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Energy Fuels Inc. (TSX:EFR) (NYSE American:UUUU), a leading uranium mining company with a market capitalization of $1.22 billion, announced today that it has entered into a new equity distribution agreement and simultaneously terminated its previous agreement from March 22, 2024. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, and a healthy current ratio of 6.08.
The new agreement, effective today, was established with BMO Capital Markets Corp., Canaccord Genuity LLC, Cantor Fitzgerald & Co., B. Riley Securities Inc., and H.C. Wainwright & Co., LLC. Under this arrangement, Energy Fuels may opt to sell common shares from time to time through the agents as sales agents. These transactions will be conducted as "at the market offerings" under the company’s existing Form S-3 registration statement.
The agents have committed to exert commercially reasonable efforts to sell the common shares on behalf of Energy Fuels, in line with their usual trading practices and relevant regulations, including those of the NYSE American. The company has specified that it is not compelled to sell any shares under this agreement and retains the right to control the timing and amount of any sales.
Compensation to the agents is capped at 3% of the gross proceeds from each sale of common shares. Additionally, Energy Fuels has agreed to indemnify the agents against certain liabilities, including those under the Securities Act.
Concurrent with the new sales agreement, the company has filed a prospectus supplement, which allows for the potential sale of up to $300 million of common shares under its "at the market" program.
The termination of the previous sales agreement from 2024 aligns with the company’s strategy to enter into the new agreement, providing Energy Fuels with flexibility in its capital raising activities.
This report is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities. For a comprehensive analysis of Energy Fuels’ financial health and growth prospects, investors can access detailed metrics and additional ProTips through InvestingPro’s exclusive research reports, available for over 1,400 US-listed companies.
In other recent news, Energy Fuels Inc. has released a technical report for its Bullfrog Project located in Garfield County, Utah. This development was announced through a filing with the Securities and Exchange Commission, marking progress in the project’s advancement. Details of the report were not disclosed, but the filing underscores the company’s ongoing efforts in its mining operations. Additionally, Energy Fuels has appointed Nathan Bennett as its new Chief Financial Officer, effective April 21, 2025. Bennett previously served as the company’s Chief Accounting Officer and Interim CFO, and he brings extensive experience from his previous role at Antero Midstream (NYSE:AM) Corporation. His appointment was documented in a Form 8-K filed with the SEC, highlighting the company’s updates in its leadership team. Energy Fuels continues to focus on its strategic initiatives, with the Bullfrog Project and leadership changes being key components of its current developments.
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