration: $60M cash plus $60M secured convertible note (8% interest, 2-year maturity).
- Note convertible at $2.9103/share, a 20% premium to enCore's 10-day VWAP before closing.
- Conversion limited to $10M principal per 30-day period unless block trade.
- enCore to replace reclamation bonds, resulting in additional $3.6M cash return to Energy Fuels.
- Transaction closed February 14, 2023; subsidiaries held Alta Mesa ISR Project.

## SEC filing metadata
- accession: 0001062993-23-004159
- form_type: 8-K
- ticker: UUUU
- cik: 0001385849
- company_name: ENERGY FUELS INC
- filed_at: 2023-02-21T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1385849/000106299323004159/0001062993-23-004159-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1385849/000106299323004159/form8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001062993-23-004159
- JSON: https://secwatch.observer/filing/0001062993-23-004159.json
- Plain text: https://secwatch.observer/filing/0001062993-23-004159.txt

## Key facts
- M&A Transactions
  ENERGY FUELS INC completed a disposition involving enCore Energy Corp. for $60 million in cash and $60 million in a secured convertible note (closed 2023-02-14).
  - Action: disposition
  - Counterparty: enCore Energy Corp.
  - Consideration: $60 million in cash and $60 million in a secured convertible note
  - Closing: 2023-02-14
  source text: "Purchase Agreement") by and among EFR, encore and enCore Energy US Corp. Under the Purchase Agreement the consideration received by the Company, through EFR, consisted of: (i) $60 million in cash and (ii) $60 million in a secured convertible note (the "Note"), which matures two years from the closing of the Transaction, bearing annual interest of eight percent
  evidence_url: https://www.sec.gov/Archives/edgar/data/1385849/000106299323004159/0001062993-23-004159-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.