<SEC-DOCUMENT>0001062993-17-002656.txt : 20170523
<SEC-HEADER>0001062993-17-002656.hdr.sgml : 20170523
<ACCEPTANCE-DATETIME>20170523165337
ACCESSION NUMBER:		0001062993-17-002656
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170523
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170523
DATE AS OF CHANGE:		20170523

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:		17864424

	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>
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   <TITLE>Energy Fuels Inc.: Form 8-K - Filed by newsfilecorp.com</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR><B>Washington, D.C.
20549 </B><BR></P>
<P align=center><B><FONT size=5>FORM 8-K </FONT></B></P>
<P align=center><B>CURRENT REPORT </B><BR><B>Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934 </B><BR>Date of Report (Date of earliest
event reported): <B>May 17, 2017 </B><BR></P>
<P align=center><B><FONT size=5>ENERGY FUELS INC. </FONT></B><BR>(Exact name of
registrant as specified in its charter) <BR></P>
<TABLE
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  <TR vAlign=top>
    <TD align=center><B>Ontario </B></TD>
    <TD align=center width="33%"><B>001-36204 </B></TD>
    <TD align=center width="33%"><B>98-1067994 </B></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=center 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><B>Lakewood, Colorado </B></TD>
    <TD align=center width="50%">&nbsp;<B>80228 </B></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>(303) 974-2140 </B><BR>(Registrant&#146;s telephone number,
including area code) <BR></P>
<P align=center><B>N/A </B><BR>(Former name or former address, if changed since
last report) <BR></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; ]&nbsp;Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P style="MARGIN-LEFT: 5%" align=justify>[&nbsp; ]&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; ]&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; ]&nbsp; Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e
-4(c)) </P>
<P style="MARGIN-LEFT: 0%" align=justify>Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#167;240.12b -2 of this chapter).</P>
<P align=right>Emerging growth company [X]</P>
<P align=justify>If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. [&nbsp; ]</P>
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<P align=justify><B>Item 5.02.&nbsp;&nbsp;&nbsp; Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. </B></P>
<P align=justify>On May 17, 2017, the Board of Directors of Energy Fuels Inc.
(the &#147;Company&#148;) appointed Robert W. Kirkwood and Benjamin Eshleman III to the
Board of Directors of the Company. </P>
<P align=justify>In addition, Mr. Kirkwood has been appointed to and Chairs the
Compensation Committee and has also been appointed to the Governance and
Nominating Committee, and Mr. Eshleman has been appointed to both the
Compensation Committee and Governance and Nominating Committee.</P>
<P align=justify>Mr. Kirkwood is a principal of the Kirkwood Companies,
including Kirkwood Oil and Gas LLC, Wesco Operating, Inc., and United Nuclear
LLC (&#147;United Nuclear&#148;). United Nuclear, owns a 19% interest in the Company&#146;s
Arkose Mining Venture while the Company owns the remaining 81%. The Company acts
as manager of the Arkose Mining Venture and has management and control over
operations carried out by the Arkose Mining Venture. The Arkose Mining Venture
is a contractual joint venture governed by a venture agreement dated as of
January 15, 2008 entered into by Uranerz Energy Corporation (a subsidiary of the
Company) and United Nuclear (the &#147;Venture Agreement&#148;).</P>
<P align=justify>As part of the Venture Agreement, the Company prepares proposed
programs and budgets on an annual basis. The proposed programs and budgets may
include exploration programs, pre-feasibility studies, feasibility studies, mine
construction, mining, and expansion or modification of operation plans. A
participant may elect to participate in an approved program and budget either
(i) in proportion to the participant&#146;s respective interest in the Arkose Mining
Venture, or (ii) not at all. In the event that a participant elects not to
participate in a program and budget, then its participating interest in the
Venture Agreement is subject to recalculation in accordance with the Venture
Agreement to reflect the decision not to participate.</P>
<P align=justify>The foregoing description of the Venture Agreement does not
purport to be complete and is qualified in its entirety by the full text of the
Venture Agreement, which is filed as Exhibit 99.2 to the Current Report on Form
8-K filed by Uranerz with the United States Securities and Exchange Commission
(the &#147;SEC&#148;) on January 22, 2008. </P>
<P align=justify>United Nuclear contributed $248,745 to the expenses of the Arkose Joint Venture in respect of the fiscal year ended December 31, 2016, and
based on the budget for the fiscal year ended December 31, 2017, it is projected
that United Nuclear will contribute $308,466 in respect of the current fiscal
year.</P>
<P align=justify>Mr. Benjamin Eshleman III is President of Meste&#241;a LLC, which
became a shareholder of the Company through the Company&#146;s acquisition of Meste&#241;a
Uranium, L.L.C (now Alta Mesa LLC) in June 2016 pursuant to a Membership
Interest Purchase Agreement (the &#147;Purchase Agreement&#148;) dated March 4, 2016
between Meste&#241;a LLC, Jones Ranch Minerals Unproven, LTD., and Meste&#241;a Unproven
LTD. (collectively the &#147;Sellers&#148;) and Energy Fuels Holdings Corp, an indirect
subsidiary of the Company (&#147;EFHC&#148;), whereby EFHC acquired from the Sellers all
the membership interests in Meste&#241;a Uranium, L.L.C., Leoncito Plant, L.L.C., and
Leoncito Project, L.L.C. (the &#147;Acquired Companies&#148;), in consideration of the
issuance of 4,551,284 common shares of the Company to or to the direction of the
Sellers (of which 4,303,032 common shares of the Company are currently held by
the Sellers). In connection with the Purchase Agreement, one of the Acquired
Companies, Leoncito Project, L.L.C. entered into an Amended and Restated Uranium
Testing Permit and Lease Option Agreement with Meste&#241;a Unproven, Ltd., Jones
Ranch Minerals Unproven, Ltd and Meste&#241;a Proven, Ltd. (collectively the
&#147;Grantors&#148;), which requires Leoncito Project, L.L.C., to make a payment in the
amount of $600,000 to the Grantors in June 2019 (of which up to 50% may be paid
in common shares of the Company at the Company&#146;s election). The Grantors are
managed by Meste&#241;a LLC. </P>
<P align=justify>Pursuant to the Purchase Agreement, the acquired properties
(the &#147;Alta Mesa Properties&#148;) held by the Acquired Companies are subject to a
royalty of 3.125% of the value of the recovered U<SUB>3</SUB>O<SUB>8 </SUB>from
the Alta Mesa Properties sold at a price of $65.00 per pound or less, 6.25% of
the value of the recovered U<SUB>3</SUB>O<SUB>8 </SUB>from the Alta Mesa
Properties sold at a price greater than $65.00 per pound and up to and including
$95.00 per pound, and 7.5% of the value of the recovered U<SUB>3</SUB>O<SUB>8</SUB> from the Alta Mesa Properties sold at a price
greater than $95.00 per pound. The royalties are held by the Sellers, and Mr. Eshleman and his extended family hold all of the ownership interests in the
Sellers. In addition, Mr. Eshleman and certain members of his extended family
are parties to surface use agreements that entitle them to surface use payments
from the Acquired Companies in certain circumstances. The Alta Mesa Properties
are currently being maintained on care and maintenance to enable the Company to
restart operations as market conditions warrant. Due to the price of U<SUB>3</SUB>O<SUB>8</SUB>, the
Company did not pay any royalty payments or surface use<SUP> </SUP>payments to
the Sellers or to Mr. Eshleman or his immediate family members in the fiscal year
ended December 31, 2016 and does not anticipate paying any royalty payments or
surface use payments to the Sellers or to Mr. Eshleman or his immediate family
members during the fiscal year ending December 31, 2017. </P>
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<A name=page_4></A>
<P align=justify>The foregoing description of the Purchase Agreement does not
purport to be complete and is qualified in its entirety to the full text of the
Purchase Agreement, which is filed as Exhibit 10.1 to the Company&#146;s Current
Report on Form 8-K filed with the SEC on March 8, 2016. </P>
<P align=justify><B>Item 5.07.&nbsp;&nbsp;&nbsp; Submission of Matters to a Vote
of Security Holders. </B></P>
<P align=justify>The Company held its Annual Meeting of Shareholders (the
&#147;Meeting&#148;) on May 17, 2016. At the meeting, two proposals were submitted to the
shareholders for approval as set forth in the Company&#146;s definitive proxy
statement, filed with the United States Securities and Exchange Commission on
March 29, 2017. In total, 29,065,029 Common Shares were present in person or
represented by proxy at the Meeting, which represented 41.45% of the Common
Shares outstanding and entitled to vote at the Meeting. </P>
<P align=justify>Proposal No. 1 &#150; Election of Directors. The shareholders
elected all of the directors presented to the shareholders. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center><B>Nominee </B></TD>
    <TD align=center width="16%"><B>Votes For </B></TD>
    <TD align=center width="16%"><B>% For </B></TD>
    <TD align=center width="16%"><B>Votes Withheld </B></TD>
    <TD align=center width="16%"><B>% Withheld </B></TD>
    <TD align=center width="16%"><B>Broker Non- <BR></B><B>Votes </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>Stephen P. Antony </TD>
    <TD align=center width="16%">11,945,781 </TD>
    <TD align=center width="16%">95.29 </TD>
    <TD align=center width="16%">590,871 </TD>
    <TD align=center width="16%">4.71 </TD>
    <TD align=center width="16%">0 </TD></TR>
  <TR vAlign=top>
    <TD align=center>J. Birks Bovaird </TD>
    <TD align=center width="16%">11,439,884 </TD>
    <TD align=center width="16%">91.25 </TD>
    <TD align=center width="16%">1,096,768 </TD>
    <TD align=center width="16%">8.75 </TD>
    <TD align=center width="16%">0 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>Ames Brown </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="16%">11,964,979 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="16%">95.44 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="16%">571,673 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="16%">4.56
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="16%">0
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>Paul A. Carroll
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="16%">11,436,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="16%">91.22 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="16%">1,100,379 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="16%">8.78
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="16%">0
  </TD></TR>
  <TR vAlign=top>
    <TD align=center>Bruce D. Hansen </TD>
    <TD align=center width="16%">11,442,947 </TD>
    <TD align=center width="16%">91.28 </TD>
    <TD align=center width="16%">1,093,705 </TD>
    <TD align=center width="16%">8.72 </TD>
    <TD align=center width="16%">0 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Dennis L. Higgs </TD>
    <TD align=center width="16%">12,020,968 </TD>
    <TD align=center width="16%">95.89 </TD>
    <TD align=center width="16%">515,684 </TD>
    <TD align=center width="16%">4.11 </TD>
    <TD align=center width="16%">0 </TD></TR></TABLE></DIV>
<P align=justify>Proposal No. 2 &#150; Appointment of KPMG as independent auditors of
the Company.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B>For </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%"><B>Withheld </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%"><B>Broker Non-Votes </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>28,542,009 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">523,014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="33%">16,528,371 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B>Item 9.01. Financial Statements and Exhibits. </B><BR>
</P>
<TABLE
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  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture
      Agreement dated as of January 15, 2008 between United Nuclear, LLC and
      Uranerz Energy Corporation (incorporated by reference from Exhibit 99.2
      from the Current Report on Form 8-K filed by Uranerz with the SEC on
      January 22, 2008). </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#eeeeee>10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Membership Interest Purchase Agreement (incorporated by reference from
      Exhibit 10.1 from the Company&#146;s Current Report on Form 8-K filed with the
      SEC on March 8, 2016). </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<!--$$/page=--><A name=page_6></A>
<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>
<P style="MARGIN-LEFT: 50%" align=justify><B>ENERGY FUELS
INC.</B><BR>(Registrant)<BR></P>
<TABLE
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  <TR vAlign=top>
    <TD align=left>Dated: May 23, 2017 </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>
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