enCore Completes Sale of New Mexico Assets to Verdera Energy Corp.
enCore Completes Sale of New Mexico Assets to Verdera
Energy Corp.
NASDAQ:EU
TSXV:EU
www.encoreuranium.com
DALLAS
,
April 9, 2025
/CNW/ -
enCore Energy Corp.
(NASDAQ: EU) (TSXV: EU) (the "
Company
" or "
enCore
"), America's
Clean Energy Company™, announced today that, further to its press release dated
March 18, 2025
, it has completed the sale of
an enCore subsidiary that holds the
Crownpoint
, Hosta Butte, Nose Rock, West Largo, and
Ambrosia Lake
– Treeline uranium
projects located in
New Mexico
(the "
Properties
") to Verdera Energy Corp. ("
Verdera
").
As consideration for the sale, enCore received 50,000,000 non-voting preferred shares of Verdera (the "
Consideration Shares
"),
representing approximately 73% of the issued shares of Verdera on a fully diluted basis. In addition, enCore received a 2% royalty
on uranium and other minerals from the Properties, and US
$350,000
as a cash payment.
The Company and Verdera have also entered into a side letter dated
April 4, 2025
, pursuant to which the Company agreed to
consent to a going public transaction by Verdera in conjunction with a significant financing. The side letter also provides that the
Company will set a record date for the distribution of the 35,000,000 Consideration Shares (as converted to common shares of the
resulting listed company) to its shareholders upon Verdera's request following a listing on a Canadian stock exchange.
About enCore Energy Corp.
enCore Energy Corp., America's Clean Energy Company™, is committed to providing clean, reliable, and affordable fuel for
nuclear energy as the only
United States
uranium company with multiple Central Processing Plants in operation. The enCore team
is led by industry experts with extensive knowledge and experience in all aspects of In-Situ Recovery ("ISR") uranium operations
and the nuclear fuel cycle. enCore solely utilizes ISR for uranium extraction, a well-known and proven technology co-developed by
the leaders at enCore Energy.
Following upon enCore's demonstrated success in
South Texas
, future projects in enCore's planned project pipeline include the
Dewey-Burdock project in
South Dakota
and the Gas Hills project in
Wyoming
. The Company holds other assets including non-core
assets and proprietary databases. enCore is committed to working with local communities and indigenous governments to create
positive impact from corporate developments.
www.encoreuranium.com
Cautionary Note Regarding Forward Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of
1995 and Canadian securities laws that are based on management's current expectations, assumptions and beliefs. Forward-
looking statements can often be identified by such words as "will", "expects", "plans", "believes", "intends", "estimates",
"projects", "continue", "potential", and similar expressions or variations (including negative variations) of such words and
phrases, or statements that certain actions, events or results "may", "could", or "will" be taken.
Forward-looking statements and information that are not statements of historical fact include, but are not limited to, any
information relating to statements regarding future or potential extraction, statements regarding
ability to complete, and the timing
of completion of a Going Public Transaction, ability to complete, and the timing of completion of a distribution of common shares
of the Resulting Issuer to
shareholders of the Company, conversion of the Consideration Shares,
and any other statements
regarding future expectations, beliefs, goals or prospects. All such forward-looking statements are not guarantees of future
results and forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the
Company's ability to control or predict, that could cause actual results to differ materially from those expressed in any forward-
looking statement. 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 risk that a stock exchange listing by Verdera may
not be completed in a timely manner or at all, including that a governmental entity may prohibit, delay or refuse to grant approval
for
such listing, the risk that a distribution of common shares of the Resulting Issuer may not be completed in a
timely manner or
at all, including that a governmental entity may prohibit, delay or refuse to grant approval for such distribution, exploration and
development risks, changes in commodity prices, access to skilled personnel, the results of exploration and development
activities; extraction risks; uninsured risks; regulatory risks; defects in title; the availability of materials and equipment, timeliness
of government approvals and unanticipated environmental impacts on operations; litigation risks; risks posed by the economic
and political environments in which the Company operates and intends to operate; increased competition; assumptions regarding
market trends and the expected demand and desires for the Company's products and proposed products; reliance on industry
equipment manufacturers, suppliers and others; the failure to adequately protect intellectual property; the failure to adequately
manage future growth; adverse market conditions, the failure to satisfy ongoing regulatory requirements and factors relating to
forward looking statements listed above which include risks as disclosed in the Company's filings on SEDAR+ and with the SEC,
including its Annual Report on Form 10-K, management discussion and analysis and annual information form. Should one or
more of these risks materialize, or should
assumptions underlying the forward-looking statements prove incorrect, actual results
may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The
Company assumes no obligation to update the information in this communication, except as required by law. Additional
information identifying risks and uncertainties is contained in filings by the Company with the respective securities commissions
which are available online at
www.sec.gov
and
www.sedarplus.ca
.
Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and
plans of management. Such statements may not be appropriate for other purposes and readers should not place undue reliance
on these forward-looking statements, that speak only as of the date hereof, as there can be no assurance that the plans,
intentions or expectations upon which they are based will occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained
in this news release are expressly qualified by this cautionary statement.
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SOURCE
enCore Energy Corp.
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%SEDAR: 00029787E
For further information:
William M. Sheriff, Executive Chairman, 972-333-2214, [email protected]
CO: enCore Energy Corp.
CNW 07:00e 09-APR-25