enCore Energy Reports 19.9% Ownership of Nuclear Fuels Inc. NYSE American:EU
enCore Energy Reports 19.9% Ownership of Nuclear
Fuels Inc.
NYSE American:EU
TSXV:EU
DALLAS
,
July 10, 2023
/CNW/ -
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
.
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 the NYSE American nor the TSX Venture Exchange or 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 statements regarding future expectations, beliefs, goals
or prospects, may constitute "forward-looking information" within the meaning of applicable Canadian securities laws
and "forward-looking statements" within the meaning of the United States Securities Act of 1933, as amended, and the
United States Securities Exchange Act of 1934, as amended (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:
Please contact: William M. Sheriff, Executive Chairman, 972-333-2214,
CO: enCore Energy Corp.
CNW 07:00e 10-JUL-23