Laramide Resources Announces Increase to Credit Facility Listed (TSX:LAM; ASX:LAM) /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO
Laramide Resources Announces Increase to
Credit Facility
Listed (TSX:LAM; ASX:LAM)
/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
.
Follow us on Twitter @LaramideRes
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.
SOURCE
Laramide Resources Ltd.
View original content:
http://www.newswire.ca/en/releases/archive/December2018/21/c6157.html
%SEDAR: 00003540E
For further information:
Marc Henderson, President and Chief Executive Officer, Toronto, Canada
+1 (416) 599 7363; Bryn Jones, Chief Operating Officer, Brisbane, Australia, P: (07) 3831 3407;
Greg Ferron, Vice-President, Investor Relations, Toronto, Canada, +1 (416) 599 7363
CO: Laramide Resources Ltd.
CNW 07:30e 24-DEC-18