enCore Energy Closes C$34.5m Public Offering NYSE American:EU
enCore Energy Closes C$34.5m Public Offering
NYSE American:EU
TSXV:EU
www.encoreuranium.com
CORPUS CHRISTI, Texas
,
Feb. 8, 2023
/CNW/ -
enCore Energy Corp.
("
enCore
" or the "
Company
")
(NYSE American: EU) (TSXV: EU
)
today announces that it has closed its previously announced public
offering (the "Offering") of units (the "Units") of the Company. Pursuant to the Offering, the Company
issued a total of 10,615,650 Units at a price of
C$3.25
per Unit for aggregate gross proceeds of
C$34,500,862.50
, including the full exercise of the over-allotment option granted to the Underwriters (as
defined herein) under the Offering.
The Offering was conducted through a syndicate of underwriters led by Canaccord Genuity, as lead
underwriter and sole bookrunner, and including Cantor Fitzgerald Canada Corporation and Haywood
Securities Inc. (collectively, the "Underwriters") pursuant to an underwriting agreement dated
January 25,
2023
entered into among the Company and the Underwriters.
Each Unit consists of one common share in the capital of the Company (each a "Unit Share") and one-half
of one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder thereof to
purchase one common share of the Company (a "Warrant Share") at a price of
C$4.05
per Warrant
Share for a period of 36 months following the closing of the Offering.
The Company intends to use a portion of the net proceeds from the Offering to fund amounts required to
be paid to complete the Company's previously announced pending acquisition of the Alta Mesa ISR
uranium project (the "Alta Mesa Acquisition") and to maintain and advance the Company's material
properties, acquire properties, plant upgrades, drilling, maintenance and refurbishment, community
outreach and communications, licensing and permitting, and for general corporate and working capital
purposes, all in the manner as set forth in the short form prospectus of the Company dated
February 3,
2023
and filed in connection with the Offering (the "
Prospectus
").
The Offering remains subject to the final approval of the NYSE American and TSX Venture Exchange.
The Prospectus has been filed with the securities commissions or similar securities regulatory authorities
in each of the provinces of
Canada
except Québec. A registration statement on Form F-10 (including such
Prospectus) (the "Registration Statement") has also been filed with the U.S. Securities and Exchange
Commission (the "SEC") for the Offering. The Prospectus and the Registration Statement contain
important detailed information relating to the Company and the Offering.
Investors should read the Prospectus and the Registration Statement and other documents the Company
has filed with the SEC for more complete information about the Company and the Offering. A copy of
these documents is available on the SEC website at
www.sec.gov
and on SEDAR at
www.sedar.com
.
Copies may also be obtained in
Canada
from Canaccord Genuity Corp., 40 Temperance Street, Suite
2100,
Toronto, ON
M5H 0B4 and in
the United States
from Canaccord Genuity LLC, 99 High Street, Suite
1200,
Boston, Massachusetts
02110, Attn: Syndicate Department, by telephone at (617) 371-3900, or by
email at
.
About enCore Energy Corp.
enCore Energy is the most diversified In-Situ Recovery (ISR) uranium development company in
the United
States
and recently announced it entered into a definitive agreement to acquire the Alta Mesa In-Situ
Recovery uranium project. The Alta Mesa Acquisition will position enCore as a leading US-focused ISR
uranium company with the proven management expertise required to advance multiple production
opportunities within its portfolio. enCore is focused on becoming the next uranium producer from its
licensed and past-producing South Texas Rosita Processing Plant by 2023. The
South Dakota
-based
Dewey-Burdock project and the Wyoming Gas Hills project offer mid-term production opportunities, with
significant
New Mexico
uranium resource endowments 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 is committed to engaging and working with local
communities and indigenous governments to create positive impact from corporate developments.
Neither the 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.
Cautionary Note Regarding Forward-Looking Statements:
Certain information contained in this news
release, including: any information relating to the Company being a leading uranium company; the use
of proceeds from the Offering; the ability of the Company to complete the Alta Mesa Acquisition and to
realize the expected benefits of the Alta Mesa Acquisition; final approvals relating to the Offering; and
any other statements regarding future expectations, beliefs, goals or prospects; may constitute "forward-
looking information" and "forward-looking statements" within the meaning of applicable Canadian and
United States
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", "is expected", "does not expect", "plans", "anticipates", "does not anticipate", "believes",
"intends", "estimates", "projects", "potential", "scheduled", "forecast", "budget" and similar expressions or
variations (including negative variations) of such words and phrases, or statements that certain actions,
events or results "may", "could", "would", "might" or "will" be taken) should be considered forward-
looking statements. All such forward-looking statements are subject to important risk factors and
uncertainties, many of which are beyond the companies' ability to control or predict. Forward-looking
statements necessarily involve known and unknown risks, including, without limitation, risks associated
with general economic conditions; adverse industry events; risks associated with accessing additional
funding required for the transactions and operations discussed in this news release; the use of proceeds
of the Offering; obtaining final approvals relating to the Offering; the Company's ability to complete the
Alta Mesa Acquisition; future legislative and regulatory developments; the ability of enCore to implement
its business strategies; and other risks. 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 exploration and development risks, changes in commodity prices, access to skilled
mining personnel, the results of exploration and development activities; uninsured risks; regulatory
risks; defects in title; the availability of materials and equipment, timeliness of government approvals
and unanticipated environmental impacts on operations; risks posed by the economic and political
environments in which the Company operates and intends to operate; market instability due to the
COVID-19 pandemic; the potential for losses arising from the expansion of operations into new markets;
increased competition; assumptions regarding market trends and the expected demand and desires for
the Company's products and proposed products; reliance on industry 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 companies'
annual information form filings. 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
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 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 placed 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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/February2023/08/c0587.html
%SEDAR: 00029787E
For further information:
William M. Sheriff, Executive Chairman, 972-333-2214,
[email protected], www.encoreuranium.com
CO: enCore Energy Corp.
CNW 09:31e 08-FEB-23