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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Sale of non-core conventional uranium assets
On July 15, 2021, the Company and International Consolidated Uranium Inc., which as of July 23, 2021 became known as Consolidated Uranium Inc. (“CUR”), jointly announced the signing of a definitive asset purchase agreement (the “Agreement”) for CUR to acquire a portfolio of Energy Fuels’ non-core conventional uranium projects located in Utah and Colorado, including the Daneros mine, the Tony M mine, the Rim mine, the Sage Plain project, and several U.S. Department of Energy leases (the “Sale”).
On October 27, 2021 (“Closing Date”), the parties closed the Sale in accordance with the terms of the Agreement, as a result of which the aforementioned properties and leases were transferred to CUR in exchange for the following consideration:
$2,000,000 in cash on the Closing Date;
the issuance of 11,860,101 Common Shares of CUR, constituting 19.9% of the outstanding CUR Common Shares immediately after the Closing Date, at a price per share equal to the closing price of the CUR Common Shares on the TSX Venture Exchange (“TSXV”) on the last trading day immediately prior to issuance;
an additional CDN$3,000,000 in cash payable on or before the 18-month anniversary of the Closing Date;
an additional CDN$3,000,000 in cash payable on or before the 36-month anniversary of the Closing Date; and
the commitment to make production payments on a per-project basis totaling CDN$5,000,000 as set forth pursuant to individual production payment agreements executed on the Closing Date.
As a part of the Agreement, the Company has entered into a number of mine operating agreements pursuant to which it will act, through its indirect, wholly owned subsidiary Energy Fuels Resources (USA) Inc., as Operator to the Sale projects in accordance with a program and budget negotiated annually by the parties, in exchange for which the Company will receive reimbursement for all direct costs in addition to an overhead allocation and management fee.
These non-core conventional uranium project assets met held for sale criteria, but as these assets had no carrying value, there are only asset retirement obligations of $0.24 million separately presented for the period ended September 30, 2021.
Sale of shares in the Company's ATM program
From October 1, 2021 through October 28, 2021, the Company issued 1.07 million Common Shares at a weighted average price of $8.44 for net proceeds of $8.85 million using the ATM.