News Release

Encore Energy Announces Closing Of Private Placement

February 15, 2017

EnCore Energy Corp. has closed a non-brokered private placement by issuing 40 million units at a price of six cents per unit, for gross proceeds of $2.4-million. Each unit comprises one common share of EnCore and one-half of one common share purchase warrant, with each whole warrant being exercisable into one common share of enCore for a period of three years at a price of $0.10. In the event that enCore’s common shares trade at a closing price on the TSX Venture Exchange of greater than $0.80 per common share for a period of 20 consecutive trading days, enCore may accelerate the expiry date of the warrants by giving notice to the holders thereof and in such cases the warrants will expire on the 30th day after the date on which such notice is given by enCore (the “Acceleration Provision”).

In connection with the private placement, enCore will pay certain finders an aggregate cash commission of $108,640 and issue an aggregate of 1,516,667 warrants (the “Finder’s Warrants”), each exercisable for the purchase of one unit (a “Finder Unit”) of enCore for a period of three years at an exercise price of $0.06 per Finder Unit. Each Finder Unit is comprised of one common share of enCore and onehalf of one common share purchase warrant (each whole such warrant, a “Finder’s Unit Warrant”), with each Finder’s Unit Warrant being exercisable into one common share of enCore for a period of three years from the original date of issuance of the Finder’s Warrant, at a price of $0.10 per share. Both the Finder’s Warrants and the Finder’s Unit Warrants are subject to the Acceleration Provision.

All securities issued pursuant to the private placement are subject to a four month hold period expiring on June 16, 2017.

The proceeds of the Private Placement will be applied to enCore’s property portfolio and general working capital.

About enCore Energy Corp.

enCore Energy Corp. has a 100% interest, with no holding costs, on 115,000+ acres (46,400 ha) of private mineral rights in New Mexico, including the Crownpoint and Hosta Butte uranium deposits. The Company also holds certain processing rights at the White Mesa Uranium Mill of Energy Fuels in Blanding, Utah.

Dr. Douglas H. Underhill, CPG, a Qualified Person as defined by National Instrument 43101 and Chief Geologist for the Company, has reviewed, verified and approved disclosure of the technical information contained in this news release.