Hudson Resources Closes Third Tranche of Additional Debt Financing for Gross Proceeds of US$3 Million
TSX VENTURE: HUD
VANCOUVER, British Columbia, Aug. 16, 2019 (GLOBE NEWSWIRE) -- HUDSON RESOURCES INC. (“Hudson” or the “Company”) – TSX Venture Exchange “HUD”; OTC “HUDRF”) is pleased to report that it has entered into definitive agreements with its existing lender, Cordiant Capital Inc. and its affiliates (“Cordiant”), and its new lender, Romeo Fund – Flexi and its affiliates (“Romeo”) with respect to the US$3 million loan facility increase originally announced on May 24, 2019.
Pursuant to the agreements, which provide for the assignment by Cordiant to Romeo of Cordiant's commitments in respect of the third tranche, Romeo will fund the US$3 million loan facility increase. The Company expects to receive the funds on August 19, 2019. The additional funds are provided based on the same terms as the existing facility and the definitive agreements. In connection with this loan facility increase, the Company has issued 900,000 share purchase warrants, each warrant entitling Romeo to purchase one additional share in the capital of the Company until May 23, 2024. The securities issued, including any shares issued upon exercise of the warrants, are subject to a 4 month hold period.
The net proceeds of the debt financing will be used for operations at the Company’s White Mountain Anorthosite Project in Greenland, including ramping up of production, shipping, working capital, and general corporate purposes.
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim K Cambon”
President and Director
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This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding the use of proceeds from the financing, and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward- looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.