enCore Energy Completes Sale of the Marquez-Juan Tafoya Uranium Project NYSE American:EU
enCore Energy Completes Sale of the Marquez-Juan Tafoya
Uranium Project
NYSE American:EU
TSXV:EU
DALLAS
,
July 20, 2023
/CNW/ -
enCore Energy Corp.
("
enCore
" or the "
Company
") (NYSE American: EU) (TSXV: EU) announced
today the completion of the sale of the Marquez-Juan Tafoya Uranium Project to Anfield Energy Inc. ("Anfield") (TSX.V:AEC;
OTCQB:ANLDF) for aggregate consideration of
C$5,000,000
payable in cash and 185,000,000 common shares of Anfield. The
deemed value of the share consideration at the time of closing is
C$9,250,000
(based on a share price of
C$0.05
). A total of
C$4,000,000
of the cash payment was received on closing, and a further
C$1,000,000
is payable by
September 25, 2023
.
William M. Sheriff
, Executive Chairman stated: "The sale of the Marquez-Juan Tafoya Uranium Project represents the third successful
transaction in enCore's ongoing program of divesting established quality uranium assets that are not in its production pipeline. This
transaction provides us with both cash and participation as a significant shareholder in one of only three licensed conventional uranium
mills in
the United States
. As always our focus remains on advancing our
Rosita and Alta Mesa
In-Situ Recovery Uranium Central
Processing Plant, where we remain on track, back into production in 2023 and early 2024 respectively."
The transaction was completed pursuant to a share purchase agreement dated
June 5, 2023
(EU NR
June 6, 2023
)
. Under the terms of
the agreement, on closing
Anfield
acquired all of the outstanding shares of the Company's wholly owned subsidiary, Neutron Energy
Inc., which holds the Marquez-Juan Tafoya Uranium Project as its sole asset. Under the terms of the agreement with
Anfield
, enCore
maintains the right to one seat on the board of directors of
Anfield
, for as long as the Company holds at least 10% of the issued shares
of Anfield. Mr.
Eugene Spiering
, with extensive experience in conventional uranium, is the Company's initial board appointee. enCore
also has the right to maintain its percentage equity interest in
Anfield
in subsequent share issuances for so long as it holds at least 10%
of the outstanding shares of Anfield.
Red Cloud Securities Inc. acted as an advisor in connection with the transaction.
Disclosure pursuant to National Instrument 62-103
enCore is holding the shares of Anfield 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. Immediately prior to the transaction, enCore held no common shares of Anfield.
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
. A copy of the report may also be obtained by contacting
William M. Sheriff
, Executive Chairman, 361-239-5449, or at
.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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,
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 laws and regulations (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 company's 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;
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; production risks; 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; 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 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 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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For further information:
William M. Sheriff, Executive Chairman, 972-333-2214, [email protected], www.encoreuranium.com
CO: enCore Energy Corp.
CNW 07:00e 20-JUL-23