Energy Fuels Inc. (“Energy Fuels” or the “Company”) and Strathmore Mineral Corp. (“Strathmore”) today provided an update regarding the previously announced transaction (the “Transaction”) whereby Energy Fuels proposes to acquire all of the issued and outstanding shares of Strathmore Minerals Corp. by way of a plan of arrangement (the “Arrangement”).
On Wednesday, August 21, 2013, the Supreme Court of British Columbia (the “Court”) issued its Final Order in respect of the Transaction in accordance with the Business Corporations Act (British Columbia). In its Final Order, the Court approved the Arrangement, holding that the Arrangement is procedurally and substantively fair and reasonable to holders of Strathmore common shares, options and restricted stock units.
Today, the Company received a clearance letter (the “Clearance Letter”) from the Committee on Foreign Investment in the United States (“CFIUS”). The Clearance Letter was issued by CFIUS following a 30-day review pursuant to a joint notice submitted by Energy Fuels and Strathmore. Issuance of the Clearance Letter is an important regulatory milestone required for the closing of the Transaction.
As a result of the Final Order and today’s receipt of the Clearance Letter, Energy Fuels expects to complete the Transaction at 11:59 p.m. (Eastern) on August 30, 2013, subject to the satisfaction of certain customary closing conditions. The Company had previously announced that it expected the Transaction to be completed on August 28, 2013.
About Energy Fuels: Energy Fuels is America's largest conventional uranium producer, supplying approximately 25% of the uranium produced in the U.S. The Company is also a significant producer of vanadium. Energy Fuels operates the White Mesa Mill, which is the only conventional uranium mill currently operating in the U.S. The mill is capable of processing 2,000 tons per day of uranium ore. Energy Fuels has projects located throughout the Western U.S., including producing mines and mineral properties in various stages of permitting and development.
Additional information about Energy Fuels Inc. is available by visiting Energy Fuels' website at www.energyfuels.com or under its profile on SEDAR at www.sedar.com.
About Strathmore: Strathmore Minerals Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of mineral properties in the United States. Headquartered in Vancouver, British Columbia with a branch administrative office in Kelowna, the company also has U.S. based Development Offices in Riverton, Wyoming and Santa Fe, New Mexico.
Source: http://www.energyfuels.com/