(Wyoming Business Report, March 14) – Energy Fuels ended its public offering after selling about 4.5 million shares to raise $12M. According to Stephen P. Antony, president and CEO of Energy Fuels, the funds will provide the liquidity for the company to execute its business plan.
The plan includes expanding the wellfields at the Nichols Ranch Project in Wyoming as well as continuing work at the high-grade Canyon mine in Arizona and to fund the proposed acquisition of Mesteña Uranium LLC and to increase the company’s interest in the Roca Honda Project to 100 percent.
“In today’s weak price environment, our ongoing investments and recent corporate initiatives demonstrate Energy Fuels’ focus on our lowest cost sources of uranium production, while at the same time increasing our scalability to improved uranium prices,” Antony said.
Energy Fuels merged with Titan Uranium in 2012 and acquired Casper-based Uranerz last June. The company announced plans to purchase Texas uranium producer Mesteña Uranium LLC in early March. Mesteña is not currently producing uranium, but Antony claimed that it could start producing again within six months, noting that he sees “bright days ahead.”