enCore Energy Corp. (“enCore” or the “Company”) (NYSE American:EU; TSXV:EU) announced today that the Company has received 9,263,800 shares of Nuclear Fuels Inc. (CSE: NF) (formerly Uravan Minerals Inc.) in exchange for shares of a private BC company (also named Nuclear Fuels) which held uranium projects in Wyoming and Arizona. (enCore NR dated Nov 3, 2022).
Immediately prior to the acquisition, enCore held 64,000 post-consolidated common shares of Nuclear Fuels Inc. (CSE:NF). Following the business transaction completion, enCore holds a total of 9,327,800 shares representing approximately 19.9% of the issued and outstanding common shares of Nuclear Fuels Inc.
enCore is holding the shares of Nuclear Fuels Inc. for investment purposes, and may, depending on market and other conditions, increase or decrease its beneficial ownership of the Company’s securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
The disclosure respecting enCore’s shareholdings contained in this news release is made pursuant to National Instrument 62-103 and a report respecting the above acquisition will be filed with the applicable securities commissions and will be available for viewing at www.sedar.com. Solely for the purposes of the report, the consideration shares of the Company that were received by enCore were attributed a deemed price of $0.45 per Company share as determined in accordance with stock exchange rules, resulting in a deemed value of the Company shares received by enCore of $4,168,710. A copy of the report may also be obtained by contacting William M. Sheriff, Executive Chairman, 361-239-5449, or at [email protected].
About enCore Energy Corp.
enCore Energy Corp., America’s Clean Energy Company™, is committed to providing clean, reliable, and affordable domestic nuclear energy by becoming the next United States uranium producer in 2023. enCore solely utilizes In-Situ Recovery (ISR) for uranium extraction, a well-known and proven technology co-developed by the leaders at enCore Energy. In-Situ Recovery extracts uranium in a non-invasive process using natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium. Uranium production is planned at enCore’s licensed and past-producing South Texas Rosita Processing Plant in 2023, and at its licensed and past-producing South Texas Alta Mesa Processing Plant in 2024.
Future projects in enCore’s production pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming, along with significant uranium resource endowments in New Mexico providing long term opportunities. The enCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR uranium operations and the nuclear fuel cycle. enCore diligently works to realize value from other owned assets, including our proprietary uranium database that includes technical information from many past producing companies, from our various non-core assets, and by leveraging our ISR expertise in researching opportunities that support the use of this technology as applied to other metals. enCore is also committed to working with local communities and indigenous governments to create positive impact from corporate developments.
