Resource News

Laramide Resources (TSX:LAM) has announced further to its press release dated October 7, 2016, it has completed an amendment to the $5 million term loan made by its lenders, Extract Capital Master Fund. As quoted in the press release: Pursuant to the Amendment, the Company repaid C$1 million of the outstanding principal on the Term …

Laramide Resources (TSX:LAM) has announced further to its press release dated October 7, 2016, it has completed an amendment to the $5 million term loan made by its lenders, Extract Capital Master Fund.
As quoted in the press release:

Pursuant to the Amendment, the Company repaid C$1 million of the outstanding principal on the Term Loan. The Company also paid to the Agent an extension fee equal to 2% of the new outstanding principal and issued 1,200,000 additional warrants to the Lenders with an exercise price of$0.3546, each of which is exercisable for one (1) common share of the Company until December 16, 2021.
In addition, subject to regulatory and shareholder approval, the Company has agreed to seek to extend the expiry date of 2,500,000 warrants previously issued to the Lenders on December 31, 2015, each exercisable for one common share, 1,250,000 of which have an exercise price of $0.1911and 1,250,000 of which have an exercise price of $0.3871, from the original expiry date of December 31, 2018 to December 31, 2020. All of such warrants are held by the Lenders, each an arm’s length party to the Company.
The Company is also reporting that it has entered into the amended definitive share purchase agreement (the “Agreement”) with Uranium Resources Inc. (“URI”) pursuant to which Laramide will acquire URI’s wholly owned subsidiary Hydro Resources, Inc., which holds the Churchrock andCrownpoint properties in New Mexico, USA (the “Transaction”). Details related to the amended terms were recently provided by Laramide in a press release dated December 5, 2016.

Click here to read the full press release.

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