Ur-Energy Inc 8-K, filed Oct 22, 2020
Ur-Energy Inc (URG)
8-K
2020-10-22
For: 2020-10-21
View Original
Added on
April 07, 2026
About this 8-K
Ur-Energy Inc filed this 8-K on October 22, 2020, reporting on events of October 21, 2020.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current
Report
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): October 21, 2020
(Exact
name of registrant as specified in its charter)
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Not applicable
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(State
or other jurisdiction ofincorporation or organization)
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(Commission
File Number)
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(I.R.S.
Employer Identification Number)
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(Address
of principal executive offices)
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(Zip
code)
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Registrant’s
telephone number, including area code: (720 ) 981-4588
Securities
registered pursuant to Section 12(b) of the Act:
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Title of each class:
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Trading Symbol
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Name of each exchange on which registered:
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Check
the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General
Instruction A.2. below):
Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (17 CFR
§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2).
Emerging
growth company ☐
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange
Act. ☐
Item 2.02 Results of Operations and Financial
Condition.
On
October 21, 2020, Ur-Energy Inc. issued a press release providing
an operational update for the quarter ended September 30,
2020.
A copy
of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
The
information in this Item 2.02 of this Current Report on Form 8-K,
including the information set forth in Exhibit 99.1, is being
furnished and shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934 (the
“Exchange Act”), or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by
reference in any filing by the company under the Securities Act of
1933 or the Exchange Act, except as shall be expressly set forth by
specific reference in such filing.
Item
9.01
Financial
Statements and Exhibits.
(d)
Exhibits.
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Exhibit No.
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Description
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Press
release of Ur-Energy Inc., dated October 21, 2020, providing an
operational update for the quarter ended September 30,
2020.*
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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*This
Exhibit is intended to be furnished to, not filed with, the SEC
pursuant to General Instruction B.2 of Form 8-K.
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date:
October 22, 2020
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Ur-Energy Inc.
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By:
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/s/
Penne A. Goplerud
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Name:
Penne A. Goplerud
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Title:
Corporate Secretary and General Counsel
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EXHIBIT INDEX
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Exhibit No.
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Description
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Press
release of Ur-Energy Inc., dated October 21, 2020, providing an
operational update for the quarter ended September 30,
2020.*
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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*This
Exhibit is intended to be furnished to, not filed with, the SEC
pursuant to General Instruction B.2 of Form 8-K.
Exhibit 99.1
Ur-Energy Announces Extension of State Bond Loan and Provides
Update
Littleton, Colorado (PR Newswire – October 21, 2020)
Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the
“Company” or “Ur-Energy”) is pleased to
announce it has completed amendments to its State of Wyoming Bond
Loan to defer further principal payments for an additional 18
months, which represents a savings of approximately $7.83 million
during the extension. With the amendments to the Bond Loan, we will
continue to make interest-only payments until October 2022, when we
will resume principal and interest payments until the loan is fully
repaid.
Ur-Energy
CFO Roger Smith said, “We continue to be grateful to State
Treasurer Meier, the Sweetwater County Board of County
Commissioners, and officials at all levels in Wyoming who are
working so diligently to serve their constituency. The support they
have shown for the uranium industry and for Lost Creek has been
unwavering. They continue to champion our resolve to return to full
production operations at Lost Creek when market conditions
warrant.”
In
addition to the restructuring of the State Bond Loan, we have
continued to implement other Company-wide cost-saving measures as
we await the recommended relief from the US Nuclear Fuel Working
Group report and further positive developments in the uranium
markets. Recently, we further reduced production operations at Lost
Creek to market-appropriate levels. The reduced production levels
allowed us to make further operating cost reductions at Lost Creek
and related support cost reductions at the corporate office. The
cost reductions include savings from additional reductions in force
at both locations as well as other cost containment measures.
Together with the further deferral of principal payments on the
State Bond Loan, these measures will result in substantial savings
to the Company, estimated to exceed $7 million and $4 million in
calendar years 2021 and 2022, respectively.
Ur-Energy
continues to support ongoing efforts in Washington D.C. to
reinvigorate the uranium production industry and secure a healthy
nuclear fuel cycle for the country. Again, the elected officials of
Wyoming lead these efforts. Senator Barrasso and Representative
Cheney have each introduced legislation to authorize a uranium
reserve to support America’s nuclear reactors with
domestically produced fuel. Their legislative efforts are designed
to revitalize the country’s nuclear infrastructure and echo
the recommendations made by the US Nuclear Fuel Working Group
report.
We also
commend Senator Barrasso’s effort to codify the recent
extension of the Russian Suspension Agreement (RSA). The newly
completed RSA amendment continues caps on Russian imports of
nuclear fuel to the US for an additional 20 years, through 2040.
The amendment reduces the current cap of 20% of demand to an
average of 17% of demand over the 20-year period, with reductions
starting in 2028 and continuing through 2040. The amendment also
closes other practical loopholes to protect the US market, provides
for administrative reviews during the term and contemplates
potential extensions.
We will
provide further guidance for Q4 2020 in our Form 10-Q, which is
currently anticipated to be filed on Friday, October 30,
2020.
About Ur-Energy
Ur-Energy
is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in
south-central Wyoming. We have produced, packaged and shipped more
than 2.6 million pounds from Lost Creek since the commencement of
operations. Applications are under review by various agencies to
incorporate our LC East project area into the Lost Creek permits
and to operate at our Shirley Basin Project. Ur-Energy is engaged
in uranium mining, recovery and processing activities, including
the acquisition, exploration, development and operation of uranium
mineral properties in the United States. Shares of Ur-Energy trade
on the NYSE American under the symbol “URG” and on the
Toronto Stock Exchange under the symbol “URE.”
Ur-Energy’s corporate office is in Littleton, Colorado; its
registered office is in Ottawa, Ontario. Ur-Energy’s website
is www.ur-energy.com.
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeffrey
Klenda
Chairman
& CEO
866-981-4588
Jeff.Klenda@Ur-Energy.com
Cautionary Note Regarding Forward-Looking Information
This
release may contain “forward-looking statements” within
the meaning of applicable securities laws regarding events or
conditions that may occur in the future (e.g., timing and results of
implementation of the recommendations from the U.S. Nuclear Fuel
Working Group and pending legislation, including the budget
appropriations process related to direct purchase for the
establishment of the national uranium reserve; the impact of the
extended and amended Russian Suspension Agreement to safeguard the
U.S. markets; whether the additional cost-savings measures will be
sufficient) and are based on current expectations that, while
considered reasonable by management at this time, inherently
involve a number of significant business, economic and competitive
risks, uncertainties and contingencies. Factors that could cause
actual results to differ materially from any forward-looking
statements include, but are not limited to, capital and other costs
varying significantly from estimates; failure to establish
estimated resources and reserves; the grade and recovery of ore
which is mined varying from estimates; production rates, methods
and amounts varying from estimates; delays in obtaining or failures
to obtain required governmental, environmental or other project
approvals; inflation; changes in exchange rates; fluctuations in
commodity prices; delays in development and other factors described
in the public filings made by the Company at www.sedar.com
and www.sec.gov.
Readers should not place undue reliance on forward-looking
statements. The forward-looking statements contained herein are
based on the beliefs, expectations and opinions of management as of
the date hereof and Ur-Energy disclaims any intent or obligation to
update them or revise them to reflect any change in circumstances
or in management’s beliefs, expectations or opinions that
occur in the future.