Energy Fuels closes upsized $700 million convertible notes offering By Investing.com
Key Takeaways
- Energy Fuels Inc. closed a $700 million offering of 0.75% Convertible Senior Notes due 2031.
- The capital raised is intended to strengthen the balance sheet and accelerate rare earth initiatives.
- The company recently achieved milestones including qualifying its neodymium-praseodymium oxide for EV motors.
- Energy Fuels successfully produced its first kilogram of high-purity dysprosium oxide at the White Mesa Mill.
- Ross R. Bhappu is set to become the company's president effective August 4, 2025.
Energy Fuels Inc. announced the successful closing of its offering of 0.75% Convertible Senior Notes due 2031, aggregating $700 million, which incorporated the full exercise of the option for an extra $100 million in notes. These notes mature in 2031 and carry a conversion premium over the current share price, which was further adjusted by capped call options purchased by the company. CEO Mark Chalmers stated the funds will be used to strengthen the balance sheet and accelerate rare earth initiatives, including work at the White Mesa Mill and the Donald Project in Australia. In related news, Energy Fuels has seen significant operational progress, including qualifying its neodymium-praseodymium oxide for electric vehicle motors and successfully producing its first kilogram of 99.9% pure dysprosium oxide. The company also announced a leadership transition where Ross R. Bhappu will become president in August 2025, while Mark Chalmers remains CEO.
