Energy Fuels Inc (TSE:EFR) debenture holders have approved amendments to the floating-rate convertible unsecured subordinated paper at a special meeting on Friday, the company said.
The amendments include:
Extend the maturity date of the debentures from June 30, 2017, to Dec. 31, 2020.
Reduce the conversion price of the debentures from $15 to $4.15 per common share of the company.
Add a redemption provision that enables the company to redeem the debentures upon providing not less than 30 days notice, in cash, in whole or in part, at any time after June 30, 2019, but prior to maturity, at a price of 101 per cent of the aggregate principal amount redeemed.
Add a right in favour of each debentureholder to enable the debentureholder to require the company to purchase, for cash, on June 30, 2017, up to 20 per cent of the debentures held by the debentureholder at a price equal to 100 per cent of the principal amount purchased.
Provide a consent fee to each debentureholder who voted in favour of the amendments in the amount of $20 per $1,000 of principal amount of debentures held.
Make other amendments to the indenture as required by the U.S. Trust Indenture Act of 1939, along with certain other amendments to remove provisions of the indenture that no longer apply.
The amendments will apply to all outstanding debentures. Following today's special meeting of the debenture holders, Energy Fuels entered into an amended and restated convertible debenture indenture with BNY Trust Company of Canada and the Bank of New York Mellon.
Energy Fuels shares were up 2.5% to C$2.90 on Friday.