ENERGY FUELS INC. (TSE:EFR) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities

On August 14, 2018, Energy Fuels Inc. (the “Company”) completed the transactions contemplated by the Asset Purchase Agreement, dated June 22, 2018, among the Company, Excalibur Industries (“Excalibur”) and EFR Services LLC (“EFR”). The Company acquired royalties in the Company’s Nichols Ranch in situ recovery project in Wyoming, as well as royalties on several operating, standby and advanced-stage in situ recovery projects in Wyoming owned and operated by Power Resources, Inc., a wholly-owned subsidiary of Cameco Corporation (collectively, the “Royalties”).

As consideration for the Royalties, the Company issued to Excalibur 1,102,840 common shares of the Company, of which 107,221 common shares are being held in escrow and will be released on February 14, 2019, subject to adjustments. The common shares were issued to an exemption from registration under Section 4(a)(2) of the United States Securities Act of 1933, as amended and under an exemption under the applicable state securities laws.

The Company also paid $22,971.23 in cash to Excalibur, which was based on the aggregate amount payable to Excalibur and its subsidiaries to the Royalties as of August 14, 2018 and based on certain closing adjustments.

Item 8.01 Other Events.

On August 10, 2018, the Company provided notice to the State of Wyoming that it intends to repay and retire the entire outstanding principal balance of its Wyoming Industrial Development Revenue Bond (the “Wyoming Debt”) within the next 30 to 60 days. The Wyoming Debt, which is secured by the Company’s Nichols Ranch in situ recovery project, currently has a principal balance of $8.3 million.

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About ENERGY FUELS INC. (TSE:EFR)

Energy Fuels Inc. (Energy Fuels) is engaged in conventional and in situ (ISR) uranium extraction and recovery, along with the exploration, permitting and evaluation of uranium properties in the United States. The Company operates through two segments: ISR Uranium and Conventional Uranium. It conducts its ISR activities through its Nichols Ranch Project, located in northeast Wyoming. It conducts its conventional uranium extraction and recovery activities through its White Mesa Mill. It owns the Nichols Ranch Uranium Recovery Facility in Wyoming (the Nichols Ranch Project), which is a uranium recovery facility operating in the United States. In addition, the Company owns the White Mesa Mill in Utah, which is a conventional uranium recovery facility operating in the United States. It also owns uranium and uranium/vanadium properties and projects in various stages of exploration, permitting, and evaluation, as well as fully-permitted uranium and uranium/vanadium projects on standby.