Energy Fuels Inc.
TSX : EFR

Energy Fuels Inc.

March 31, 2011 09:29 ET

Energy Fuels Closes CDN$11.5 Million Financing, Including Full Exercise of the Over-Allotment Option

TORONTO, ONTARIO--(Marketwire - March 31, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Energy Fuels Inc. (TSX:EFR) ("Energy Fuels" or the "Company"), is pleased to announce that it has completed its previously announced public equity offering (the "Offering"). The Offering was made pursuant to a short form prospectus dated March 24, 2011, and consists of 23,000,000 units (the "Units") at a price of CDN$0.50 per Unit for aggregate gross proceeds of CDN$11.5 million. Each Unit consists of one Common Share and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant a "Warrant"). Each Warrant entitles the holder to purchase one additional common share at a price of CDN$0.65 per common share until March 31, 2015.

The Offering was conducted by a syndicate of agents (the "Agents") led by Dundee Securities Ltd. and included Haywood Securities Inc., Scotia Capital Inc., Versant Partners Inc., Cormark Securities Inc. and Toll Cross Securities Inc. As partial consideration for their services provided in connection with the Offering, the Company has issued to the Agents an aggregate of 1,589,000 non-transferable compensation warrants (the "Compensation Warrants"). Each Compensation Warrant entitles the holder to purchase one additional common share at a price of CDN$0.50 per share until October 1, 2012.

The Common Shares included in the Units, and the Common Shares issuable upon exercise of the Warrants and the Compensation Warrants, have been conditionally approved for listing on the Toronto Stock Exchange. The Company has not applied to list the Warrants on any exchange.

About Energy Fuels: Energy Fuels Inc. is a uranium and vanadium mineral development company. With more than 38,000 acres of highly prospective uranium and vanadium property located in the states of Colorado, Utah, Arizona, Wyoming, and New Mexico, and exploration properties in Saskatchewan's Athabasca Basin totaling approximately 32,000 additional acres, the Company has a full pipeline of additional development prospects. Energy Fuels, through its wholly-owned Colorado subsidiary, Energy Fuels Resources Corporation and its British Columbia subsidiary, Magnum Uranium Corp., has assembled this property portfolio along with a first class management team, including highly skilled technical mining and milling professionals based in Lakewood and Naturita, Colorado and Kanab, Utah.

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time-to-time with the British Columbia, Alberta and Ontario Securities Commissions.

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