Laramide Resources Announces Increase to Credit Facility
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, Dec. 24, 2018 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") is pleased to announce its Lenders, represented by Extract Advisers LLC, have agreed to increase the Company's existing term loan (the "Loan") by US$1,500,000 (the "Additional Advance") increasing the outstanding principal under the Loan to US$6,000,000. All other terms of the Loan will remain the same including (i) the maturity date of December 29, 2021, (ii) interest rate of 7% per annum, and (iii) providing that the outstanding principal be convertible into common shares of the Company at a price of C$0.60 per common share. The effective date of the Additional Advance is December 21, 2018. A 2.5% commitment fee was paid on the Additional Advance.
The Company will use the Additional Advance for the Company's commitments to Westwater Resources Inc. (formerly Uranium Resources, Inc.) on January 5, 2019 related to the Church Rock acquisition, to further advance the Church Rock and Crownpoint projects, and for general corporate purposes.
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.
Forward-looking Statements and Cautionary Language
This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.