Ur-Energy Closes $20 Million Loan Facility

Ur-Energy (TSX:URE) along with certain of its U.S. subsidiaries have closed the previously announced loan facility valued at US$20 with RMB Australia Holdings. The purpose of the loan facility is to provide additional interim working capital for the construction of the Lost Creek project.

According to the company’s press release:

The Loan Facility includes the following terms:

• an interest rate of LIBOR plus 7.5% per annum calculated quarterly;
• an arrangement fee of 6.0% payable at closing;
• a grant of a 4,294,167 warrants with a five-year expiry exercisable for 4,294,167 common shares of the Company at an exercise price of C$1.20, and other terms as set forth in the warrant certificate;
• customary security and other customary terms as set forth in the Loan Facility transaction documents.

President and CEO of Ur-Energy, Wayne Heili said in a statement:

We are very pleased to announce the closing of this Loan Facility, which provides a great deal of flexibility to the Company as we complete the construction of the Lost Creek Project and await final approvals of the Bond Loan and Pathfinder acquisition.

Click here to view the full press release.