enCore Energy

Canaccord Genuity Acts as Sole Bookrunner and Co-Lead Underwriter to enCore Energy on its $34.5 Million Public Offering

Canaccord Genuity is pleased to announce that on February 8, 2023, its client, enCore Energy Corp. (NYSE:EU; TSX:EU) (“enCore” or the “Company”) successfully closed an overnight marketed public offering consisting of 10,615,650 units (the “Units”) of the Company at a price of $3.25 per Unit for gross proceeds of $34,500,862.50 (the “Offering”), which included full exercise of the option granted to the underwriters to sell up to an additional 1,384,650 Units for additional gross proceeds of $4,500,112.50. With completion of this Offering, Canaccord Genuity will have raised a total of $103,500,862.50 in equity for enCore since December 2022.

Each Unit in connection with the Offering consisted of one common share in the capital of the Company (each a "Unit Share") and one-half of one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (a "Warrant Share") at an exercise price of $4.05 per Warrant Share for a period of 36 months, subject to adjustment in certain events.

The Company intends to use the net proceeds from the Offering to partially fund its acquisition of the Alta Mesa ISR uranium project, as well as maintain and advance various material properties and for general corporate and working capital purposes.

enCore is the most diversified In-Situ Recovery (ISR) uranium development company in the United States and is focused on becoming the next uranium producer in 2023 from its licensed and past producing South Texas Rosita Processing Plant. The Alta Mesa Project is scheduled to come online in 2024 and position enCore as a leading US-focused ISR uranium company with the proven management expertise required to advance multiple production opportunities within its portfolio. The South Dakota-based Dewey-Burdock project and the Wyoming Gas Hills project offer mid-term production opportunities, with significant New Mexico uranium resource endowments providing long-term opportunities. The enCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR uranium operations and the nuclear fuel cycle.

The Canaccord Genuity deal team included David Sadowski, Matt Reimer and Tony Huang from Investment Banking, Jason Melbourne and Greg Huffman from Institutional Sales as well as Jennifer Pardi, Brian O’Connor, Len Sauer, Lily Yu and Michael Wright from Equity Capital Markets.