<SEC-DOCUMENT>0001062993-16-010866.txt : 20160809
<SEC-HEADER>0001062993-16-010866.hdr.sgml : 20160809
<ACCEPTANCE-DATETIME>20160808180840
ACCESSION NUMBER:		0001062993-16-010866
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160808
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160809
DATE AS OF CHANGE:		20160808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENERGY FUELS INC
		CENTRAL INDEX KEY:			0001385849
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36204
		FILM NUMBER:		161815467

	BUSINESS ADDRESS:	
		STREET 1:		225 UNION BLVD., SUITE 600
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
		BUSINESS PHONE:		303-974-2140

	MAIL ADDRESS:	
		STREET 1:		225 UNION BLVD., SUITE 600
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>Energy Fuels Inc.: Form 8K - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><B> <BR></B><B>Washington,
D.C. 20549 </B></P>
<P align=center><B><FONT size=5>FORM 8-K</FONT></B><B> </B></P>
<P align=center><B>CURRENT REPORT</B><B> <BR></B><B>Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 </B></P>
<P align=center>Date of Report (Date of earliest event reported): <B><U>August
4, 2016 </U></B></P>
<P align=center><B><U><FONT size=5>ENERGY FUELS INC.</FONT></U></B><B>
<BR></B>(Exact name of registrant as specified in its charter) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><U><B>Ontario </B></U></TD>
    <TD align=center width="33%"><U><B>001-36204 </B></U></TD>
    <TD align=center width="33%"><U><B>98-1067994 </B></U></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of </TD>
    <TD align=center width="33%">(Commission File Number) </TD>
    <TD align=center width="33%">(I.R.S. Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>incorporation) </TD>
    <TD align=left width="33%">&nbsp; </TD>
    <TD align=center width="33%">Identification No.) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>225 Union Blvd., Suite 600 </B></TD>
    <TD align=center width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><U><B>Lakewood, Colorado </B></U></TD>
    <TD align=center width="50%"><U>&nbsp;<B>80228 </B></U></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Address of principal executive offices) </TD>
    <TD align=center width="50%">(Zip Code) </TD></TR></TABLE>
<P align=center><B><U>(303) 974-2140</U><BR></B>(Registrant&#146;s telephone number,
including area code) </P>
<P align=center><B><U>N/A</U><BR></B>(Former name or former address, if changed
since last report) </P>
<P align=justify>Check the appropriate box below if the Form 8-K is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions: </P>
<P style="MARGIN-LEFT: 5%" align=justify>[&nbsp; ] Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P style="MARGIN-LEFT: 5%" align=justify>[&nbsp; ] Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12) </P>
<P style="MARGIN-LEFT: 5%" align=justify>[&nbsp; ] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b)) </P>
<P style="MARGIN-LEFT: 5%" align=justify>[&nbsp; ] Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c)) </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B>Item 1.01 Entry into a Material Definitive Agreement.
</B></P>
<P align=justify>On August 4, 2016, Energy Fuels Inc. (the &#147;Company&#148;) held a
special meeting (the &#147;Meeting&#148;) of the holders of its floating rate convertible
unsecured subordinated debentures (the &#147;Debentures&#148;) in order to approve the
following amendments to the Debentures (the &#147;Amendments&#148;): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Extend the maturity date of the Debentures from June 30,
      2017 to December 31, 2020;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Reduce the conversion price of the Debentures from
      Cdn$15.00 to Cdn$4.15 per common share of the Company;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Add a redemption provision that enables the Company to
      redeem the Debentures upon providing not less than 30-days&#146; notice, in
      cash, in whole or in part, at any time after June 30, 2019, but prior to
      maturity, at a price of 101% of the aggregate principal amount
      redeemed;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Add a right in favor of each Debentureholder to enable
      the Debentureholder to require the Company to purchase, for cash, on June
      30, 2017 up to 20% of the Debentures held by the Debentureholder at a
      price equal to 100% of the principal amount purchased;
      and</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Make amendments to the Indenture (as hereinafter defined)
      as required by the U.S. Trust Indenture Act of 1939, and remove provisions
      of the Indenture that no longer apply.</P></TD></TR></TABLE>
<P align=justify>The Debentures were originally issued on July 24, 2012 pursuant
to the Convertible Debenture Indenture dated July 24, 2012 (the &#147;Indenture&#148;) between
the Company and BNY Trust Company of Canada (the &#147;Trustee&#148;). Following the
Meeting, the Company entered into the Amended and Restated Convertible Debenture
Indenture dated August 4, 2016 (the &#147;Amended Indenture&#148;) among the Company, the
Trustee and The Bank of New York Mellon (the &#147;U.S. Trustee&#148;) in order to
implement the Amendments.</P>
<P align=justify>As of August 4, 2016, a total of Cdn$22,000,000 principal
amount of Debentures were outstanding. The Debentures accrue interest, payable
semi-annually in arrears on June 30 and December 31 of each year at a
fluctuating rate, of not less than 8.5% and not more than 13.5% per year, indexed to the
simple average spot price of uranium as reported on the UxC Weekly Indicator
(Spot
Price) published by the Ux Consulting Company, LLC. The Debentures may be redeemed in whole or part, at par plus accrued and
unpaid interest by the Company at any time prior to maturity provided the volume
weighted average trading price of the common shares of the Company (the &#147;Common
Shares&#148;) on the Toronto Stock Exchange (&#147;TSX&#148;) during the 20 consecutive trading days ending five days
preceding the date on which the notice of redemption is given is not less than
125% of the conversion price. The interest rate applicable to the Debentures
remains unchanged, and the following chart displays the interest rate applicable
to the Debentures at various U<SUB>3</SUB>O<SUB>8 </SUB>price levels: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=center><B>UxC U</B><B><SUB>3</SUB></B><B>O</B><B><SUB>8
      </SUB></B><B>Weekly Indicator Price </B></TD>
    <TD align=center width="50%"><B>Annual Interest Rate </B></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Up to $54.99 </TD>
    <TD align=center width="50%" bgColor=#e6efff>8.50% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$55.00&#150;$59.99 </TD>
    <TD align=center width="50%">9.00% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$60.00&#150;$64.99 </TD>
    <TD align=center width="50%" bgColor=#e6efff>9.50% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$65.00&#150;$69.99 </TD>
    <TD align=center width="50%">10.00% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$70.00&#150;$74.99 </TD>
    <TD align=center width="50%" bgColor=#e6efff>10.50% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$75.00&#150;$79.99 </TD>
    <TD align=center width="50%">11.00% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$80.00&#150;$84.99 </TD>
    <TD align=center width="50%" bgColor=#e6efff>11.50% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$85.00&#150;$89.99 </TD>
    <TD align=center width="50%">12.00% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$90.00&#150;$94.99 </TD>
    <TD align=center width="50%" bgColor=#e6efff>12.50% </TD></TR>
  <TR vAlign=top>
    <TD align=center>$95.00&#150;$99.99 </TD>
    <TD align=center width="50%">13.00% </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>$100 and above </TD>
    <TD align=center width="50%" bgColor=#e6efff>13.50%
</TD></TR></TABLE></DIV>
<P align=justify>Interest is paid in cash and in addition, unless an event of
default has occurred and is continuing, the Company may elect, from time to
time, subject to applicable regulatory approval, to satisfy its obligation to
pay interest on the Debentures, on the date it is payable under the indenture
(i) in cash; (ii) by delivering sufficient Common Shares to the Trustee, for
sale, to satisfy the interest obligations in accordance with the Amended
Indenture in which event holders of the Debentures will be entitled to receive a
cash payment equal to the proceeds of the sale of such Common Shares; or (iii)
any combination of (i) and (ii).</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=justify>Upon redemption or at maturity, the Company will repay the
indebtedness represented by the Debentures by paying to the Trustee in Canadian
dollars an amount equal to the aggregate principal amount of the outstanding
Debentures which are to be redeemed or which have matured, as applicable,
together with accrued and unpaid interest thereon.</P>
<P align=justify>Subject to any required regulatory approval and provided no
event of default has occurred and is continuing, the Company has the option to
satisfy its obligation to repay the Cdn$1,000 principal amount of the
Debentures, in whole or in part, due at redemption or maturity, upon at least 40
days&#146; and not more than 60 days&#146; prior notice, by delivering that number of
Common Shares obtained by dividing the Cdn$1,000 principal amount of the
Debentures maturing or to be redeemed as applicable, by 95% of the
volume-weighted average trading price of the Common Shares on the TSX during the
20 consecutive trading days ending five trading days preceding the date fixed
for redemption or the maturity date, as the case may be.</P>
<P align=justify>In the event of a change in control of the Company, as that
term is defined in the Amended Indenture, the Company must make a written offer
to the Debentureholders to purchase all of the then outstanding Debentures at a
price equal to 100% of the principal amount plus accrued and unpaid interest or
convert the Debentures into Common Shares pursuant to a formula set forth in the
Amended Indenture.</P>
<P align=justify>The Amended Indenture sets forth certain events which
constitute an event of default, as that term is defined in the Amended
Indenture, in the event of which, the principal, interest and premium (if any)
on all Debentures then outstanding may become immediately due and payable to the
Trustees. Such payment acceleration is within the discretion of the Trustees
unless at least 25% of the principal amount of Debentures outstanding request,
in writing, that such payment be accelerated, in which case acceleration is
non-discretionary.</P>
<P align=justify>The foregoing summary of the Amendments and the Amended
Indenture is subject to the full terms of the Amended Indenture which is filed
as Exhibit 4.1 to the Company&#146;s Form 10-Q Quarterly Report for the quarter ended
June 30, 2016 filed with the SEC on August 5, 2016. </P>
<P align=justify><B>Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant</B> </P>
<P align=justify>The information included in Item 1.01 above &#147;Entry Into a
Material Definitive Agreement&#148; is incorporated herein by reference. </P>
<P align=justify><B>Item 9.01 Financial Statements and Exhibits. </B></P>
<P align=justify>(d) Exhibits.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%" bgColor=#eeeeee>4.1 </TD>
    <TD bgColor=#eeeeee>
      <P align=justify>Amended and Restated Convertible Debenture Indenture
      dated as of August 4, 2016 (incorporated by reference from the Company&#146;s
      Form 10-Q Quarterly Report for the quarter ended June 30, 2016 filed with
      the SEC on August 5, 2016).</P></TD></TR></TABLE>
<P align=center><B>SIGNATURES</B> </P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><B>ENERGY FUELS INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">(Registrant) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Dated: August 8, 2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">By:
      <I>/s/ </I>David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">David C. Frydenlund </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Senior Vice President, General Counsel and
      Corporate </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Secretary </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
