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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
Alta Mesa Divestiture
On February 14, 2023, the Company closed on its sale of three wholly owned subsidiaries that together hold Energy Fuels’ Alta Mesa ISR Project to enCore Energy (“enCore”) for total consideration of $120 million, paid as follows:
a.$60 million cash at or prior closing; and
b.$60 million in a secured convertible note (the “Note”), payable in two years from the closing, bearing annual interest of eight percent (8%). The Note is convertible at Energy Fuels’ election into enCore common shares at a conversion price of $2.9103 per share, being a 20% premium to the 10-day volume-weighted average price of enCore shares
ending the day before the Closing. enCore is currently traded on the TSXV and NYSE American. The Note is guaranteed by enCore Energy Corp. and fully secured by Alta Mesa. Unless a block trade or similar distribution is executed by Energy Fuels to sell the enCore common shares received on conversion of the Note, Energy Fuels will be limited to converting the Note into a maximum of $10 million principal amount of the Note per thirty (30)-day period.

In addition, enCore is required to replace the existing reclamation bonds for the Alta Mesa project shortly after the closing of the transaction, which will result in Energy Fuels receiving an additional $3.6 million cash as a return of collateral from those bonds.
Bahia Project
On February 10, 2023, the Company completed its previously announced acquisition of the Bahia Project (the “Bahia Closing”). The Bahia Closing followed the Brazilian Governments approval of the transfers to Energy Fuels wholly owned Brazilian subsidiary Energy Fuels Brazil, Ltda. At the Bahia Closing, the Company paid the mineral owners the remaining $21.9 million cash.
Issuance of Stock Options, RSUs, and SARs
On January 26, 2023, the Company granted $0.42 million of non-incentive stock options with an exercise price of $7.36 per share, $3.31 million of RSUs, and $1.06 million of SARs at a grant price of $7.36 per share, to its employees and directors. The stock options carry a five-year life and vest as follows: 50% on January 26, 2024; and 50% on January 26, 2025. The RSUs vest as follows: 50% on January 27, 2024; 25% on January 27, 2025; and 25% on January 27, 2026. The SARs have a term of five years vesting only upon the achievement of the following performance goals: as to one-third of the SARs granted, automatically upon the 90-calendar-day VWAP of the Company’s Common Shares on the NYSE American equaling or exceeding $12.00 for any continuous 90-calendar-day period; as to an additional one-third of the SARs granted, automatically upon the 90-calendar-day VWAP of the Company’s Common Shares equaling or exceeding $14.00 for any continuous 90-calendar-day period; and as to the final one-third of the SARs granted, automatically upon the 90-calendar-day VWAP of the Company’s Common Shares equaling or exceeding $16.00 for any continuous 90-calendar-day period. Further, notwithstanding the foregoing vesting schedule, no SARs are able to be exercised by the holder for an initial period of one year from the date of grant; the date first exercisable being January 26, 2024.
CUR Acquisition of Virginia Energy
On January 24, 2023, CUR acquired 100% of the issued and outstanding common shares of Virginia Energy for 0.26 common shares of CUR. As a result, the Company’s 9,439,857 common shares of Virginia Energy were converted into 2,454,362 million common shares of CUR (the “Conversion”). Following the Conversion, the Company owned 16,189,548 common shares of CUR, which represents an ownership interest of 16.7% in CUR as of closing.