Laramide Resources Completes Amendment to Credit Facility /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO
Laramide Resources Completes Amendment to Credit Facility
/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
./
Listed
(TSX:LAM; ASX:LAM)
TORONTO
,
Dec. 29, 2017
/CNW/ - Laramide Resources Ltd. ("
Laramide
" or the "
Company
") is pleased to announce, further to its press
release dated
December 18, 2017
, that the amendment to the credit facility in favour of the Company's wholly-owned subsidiary, Laramide
Resources (
USA
) Inc. (the "
Borrower
"), granted by Extract Capital Master Fund Ltd. and Extract Lending LLC, as lenders, has been completed.
The amendment (the "
Amendment
") includes: (i) extending the maturity date to
December 29, 2021
, (ii) advancing additional funds such that the
outstanding principal, together with the previously outstanding indebtedness under the facility of
US$3,044,765
, is
US$4,500,000
, (iii) decreasing
the interest rate to 7% per annum, and (iv) providing that the outstanding indebtedness under the facility be convertible into common shares of the
Company at a price of
C$0.60
per share.
Proceeds from the additional advance will be used to make the Company's and the Borrower's commitments to Westwater Resources Inc.
(formerly Uranium Resources, Inc.) related to the
Church Rock
acquisition, to further advance the
Church Rock
and
Crownpoint
projects, and for
general corporate purposes.
Any securities issued to be pursuant to the conversion feature included in the Amendment have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold in
the United States
or to, or for the account or benefit of, U.S.
persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
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/December2017/29/c6769.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 16:00e 29-DEC-17