(SYMBOL: "EFR" TSX.V)
TORONTO, Jan. 30 /CNW/ - Energy Fuels Inc. (TSX.V: EFR) ("Energy Fuels"
or the "Company") announced today that it will delay the filing of its annual
financial statements (including its MD&A) for the fiscal year ended
September 30, 2006 (the "2006 Statements").
The delay is primarily due to the increase in business activity of its
wholly-owned U.S. subsidiary during the Company's fourth quarter for the
financial year ended September 30, 2006. Subsequent to the financial year end,
the Company completed a private placement of $30,100,000, appointed a number
of senior executives, including a new Chief Financial Officer effective
December 1, 2006 and during the financial year, the Company replaced its
external auditors. The human resources, systems and procedures necessary to
ensure timely financial reporting in the future have been put in place by the
Company. The Company's new auditors are in the process of completing their
audit and the Company expects to file the 2006 Statements by mid February well
in advance of the March 29, 2007 deadline imposed by applicable securities
legislation as more fully described below.
The Ontario Securities Commission has indicated that in accordance with
its Policy 57-603, should Energy Fuels fail to file the 2006 Statements by
March 29, 2007, a cease trade order may be imposed by the applicable
securities commissions, requiring that all trading of securities of Energy
Fuels cease for such periods specified in the order. It is anticipated that
during the period of time that the 2006 Statements remain outstanding, the
directors, senior officers and any other insiders of Energy Fuels will be
subject to the cease trade order of the Ontario Securities Commission and the
securities regulatory authorities of those jurisdictions in which Energy Fuels
is a reporting issuer prohibiting such persons from trading in the Company's
securities. Energy Fuels intends to satisfy the provisions of the alternate
information guidelines of Policy 57-603 for as long as it remains in default
of the financial statements filing requirements of applicable securities laws.
Energy Fuels Inc. is a Toronto-based mineral exploration and development
company with uranium and vanadium projects located in the States of Colorado,
Utah and Arizona, through its wholly-owned Colorado subsidiary Energy Fuels
Resources Corporation, and with gold, base metals and platinum group
properties located in Newfoundland and Quebec and the Roberts property in
Northern Ontario, which is prospective for uranium.
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.
"George E.L. Glasier"
President and CEO
(The TSX Venture has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.)
For further information:
For further information: Dan Barnholden, Investor Relations, Phone:
(416) 625-2334, firstname.lastname@example.org or George E. L. Glasier,
President & CEO, Phone: (970) 864-2125, Toll Free: (888) 864-2125,
email@example.com; Or visit the Company's website at: www.energyfuels.com