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Laramide Resources Announces Amendment to Credit Facility and Convertible Debenture Financing
Laramide Resources Announces Amendment to Credit Facility and Convertible Debenture Financ...
About this update from Laramide Resources Ltd.
[{"type":"text","content":"\n\n\n\nLaramide Resources Announces Amendment to Credit Facility and Convertible Debenture Financing\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 19, 2017\n\n\n\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\nListed (TSX:LAM; ASX:LAM)\n\n\n\nTORONTO, Dec. 19, 2017 /CNW/ - Laramide Resources Ltd. (\"Laramide\" or the \"Company\") is pleased to announce the Company and its lenders with Extract Advisors LLC acting as agent for and on behalf of the lenders (the \"Agent\"), have entered into a binding term sheet to amend (the \"Amended Loan\") the terms of the Company's existing US$3,000,000 term loan (the \"Loan\"), including, among other amendments (i) extending the maturity date to such date that is four years from the effective date of the Amended Loan, (ii) advancing additional funds under the Amended Loan such that the outstanding principal, together with the previously outstanding principal under the Loan, will be up to US$5,000,000 (with a minimum commitment of US$4.5M), (iii) decreasing the interest rate to 7% per annum, and (iv) providing that the outstanding principal be convertible into common shares of the Company at a price of C$0.60 per share. The effective date of the Amended Loan is anticipated to be December 29, 2017.\n\nAdditionally, the Company is pleased to announce an offering (the \"Offering\") of unsecured convertible debentures (\"Debentures\") for proceeds of up to US$2,000,000. The aggregate proceeds of the Amended Loan and the Debenture will not exceed US$6,500,000. Each Debenture shall bear an interest rate identical to that under the Amended Loan, and be convertible into common shares of the Company at a price of C$0.60 per common share. In addition, for each $100,000 of principal convertible debenture subscribed for under the Offering, the subscriber will be issued 20,000 common share purchase warrants (each, a \"Warrant\"). Each Warrant will be ex...