enCore Energy divests New Mexico uranium projects

DALLAS – enCore Energy Corp. (NASDAQ: EU) (TSXV: EU), known as America’s Clean Energy Company™, a uranium producer with a market capitalization of $290 million, has entered into an agreement with Verdera Energy Corp. to sell a subsidiary that holds multiple uranium projects in New Mexico. According to InvestingPro data, enCore maintains a strong liquidity position with its cash reserves exceeding debt obligations, though the company is currently experiencing rapid cash utilization. The transaction, part of enCore’s strategy to offload non-core assets, involves Verdera acquiring the subsidiary in exchange for 50 million non-voting preferred shares, representing about 73% of Verdera’s current shares, royalties from future production, and a cash payment of $350,000.

The properties included in the deal are the Crownpoint, Hosta Butte, Nose Rock, West Largo, and Ambrosia Lake – Treeline uranium projects. The transaction is anticipated to close by March 31, 2025, given all customary closing conditions are […]

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