Energy Fuels Inc announced that it has entered into a definitive agreement to sell three wholly-owned subsidiaries that together hold Energy Fuels’ Alta Mesa ISR Project to enCore Energy for total consideration of $120M. The Transaction is expected to close by the end of 2022 or early 2023. Furthermore, enCore will assume all reclamation liabilities associated with Alta Mesa (approximately $10.3 million) and pay Energy Fuels the cash collateral on the existing reclamation bonds (approximately $3.6 million). Once the reclamation liabilities are transferred to enCore, Energy Fuels will be nearly 60% collateralized on its remaining reclamation obligations. The Company also estimates that the sale of Alta Mesa will reduce Energy Fuels’ cash burn by approximately $2 million per year.
Published first on TheFly
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