Deal raises proceeds for working capital, general corporate purposes
By Devika Patel
Knoxville, Tenn., June 4 - Energy Fuels, Inc. said it plans a private placement of subscription receipts to raise about C$7.1 million. The offering has a 15% greenshoe.
The company will sell about 30.87 million receipts at C$0.23 apiece. The purchase price is an 11.54% discount to C$0.26, the June 1 closing share price.
Each receipt will be automatically converted into one unit of a common share and one half-share warrant. The whole warrants will each be exercisable at C$0.265 for three years. The strike price is a 1.92% premium to the June 1 closing share price.
The deal will be conducted on a best-efforts basis by a syndicate of agents led by Dundee Securities Ltd. and including Haywood Securities Inc., Scotiabank and Versant Partners Inc.
Settlement is expected June 21.
Proceeds will be used for working capital and general corporate purposes related to the operations of the U.S.-based mining assets that are being acquired from Denison Mines Corp.
Toronto-based Energy Fuels is a uranium and vanadium exploration and production company.
| Issuer: | Energy Fuels, Inc.
|
| Issue: | Subscription receipts convertible into units of a common share and one half-share warrant
|
| Amount: | C$7.1 million (approximate)
|
| Greenshoe: | 15%
|
| Receipts: | 30.87 million (approximate)
|
| Price: | C$0.23
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.265
|
| Agent: | Dundee Securities Ltd. (lead), Haywood Securities Inc., Scotiabank and Versant Partners Inc.
|
| Pricing date: | June 4
|
| Settlement date: | June 21
|
| Stock symbol: | Toronto: EFR
|
| Stock price: | C$0.26 at close June 1
|
| Market capitalization: | C$51.44 million
|
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