Hudson Resources and Lenders Agree to Additional Short-Term Extension of Loan Maturity and Interest Payments
FOR IMMEDIATE RELEASE TSX-V: HUD
July 15, 2020 OTC: HUDRF
NR2020-7
HUDSON RESOURCES AND LENDERS AGREE TO ADDITIONAL
SHORT-TERM EXTENSION OF LOAN MATURITY AND INTEREST PAYMENTS
Vancouver, BC – HUDSON RESOURCES INC. (“ Hudson” or the “ Company”) (TSX Venture
Exchange “HUD”; OTC “HUDRF”) reports that it has entered into amendment agreements with
Cordiant Capital Inc. and Apex Asset Management AG (the “Lenders”) to extend the maturity
date of its US$10 million six month bridge loan fa cility (the “Loan”) and the interest payments
on its senior loan and subordinated loan (“Interest”) to July 31, 2020. The Company announced
on June 11, 2020, that it has reached an agreement in principle with the Lenders to restructure
the outstanding debt on the White Mountain Anorthosite mine and to provide an injection of
working capital into Hudson Greenland A/S. The Company also previously announced on June
17, 2020 and June 30, 2020 subsequent extensions of the Loan’s maturity date to July 22, 2020.
The current extension allows the Company and Lenders additional time to finalize the details
and terms of a definitive agreement which will be subject to applicable regulatory approvals.
Hudson and its Lenders are committed to completing a transaction restructuring the debt of
Hudson Greenland; however, the agreement in principle does not contain legal obligations on
the part of either Hudson or the Lenders to consummate the debt restructuring transaction.
Hudson has commenced activities to re-start the White Mountain anorthosite mine in Greenland.
Operations personnel a re being hired and mobilized to the site with the objective of achieving
normal operations in August . Hudson and the Greenland government have agre ed to Covid-19
protocols which allow the company to re -commence activities safely while protecting local
communities in Greenland.
Hudson owns and operates the White Mountain (Qaqortorsuaq) anorthosite mine in Greenland
through its wholly owned subsidiary, Hudson Greenland A/S. The Company also holds 100% of
the Sarfartoq rare earth element (REE) and niobium exploration license in Greenland.
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim Cambon”
President and Director
For further information:
Ph: 604-628-5002
Forward-Looking Statements
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 terms of the proposed debt
restructuring, 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 state ments. Important factors that could cause actual results to differ
materially from the Company’s plans or expectations include the outcome of ongoing discussions with the Lenders regarding
the terms of the debt restructuring, shareholder approval for the p roposed debt restructuring transaction, 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 Co mpany with securities regulators. There is no
assurance that the debt restructuring described in this news release will be completed on the terms described herein, or at all.
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.