ltbr_8k.htm

 

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): November 13, 2018

 

LIGHTBRIDGE CORPORATION

(Exact name of registrant as specified in its charter)

 

Nevada

 

001-34487

 

91-1975651

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

 

11710 Plaza America Drive, Suite 2000

Reston, VA 20190

(Address of principal executive offices, including zip code)

 

(571) 730-1200

(Registrant’s Telephone Number, Including Area Code)

 

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:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

 

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 o

 

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. o

 

 
 
 
 

Item 7.01 Regulation FD Disclosure.

 

On November 13, 2018, Lightbridge Corporation (the “Company”) received notice from the U.S. Department of Energy (DOE) that the Company’s recent grant application to DOE was not approved. A copy of the notice is furnished as Exhibit 99.1 to this report.

 

The information in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by reference to such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.

 

Description

99.1

 

Letter from the Department of Energy dated November 13, 2018.

 

 
2
 
 

 

SIGNATURES

 

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.

 

 

LIGHTBRIDGE CORPORATION

 

Dated: November 15, 2018

By:

/s/ Seth Grae

 

Name:

Seth Grae

 

Title:

President and Chief Executive Officer

 

 

3

 

ltbr_ex991.htm

EXHIBIT 99.1

 

Department of Energy

Idaho Operations Office

1955 Fremont Avenue

Idaho Falls, ID 83415

 

November 13, 2018

 

Lightbridge Corporation

11710 Plaza America Drive; Suite 200

Reston, VA 20190

 

SUBJECT: Application Review, Funding Opportunity Announcement DE-FOA-0001817, U.S. Industry Opportunities for Advanced Nuclear Technology Development, Application ARD-18.3-16157: Development, Demonstration and Licensing of Innovative, Safe and Cost-Efficient Lightbridge Fuel Technology for Existing and Future Commercial Reactors (CLN190207)

 

Thank you for your interest and application submitted under the subject Funding Opportunity Announcement (FOA).

 

The Department of Energy, Office of Nuclear Energy has completed its review of the applications received in response to the FOA. Unfortunately, your application was not among those recommended for selection at this time. The consensus strengths and weaknesses identified by the Merit Review Panel and program policy factors applicable to your proposal are enclosed.

 

We understand and very much appreciate that significant time and effort are required to prepare an application, and we sincerely appreciate your submittal. After consideration of this feedback, you are eligible to resubmit your application for future quarterly submittals under this FOA.

 

 

Sincerely,

 

Procurement Services Division

 

Enclosure

 

 
1
 
 

 

 

 

Enclosure

Lightbridge Corporation

 

CLN190207

 

Consensus summary of strengths and weaknesses identified:

 

Strengths: The approach proposed by the applicant is detailed, well thought-out, and includes logical schedule sequences to achieve the goals and objectives of the project. The parallel approach of developing a commercial capability while conducting fundamental thermal-hydraulic and irradiation thermal performance testing is an aggressive strategy, which can provide a significant schedule advantage if executed successfully. The proposed metallic fuel, with its enhanced heat transfer and load following capabilities, addresses important technological gaps for improved fuel safety, performance, and economics. Development of the high temperature coextrusion process proposed by the applicant would eliminate the potential for fabrication losses and waste disposal issues associated with sodium bonded fuel.

 

Completion of the proposed work could also help begin the establishment and demonstration of domestic infrastructure and regulatory approach for High Assay Low Enriched Uranium (HALEU) nuclear fuels, which are intended to be used by many advanced reactor concepts. The applicant has implemented a Quality Assurance Program compliant with 10 CFR 50 Appendix B and ASME NQA-1 2008E/2009A, which will be instrumental during the licensing process.

 

The commercialization potential of this proposal is significantly increased through the engagement of an experienced fuel manufacturer, support of potential end users, and the establishment of a utility advisory board. The team, which consists of industry, academia, and national lab personnel, has extensive experience in the nuclear industry and in fuel development relevant to the proposed activities. The applicant provided examples of their ability to meet cost and schedule objectives for several relevant projects.

 

Weaknesses: While this proposal does a good job of outlining the scope of this proposed project, it does not provide sufficient information to determine what steps need to be taken, such as interactions with the U.S. Nuclear Regulatory Commission or subsequent technology development efforts, to meet deployment of a lead test rod (LTR) by 2021, and the first lead test assembly (LTA) in a commercial reactor by the mid 2020’s.

 

Policy Factor: The following program policy factor was also considered in the review and evaluation of this application: “The consistency and conformance of the work proposed in the application with current Office of Nuclear Energy Congressional appropriations.” The proposal has merits as documented in the above summary of strengths; however, it was determined that the proposal could not be supported within the current Office of Nuclear Energy program priorities and available resources.

 

 

2