Energy Fuels Inc. (NYSE MKT:UUUU; TSX:EFR) (“Energy Fuels” or the “Company”) announces the results of the election of directors and other matters at its annual meeting of shareholders (the “Meeting”) held on May 17, 2017 in Lakewood, Colorado. In addition, the Company announces the appointment of two additional large shareholders to its Board of Directors (the “Board”). The Board and Management now cumulatively own or represent approximately 11.7% of the issued and outstanding shares of the Company.
The six nominees proposed by management for election as directors were elected by a show of hands. Proxies were received as follows:
|Nominee||Votes For||% For||Votes Withheld||% Withheld|
|Stephen P. Antony||11,945,781||95.29%||590,871||4.71%|
|J. Birks Bovaird||11,439,884||91.25%||1,096,768||8.75%|
|Paul A. Carroll||11,436,273||91.22%||1,100,379||8.78%|
|Bruce D. Hansen||11,442,947||91.28%||1,093,705||8.72%|
|Dennis L. Higgs||12,020,968||95.89%||515,684||4.11%|
At the Meeting, shareholders also voted to approve the appointment of KPMG LLP as the auditors of the Company. Details of each of these matters are set out in the Management Information Circular of the Company dated March 23, 2017. A report of voting results for each resolution presented at the Meeting prepared in accordance with National Instrument 51-102 has been filed under the Company’s profile on SEDAR at www.sedar.com.
Appointment of Two New Directors
Following the annual meeting of shareholders, the Board appointed Messrs. Benjamin Eshleman III and Robert W. Kirkwood to serve as directors pursuant to the Board’s power to increase the size of the Board by up to one-third in number between annual meetings of shareholders. As previously reported on May 9, 2017, these two individuals bring successful track-records of achieving financial profitability, while leading and operating oil, natural gas, and uranium mining enterprises. The Company believes they will bring new perspectives and leadership to the Company as we navigate a promising, yet challenging uranium market.
As a result of the appointment of Messrs. Eshleman and Kirkwood, the Board and Management of Energy Fuels hold or represent approximately 11.7% of the issued and outstanding shares of the Company. The Company believes this figure demonstrates continuing support of some of the Company’s largest shareholders, as well as the Company’s comprehensive focus on, and commitment to, operating the business for the benefit of the shareholders.
About Energy Fuels:
Energy Fuels is a leading integrated US-based uranium mining company, supplying U3O8 to major nuclear utilities. Energy Fuels holds three of America’s key uranium production centers, the White Mesa Mill in Utah, the Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today and has a licensed capacity of over 8 million pounds of U3O8 per year. The Nichols Ranch Processing Facility is an ISR production center with a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is an ISR production center currently on care and maintenance. Energy Fuels also has the largest NI 43-101 compliant uranium resource portfolio in the U.S. among producers, and uranium mining projects located in a number of Western U.S. states, including one producing ISR project, mines on standby, and mineral properties in various stages of permitting and development. The Company also produces vanadium as a co-product of its uranium production from certain of its mines on the Colorado Plateau, as market conditions warrant. The Company’s common shares are listed on the NYSE MKT under the trading symbol “UUUU”, and on the Toronto Stock Exchange under the trading symbol “EFR”.
CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
This news release contains certain disclosure that has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all reserve and resource estimates included in this news release have been prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) classification system. Canadian standards, including NI 43-101, differ significantly from the requirements of U.S. securities laws, and reserve and resource information contained in this news release may not be comparable to similar information disclosed by companies reporting only under U.S. standards. In particular, the term “resource” does not equate to the term “reserve” under SEC Industry Guide 7. United States investors are cautioned not to assume that all or any of Measured or Indicated Mineral Resources will ever be converted into mineral reserves. Investors are cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally minable. Energy Fuels does not hold any Reserves as that term is defined by SEC Industry Guide 7. Please refer to the section entitled “Cautionary Note to United States Investors Concerning Disclosure of Mineral Resources” in the Company’s Annual Report on Form 10-K dated March 9, 2017 for further details.
On August 17, 2016 and ending on August 16, 2017, Liviakis Financial Communications, Inc. (“LFC”) was retained by Energy Fuels Inc. (UUUU) in various consulting capacities including strategic management planning, investor relations and other business development responsibilities. In lieu of paid expenses, salaries or commissions, LFC will be compensated in the amount of 413,000 shares of Energy Fuels Inc. restricted under rule 144. Officers and employees of LFC will buy or sell shares in Energy Fuels Inc. prior, during or after this release. LFC advises Energy Fuels Inc. but does not provide investment advice. LFC is not a registered investment advisor or broker-dealer. All material provided regarding including, but not limited to its history, corporate status, and other developments was prepared using information approved and signed off by Energy Fuels Inc. management as approved for public dissemination. Although the information contained herein is believed to be reliable, LFC makes no warranties as to the accuracy of the description of any of the content herein and accepts no liability for how readers may choose to utilize it.
Liviakis Financial Communications, Inc.
Michael Bayes, President