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I want to take the time to reach out to you and offer an update on a new venture recently created by the former founding team of Uranerz Energy Corporation.
In 2005, Uranerz Energy Corporation (symbol: URZ) was formed. The market capitalization at inception was approximately US$10 million. The uranium price was hovering between $20 and $30 per pound. Over the course of the next ten years, Uranerz acquired, explored, and developed the Nichols Ranch uranium mine in Wyoming and advanced several other uranium assets, culminating in the sale of the company in a transaction with Energy Fuels Inc. At its peak, Uranerz Energy had a market capitalization approaching US$420 million. At the time of sale, in a post-Fukushima market climate, the company was valued at approximately US$175 million.
The original founders and executives of Uranerz have joined a new uranium company called URZ Energy Corp. (listed on the TSX-V with the symbol: URZ and on the OTC with the symbol: URZZF). With URZ Energy, management is intent on building another great uranium company. They are focused on utilizing their core expertise to develop a portfolio of US-based uranium projects, and have already started with three assets: the Gas Hills, Juniper Ridge and Shirley Basin projects. All three are in the company’s backyard of Wyoming, the largest producer of uranium among the 50 states.
The current market capitalization for URZ Energy is approximately US$10 million. The uranium price is back at $20 per pound. URZ management sees today’s circumstances as an opportunity to once again create shareholder value in a time of sector distress and produce results when the uranium industry rebounds.
URZ management is looking forward to building URZ Energy with the same enthusiasm and determination that propelled the success of Uranerz Energy.
Please contact the company directly if you would like more information:
Energy Fuels (UUUU +12.1%) posts strong gains after announcing the completion of its $100M purchase of Uranerz Energy (NYSEMKT:URZ), as shareholders at both uranium miners voted to approve the deal.
Energy Fuels (UUUU +12.1%) posts strong gains after announcing the completion of its $100M purchase of Uranerz Energy (NYSEMKT:URZ), as shareholders at both uranium miners voted to approve the deal.
Mining operations extracted approximately 55,000 pounds of U308 during the quarter Delivered 50,000 pounds of U308 to one utility customer at an average realized sales price of $68 per pound, representing a 92% premium to the current spot pricing Realized revenue of $3.4 million with a gross operating profit of $1.5 million
What happens to the stock prices of two companies involved in an acquisition? By Investopedia Staff A: When a firm acquires another entity, there usually is a predictable short-term effect on the stock price of both companies. In general, the acquiring company's stock will fall while the target company's stock will rise.
The reason the target company's stock usually goes up is that the acquiring company typically has to pay a premium for the acquisition: unless the acquiring company offers more per share than the current price of the target company's stock, there is little incentive for the current owners of the target to sell their shares to the takeover company.
The acquiring company's stock usually goes down for a number of reasons. First, as we mentioned above, the acquiring company must pay more than the target company currently is worth to make the deal go through. Beyond that, there are often a number of uncertainties involved with acquisitions. Here are some of the problems the takeover company could face during an acquisition:
A turbulent integration process: problems associated with integrating different workplace cultures Lost productivity because of management power struggles Additional debt or expenses that must be incurred to make the purchase Accounting issues that weaken the takeover company's financial position, including restructuring charges and goodwill We should emphasize that what we've discussed here does not touch on the long-term value of the acquiring company's stock. If an acquisition goes smoothly, it will obviously be good for the acquiring company in the long run.
This, from a PR in the iBox, answers your share question.
As previously reported, readers should be advised that in November 2013 the Company changed its fiscal year end from September 30 to December 31. As a result of this change, the Company’s annual 2014 results include consolidated financial statements for the year ended December 31, 2014 (“FY-2014”), with comparable figures for the 15-month period ended December 31, 2013 (“FY-2013”) and, accordingly, the results shown are not fully comparable. The Company also completed a consolidation of its common shares, effective November 5, 2013, on the basis of 50 pre-consolidation shares for each post-consolidation share.
Found this. Uranium Producer Energy Fuels to Buy Miner Uranerz By Simon Casey - Jan 5, 2015, 9:52:57 AM
(Bloomberg) -- Energy Fuels Inc. agreed to acquire Uranerz Energy Corp. for about $150.6 million, consolidating two uranium producers amid a prolonged slump in the price of the nuclear fuel.
Investors will get 0.255 of a share of Energy Fuels, the second-largest supplier of U.S. uranium, for each share of Uranerz, the companies said today in a statement. The offer represents a 37 percent premium to Casper, Wyoming-based Uranerz’s Jan. 2 closing price. After the takeover is complete, Energy Fuels shareholders will own about 45 percent of the company and Uranerz investors the rest.
Both companies have posted losses over the past 12 months. The price of uranium has dropped more than 25 percent since the March 2011 earthquake and tsunami that hit Japan, leading to a meltdown at the Fukushima Dai-Ichi nuclear power plant and the suspension of the country’s other reactors. Four U.S. reactors shut in 2013 because they weren’t profitable or needed costly repairs.
“Given the depressed state of the global uranium market, we expect management teams have been actively assessing combinations and think this could jump-start a sector that is ripe for further M&A,” Daniel W. Scott and Bryan C. Bergin, analysts at Cowen & Co., said today in a note.
Uranerz announced in September that it sold the first uranium from its Nichols Ranch mine in Wyoming. Toronto-based Energy Fuels accounts for about 20 percent of U.S. uranium production from its White Mesa mill in Utah.
Shares of Uranerz rose 2.6 percent to $1.18 in New York while Energy Fuels dropped 15 percent to C$6.25 in Toronto.
To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net
To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net Tina Davis, Steven Frank
Iheart... I wish I knew the answer to that. I was wondering that myself. Both seem to be solid American companies. One thing I like about UUUU is that it has such a low OS share count. That is a plus in my book. I wonder if they went thru a reverse split sometime in the past.
With the merger coming up, which stock, URZ or UUUU is the best to buy? I own equal shares of both. Scottrade will charge a $20 transaction fee I believe. But since I already own shares I'll have to pay that anyway. All the talk about the Clinton's deals with the Russians might have more interest shown to this sector.
Can't understand this...every day the PPS of this stock goes up and yet you and I are the only ones on this board that post anything. The merger made this all that much sweeter too.
I am beginning to think that you and I are the only ones reading this board, Harry. It just keeps going up and making $$$, I guess no one has heard about what is happening in this industry. Been making a killing on Rocky Mountain High (thc-z) but this is one of my smaller plays.
Wow, how come so many people are missing this stock's run? This is getting better by the day. Here is another article about the coming Boom in Uranium mining stocks and it mentions URZ and the merger.
Article - Uranium Has A Bright Future... This article is not about this company but is just one of many that are coming out talking about the resurgence of Uranium. URZ is Well positioned to cash in on this resurging industry... http://www.resourceinvestor.com/2015/04/13/uranium-has-bright-future
Anyone who doesn't think Oil is going back up has their head in the sand. When oil goes back up then Uranium mining will start to get hot again. The push is on from the White house for "Clean Energy" and natural gas only goes so far. I believe this stock is going to go up in the near future. It's common sense.
Energy-Fuels and Uranerz to-Create the-Largest Integrated-Uranium-Producer Focused-on-the United-States
LAKEWOOD, COLORADO AND CASPER, WYOMING, Jan 05, 2015 (Marketwired via COMTEX) -- Energy Fuels Inc. (NYSE MKT: UUUU)(TSX: EFR) ("Energy Fuels") and Uranerz Energy Corporation (NYSE MKT: URZ)(TSX: URZ) ("Uranerz") are pleased to announce the execution of a definitive agreement (the "DA") pursuant to which Energy Fuels will acquire all of the issued and outstanding shares of common stock of Uranerz (the "Transaction"). Under the terms of the DA, shareholders of Uranerz will receive 0.255 common shares of Energy Fuels for each share of Uranerz common stock held. Transaction Highlights:
-- Creation of the only integrated conventional and in-situ recovery ("ISR") uranium mining company focused solely on the United States; -- Diversified ISR and conventional uranium production from two operating production centers, including the White Mesa uranium mill in Utah and the Nichols Ranch ISR mine and plant in Wyoming; -- A deep development pipeline of projects highlighted by conventional assets such as the Canyon Mine (Arizona), the Sheep Mountain Project (Wyoming), the Henry Mountains Project (Utah) and the Roca Honda Project (New Mexico), paired with Wyoming ISR development assets including the Jane Dough, Hank, West North Butte and Reno Creek Projects; -- A combined NI 43-101 resource base that will be the largest in the U.S. among producers and near producers; -- A strong portfolio of six uranium sales contracts extending to 2020, with approximately one million pounds of U3O8 under contract in 2015 alone; -- An ability to significantly scale-up uranium production in the coming years as uranium prices increase; -- The combined company will be an attractive platform for further accretive growth and consolidation within the U.S. uranium sector; -- Potential for significant cost savings and synergies with additional potential for other operating efficiencies; -- Combined management skill and expertise with the proven ability to successfully develop and produce uranium; and -- Based on the current share price of Energy Fuels, the combined company will be the largest publicly-traded uranium company by market capitalization operationally focused and listed in the U.S. This is expected to increase exposure to both institutional and retail investors globally, as well as increase the likelihood of the combined company (subject to market conditions) being included and/or receiving greater weightings in certain indices, such as the Russell 3000 Index, as well as certain Exchange Traded Funds such as the Global X Uranium ETF (NYSE: URA).
Stephen Antony, President & CEO of Energy Fuels commented: "It is with great enthusiasm that Energy Fuels is able to bring this transaction to our shareholders. The combination of Energy Fuels and Uranerz will create one of the few publicly-traded, integrated conventional-ISR uranium companies in the World. Energy Fuels has already established itself as a leading producer of uranium in the U.S. and the premier consolidator of U.S.-based uranium assets. By adding Uranerz to our corporate umbrella, we are creating a multi-source uranium production platform that is better positioned to respond to the dynamic and volatile nature of the uranium market. Wyoming has been an area of focus for Energy Fuels, and the Uranerz team has done an exceptional job of exploring, permitting, building and operating their Nichols Ranch project in Wyoming. I look forward to working with them to build a lasting and robust ISR mining business within Energy Fuels." Dennis Higgs, Uranerz' Executive Chairman stated: "This transaction creates a unique uranium producer with a leading portfolio of development projects that I believe will be attractive to both the investment community and utility customers. Together, we believe we can create a stronger company from the perspective of resources, diversification of production sources, production scalability, growth, working capital and market capitalization. We have watched with interest as Energy Fuels has consolidated some of the best available hard rock uranium mining assets in recent years along with the only licensed and operating uranium mill in the U.S. We are very pleased to bring to shareholders the prospect of integrating our own production, development and exploration assets into what I believe will be a leading company within the uranium sector."
Unique Position in the United States' Nuclear Power Market
The combination of Energy Fuels and Uranerz will result in the creation of the largest integrated uranium production company focused solely on the United States. Energy Fuels, after completing the Transaction, is referred to in this release as the "Company". The United States is the largest consumer of uranium globally, with 100 nuclear reactors currently in operation and five under construction. Yet, despite being the World's largest producer of uranium as recently as the early 1980s, the U.S. is now heavily reliant on imported uranium to fuel its reactor fleet. Energy Fuels and Uranerz believe that the Company will be well-positioned, in terms of size, operational scale and diversification, as a preferred U.S. uranium supplier.
Large and Diversified Combined Operations
Energy Fuels is currently well-positioned as the 2nd largest supplier of uranium within the U.S. It currently accounts for about 20% of U.S. uranium production from its wholly-owned White Mesa uranium mill, the only licensed and operating conventional uranium mill in the U.S. Uranerz is the newest uranium producer in the U.S., located in one of the most prolific areas of uranium production in the U.S. Uranerz recently commenced production at its Nichols Ranch ISR Uranium Project and holds one of the largest prospective land positions for ISR-amenable deposits in Wyoming. The Company will have a combined ISR and conventional asset base, unique in its scope and scalability, extending from the ISR-amenable Powder River Basin of Wyoming (the "Basin") to the conventional uranium mining districts of New Mexico, Colorado, Utah and Arizona. ISR uranium production in the Basin is acknowledged as a source of relatively lower cost uranium production, and large multi-national companies such as Cameco Corporation and Uranium One Inc. are active in the Basin. The combined asset base of the Company, anchored by two distinct production centers, will be better positioned to create shareholder value in the current low uranium price environment while maintaining what Energy Fuels and Uranerz believe is substantial organic production growth potential at higher uranium prices.
Uranium Supply Contract Portfolio
The Company expects to have a total of six uranium supply contracts with terms that extend into 2020. In 2015 alone, these contracts require approximately one million pounds of uranium to be delivered at an average price of approximately US$58 per pound, a premium of approximately 63% above the current uranium spot price of US$35.50 per pound. This combined contract portfolio will position the Company to maximize revenues in the current low uranium price environment.
Transaction Details
Based on the current common shares outstanding of both Energy Fuels and Uranerz, Energy Fuels shareholders will own approximately 45% of the shares of the Company upon completion of the Transaction, and Uranerz shareholders will own approximately 55% of the common shares of the Company. Based on the January 2, 2015 closing prices on the NYSE MKT and the 20-day volume-weighted average prices on the NYSE MKT through to January 2, 2015, the Transaction represents a 37% and 46% premium, respectively, to Uranerz shareholders.
The Transaction will be carried out by way of a merger of Uranerz with, and into, a subsidiary of Energy Fuels under Nevada law. The Transaction will be subject to the approval of at least a majority of the holders of the outstanding common shares of Uranerz, as well as at least a majority of the votes cast by Uranerz shareholders, excluding directors and officers of Uranerz, at a special meeting to be called by Uranerz to consider the Transaction. Pursuant to the rules of the Toronto Stock Exchange, the Transaction is also subject to the approval of at least a majority of the votes cast by Energy Fuels shareholders at a special meeting to be called by Energy Fuels to consider the Transaction. In addition, pursuant to the DA, the completion of the Transaction is conditional upon a number of items, including, without limitation, the shareholder approvals referred to above, receipt of all necessary regulatory approvals, and other customary conditions to closing.
Upon closing of the Transaction, Uranerz will nominate Dennis Higgs, Glenn Catchpole and Paul Saxton as directors to join the Board of Directors of Energy Fuels. The executive management of the Company will continue to be led by Energy Fuels' existing management team, with key Uranerz executive team members being retained to continue to manage and operate the Wyoming operations. The executive officers and the Boards of Directors of both Energy Fuels and Uranerz have agreed to enter into support agreements to, among other things, vote their shares in favor of the Transaction. The Boards of Directors of both Energy Fuels and Uranerz have each resolved to recommend that their respective shareholders vote in favor of the Transaction.
The DA contains customary deal support provisions, including a reciprocal break fee of US$5,000,000 payable if the Transaction is not completed under certain circumstances. In addition, the DA includes customary and reciprocal non-solicitation covenants, as well as a reciprocal right to match any superior proposal that may arise.
Uranerz' outstanding options and warrants will be adjusted in accordance with their terms, such that the number of Energy Fuels shares received upon exercise and the exercise price will reflect the exchange ratio described above.
The Transaction is expected to be completed in the second quarter of 2015 or such other date as the parties may agree. Special meetings of the shareholders of Uranerz and Energy Fuels to approve the Transaction will each be held at a time yet to be determined, though expected to be in the second quarter of 2015.
Upon completion of the Transaction, Uranerz' common stock will cease trading on the NYSE MKT and the TSX, and the Company common shares are expected to trade on the TSX and NYSE MKT markets.
The DA will be available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov for each of Energy Fuels and Uranerz within 10 days following the date of this press release. Copies of Energy Fuels' management information circular and Uranerz' Schedule 14A Proxy Statement and certain related documents will be sent to shareholders and filed with the SEC and Canadian securities regulators on SEDAR and EDGAR when available.
Joint Conference Call & Webcast
Energy Fuels and Uranerz will host a joint conference call and webcast to discuss the Transaction and its related benefits to both Energy Fuels and Uranerz shareholders. Details for the conference call will be forthcoming, and will be posted to the Energy Fuels and Uranerz websites (www.energyfuels.com and www.uranerz.com), when available.
Advisors & Counsel
Cantor Fitzgerald Canada Corp. is acting as financial adviser to Energy Fuels and its Board of Directors. Borden Ladner Gervais LLP and Dorsey & Whitney LLP are acting as legal counsel to Energy Fuels. Roth Capital Partners LLC has provided a fairness opinion to the Board of Directors of Energy Fuels.
Haywood Securities Inc. is acting as financial adviser to Uranerz and its Board of Directors. McMillan LLP is acting as legal adviser to Uranerz. An independent committee (the "Special Committee") was formed by the Uranerz Board of Directors to review and make a recommendation on the Transaction. Gibson, Dunn & Crutcher LLP acted as legal counsel to the Special Committee. Euro Pacific Canada Inc. has provided a fairness opinion to the Special Committee.
About Energy Fuels Inc.
Energy Fuels Inc. is currently America's largest conventional uranium producer, which is expected to supply approximately 20% of the uranium produced in the U.S. in 2014. 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 and has an annual licensed capacity of over 8 million pounds of U3O8. Energy Fuels has projects located in a number of Western U.S. states, including a producing mine, mines on standby, and mineral properties in various stages of permitting and development. Energy Fuels' common shares are listed on the Toronto Stock Exchange under the trading symbol "EFR" and on the NYSE MKT under the trading symbol "UUUU".
Additional information about Energy Fuels is available by visiting Energy Fuels' website at www.energyfuels.com or under its profile on SEDAR at www.sedar.com or on EDGAR at www.sec.gov.
About Uranerz Energy Corporation
Uranerz Energy Corporation is a US-domiciled uranium company. Uranerz' Nichols Ranch unit is its first ISR uranium mine. ISR, or in-situ recovery, is a mining process that uses a leaching solution to extract uranium from sandstone uranium deposits; it is the generally accepted extraction technology used in the Powder River Basin area of Wyoming. Uranerz controls a large strategic land position in the central Powder River Basin. Uranerz' management team has specialized expertise in the ISR uranium mining method and a record of licensing, constructing and operating ISR uranium projects. Uranerz has entered into long-term uranium sales contracts for a portion of its planned production with Exelon and one other of the largest nuclear utilities in the country. Uranerz common shares are listed the NYSE MKT under the trading symbol "URZ" and on the Toronto Stock Exchange under the trading symbol "URZ".
Additional information about Uranerz is available by visiting Uranerz' website at www.uranerz.com or under its profile on EDGAR at www.sec.gov or on SEDAR at www.sedar.com.
Stephen P. Antony, P.E., President & CEO of Energy Fuels, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this news release related to Energy Fuels.
Bruce Larson, P.G., Vice President, Exploration for Uranerz, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this news release related to Uranerz.
IMPORTANT INFORMATION FOR INVESTORS AND STOCKHOLDERS
This announcement is for informational purposes only and does not constitute an offer to purchase, a solicitation of an offer to sell the shares of common stock of Uranerz or a solicitation of any proxy, vote or approval. Energy Fuels will file with the United States Securities and Exchange Commission ("SEC") a registration statement on Form F-4 that will include a proxy statement of Uranerz that also constitutes a prospectus of Energy Fuels. Energy Fuels and Uranerz also plan to file with or furnish other documents to securities regulatory authorities in Canada and the United States regarding the proposed transaction.
INVESTORS AND STOCKHOLDERS OF URANERZ ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Anyone may obtain free copies of these documents when available free of charge under Energy Fuels' profile on SEDAR at www.sedar.com or EDGAR at www.sec.gov, or by accessing Energy Fuels' website at www.energyfuels.com under the heading "Investors" and from Energy Fuels directly by contacting Curtis Moore, Investor Relations: (303) 974-2140. Documents will also be available free of charge under Uranerz' profile on EDGAR at www.sec.gov or on SEDAR at www.sedar.com, or by accessing Uranerz' website at www.uranerz.com under the heading "Investors" and from Uranerz directly by contacting Derek Iwanaka, Investor Relations: (800) 689-1659. Energy Fuels, Uranerz, their respective directors and certain of their executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Uranerz in connection with the proposed transaction. Information about the directors and executive officers of Uranerz is set forth in its proxy statement for its 2014 annual meeting of shareholders, which was filed with the SEC on April 29, 2014. Information about the directors and executive officers of Energy Fuels can be found in its 2014 management information circular dated March 26, 2014, which is available at www.sedar.com and www.sec.gov. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
Certain information contained in this news release, including any information relating to the proposed Transaction, the benefits and synergies of the Transaction, future opportunities for the Company, the Company's ability to increase production through the development of its projects and the completion of future acquisitions and any other statements regarding Energy Fuels' and Uranerz' future expectations, beliefs, goals or prospects constitute forward-looking information within the meaning of applicable securities legislation (collectively, "forward-looking statements"). All statements in this news release that are not statements of historical fact (including statements containing the words "expects", "does not expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates", "estimates", "projects", "potential", "scheduled", "forecast", "budget" and similar expressions) should be considered forward-looking statements. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond Energy Fuels' and Uranerz' ability to control or predict. A number of important factors could cause actual results or events to differ materially from those indicated or implied by such forward-looking statements, including without limitation: the parties' ability to consummate the Transaction; the conditions to the completion of the Transaction, including the receipt of shareholder and regulatory approvals required for the Transaction may not be obtained on the terms expected or on the anticipated schedule; the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the Transaction; the volatility of the international marketplace; future uranium prices; the ability to raise capital to fund project development; the ability to complete future acquisitions and other risk factors as described in Energy Fuels' and Uranerz' most recent annual information forms and annual and quarterly financial reports.
Energy Fuels and Uranerz assume no obligation to update the information in this communication, except as otherwise required by law. Additional information identifying risks and uncertainties is contained in Energy Fuels' and Uranerz' respective filings with the various securities commissions which are available online at www.sec.gov and www.sedar.com. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of the management of each of Energy Fuels and Uranerz relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. Readers are also cautioned not to place undue reliance on these forward-looking statements, that speak only as of the date hereof.
CAUTIONARY NOTE REGARDING TECHNICAL DISCLOSURE
This news release and the information contained herein does not constitute an offer of securities for sale in the United Sates. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or exemption from registration. The terms "inferred mineral resources", "indicated mineral resources", "measured mineral resources", "mineral resources" and "probable mineral reserves" used in this news release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in the United States. While the terms "mineral resources", "measured mineral resources", "indicated mineral resources", "inferred mineral resources" and "probable mineral reserves" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of measured or indicated mineral resources or probable mineral reserves will ever be converted into reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. Accordingly, information regarding resources and reserves contained or referenced in this news release containing descriptions of our mineral deposits may not be comparable to similar information made public by United States companies.
Contacts: Energy Fuels Inc. Curtis Moore Investor Relations (303) 974-2140 or Toll free: 1-888-864-2125 investorinfo@energyfuels.com www.energyfuels.com
Uranerz Energy Corporation Derek Iwanaka Investor Relations (604) 678-4454 or Toll free: 1-800-689-1659 investor@uranerz.com www.uranerz.com
SOURCE: Energy Fuels Inc. and Uranerz Energy Corporation (C) 2015 Marketwire L.P. All rights reserved. ********************************************************************** As of Thursday, 01-01-2015 23:59, the latest Comtex SmarTrend? Alert, an automated pattern recognition system, indicated a DOWNTREND on 03-06-2012 for URZ @ $2.39.
For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com
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SUBJECT CODE: Energy and Utilities:Nuclear Manufacturing and Production:Mining and Metals Financial Services:Commercial and Investment Banking Energy and Utilities:Utilities
Energy-Fuels-Inc. agreed-to-acquire Uranerz-Energy-Corp. for-about $150.6 million, consolidating two uranium producers amid a prolonged slump in the price of the nuclear fuel.
Investors will get 0.255 of a share of Energy Fuels, the second-largest supplier of U.S. uranium, for each share of Uranerz, the companies said today in a statement. The offer represents a 37 percent premium to Casper, Wyoming-based Uranerz’s Jan. 2 closing price. After the takeover is complete, Energy Fuels shareholders will own about 45 percent of the company and Uranerz investors the rest.
Both companies have posted losses over the past 12 months. The price of uranium has dropped more than 25 percent since the March 2011 earthquake and tsunami that hit Japan, leading to a meltdown at the Fukushima Dai-Ichi nuclear power plant and the suspension of the country’s other reactors. Four U.S. reactors shut in 2013 because they weren’t profitable or needed costly repairs.
“Given the depressed state of the global uranium market, we expect management teams have been actively assessing combinations and think this could jump-start a sector that is ripe for further M&A,” Daniel W. Scott and Bryan C. Bergin, analysts at Cowen & Co., said today in a note.
Uranerz announced in September that it sold the first uranium from its Nichols Ranch mine in Wyoming. Toronto-based Energy Fuels accounts for about 20 percent of U.S. uranium production from its White Mesa mill in Utah.
Shares of Uranerz rose 2.6 percent to $1.18 in New York while Energy Fuels dropped 15 percent to C$6.25 in Toronto.
Up to u but once things are all completed, uuuu will be a powerhouse an yur share value even though depleted will increase with the value of the stock, they will be the leader in the sector. Thats money!
This take over situation is not good for me. I bought this POS dog nearly some 6 years ago, at near $6.00 bucks a share! This merger won't do me a bit of good to maximize my shareholder value. I might just as well sell this dog for a massive loss. I am just Losing Money Here!
URZ SHAREHOLDER ALERT: Levi & Korsinsky, LLP Launches an Investigation of the Board of Directors of Uranerz Energy Corp. Rega...
Source: Business Wire Levi & Korsinsky is investigating the Board of Directors of Uranerz Energy Corporation (“Uranerz” or “the Company”) (NYSE MKT: URZ) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Energy Fuels Inc. (“Energy Fuels”).
Under the terms of the transaction, Uranerz shareholders will receive 0.255 common shares of Energy Fuels stock for each share of Uranerz stock they own. The investigation concerns whether the Board of Uranerz breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Energy Fuels is underpaying for Uranerz shares.
If you own Uranerz common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/uranerz-energy-urz.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits and have helped shareholders recover millions of dollars in losses over the years. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.com
There will be alot of room for these stocks to gradually move up with sudden gaps inbetween. Smart money is buying now an holding. The u308 price is climbing which means profits!
Uranerz Energy Corporation uranium company listed on the NYSE Amex Exchange (Symbol URZ), Toronto Stock Exchange (Symbol URZ), and Frankfurt Stock Exchange (Symbol U9E).
Min
About Uranerz
Uranerz Energy Corporation is a U.S.
mining company focused on commencing
in-situ recovery (“ISR”) uranium production
in the first quarter of 2014. The Company
holds a large strategic land position in
the Powder River Basin of Wyoming, U.S.
Uranerz’ management team has specialized
expertise in the ISR uranium mining method,
and has a successful track record of
licensing, constructing, and operating ISR
uranium projects. Uranerz has a processing
agreement with Cameco, one of the world’s
largest publicly traded uranium companies,
and has entered into long-term uranium
sales contracts for a portion of its planned
production with two of the largest nuclear
utilities in the U.S., including Exelon.
SHARES ISSUED AND OUTSTANDING
86,268,806*
Warrants Outstanding
5,750,000
1.6 million warrants exercisable at US$1.60 until December 2015
4.15 million warrants exercisable at US$1.60 until March 2016
For further information, please contact Derek Iwanaka, Manager of Investor Relations at 1-800-689-1659 or by email atinvestor@uranerz.com. Alternatively, please refer to the Company's website at www.uranerz.com, review the Company's filings with the Securities and Exchange Commission at www.sec.gov, or visit the Company's profile on SEDAR at www.sedar.com.
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