Business
Laramide Resources Amends and Extends Credit Facility; Provides Corporate Update
Laramide Resources Amends and Extends Credit Facility; Provides Corporate Update C...
About this update from Laramide Resources Ltd.
[{"type":"text","content":"\n\n\n\nLaramide Resources Amends and Extends Credit Facility; Provides Corporate Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 27, 2020\n\n\n\nListed (TSX:LAM; ASX:LAM)\n/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./\n TORONTO, March 27, 2020 /CNW/ - Laramide Resources Ltd. (\"Laramide\" or the \"Company\") is pleased to announce that the Company and its lenders, Extract Capital Master Fund Ltd. and Extract Lending LLC (together, the \"Lenders\"), with Extract Advisors LLC acting as agent for and on behalf of the Lenders (the \"Agent\"), completed an amendment (the \"Amendment\") to the existing term loan made by the Lenders in favour of Laramide Resources (USA) Ltd. (the \"Term Loan\"), which includes, among other things, (i) an extension of the maturity date of the Term Loan from December 29, 2021 to March 31, 2023 and (ii) the outstanding amounts be convertible into common shares of the Company at a price of C$0.40 per common share.\nPursuant to the Amendment, the Company paid an amendment fee of C$50,000 to the Agent and issued an aggregate of 300,000 common share purchase warrants to the Lenders with an exercise price of C$0.60, each of which is exercisable for one (1) common share of the Company until March 25, 2022.\nThe Company further highlights the recent decision of the Canadian Securities Administrators (CSA) which provides temporary blanket relief (Temporary Relief) to market participants in connection with the filing of certain continuous disclosure and other documents due before June 1, 2020. This Temporary Relief is a response by the CSA to recent COVID-19 developments which have impacted businesses worldwide as companies try to rapidly adjust to new (hopefully temporary) operational protocols mandated by virtually every western government. These include the governments of Canada, Australia, and the United States where Laramide has either project assets and/or offices. While the Co...