Laramide Resources Completes Amendment to Credit Facility
TORONTO, Dec. 29, 2017 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") is pleased to announce, further to its press release dated December 18, 2017, that the amendment to the credit facility in favour of the Company's wholly-owned subsidiary, Laramide Resources (USA) Inc. (the "Borrower"), granted by Extract Capital Master Fund Ltd. and Extract Lending LLC, as lenders, has been completed.
The amendment (the "Amendment") includes: (i) extending the maturity date to December 29, 2021, (ii) advancing additional funds such that the outstanding principal, together with the previously outstanding indebtedness under the facility of US$3,044,765, is US$4,500,000, (iii) decreasing the interest rate to 7% per annum, and (iv) providing that the outstanding indebtedness under the facility be convertible into common shares of the Company at a price of C$0.60 per share.
Proceeds from the additional advance will be used to make the Company's and the Borrower's commitments to Westwater Resources Inc. (formerly Uranium Resources, Inc.) related to the Church Rock acquisition, to further advance the Church Rock and Crownpoint projects, and for general corporate purposes.
Any securities issued to be pursuant to the conversion feature included in the Amendment have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
To learn more about Laramide, please visit the Company's website at www.laramide.com.
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About Laramide Resources:
Laramide is a Canadian-based company with diversified uranium assets strategically positioned in the United States and Australia that have been chosen for their low-cost production potential. Laramide's recently acquired Church Rock and Crownpoint properties form a leading In-Situ Recovery (ISR) division that benefits from significant mineral resources and near-term development potential. Additional U.S. assets include La Jara Mesa in Grants, New Mexico, and La Sal in the Lisbon Valley district of Utah. The Company's Australian advanced stage Westmoreland is one of the largest uranium projects currently held by a junior mining company. Laramide is listed on the TSX: LAM and ASX: LAM.