Business
Laramide Resources Extends Term Loan with Extract Advisors to July 2018 and Provides Update on Churchrock Transaction
Laramide Resources Extends Term Loan with Extract Advisors to July 2018 and Provides Updat...
About this update from Laramide Resources Ltd.
[{"type":"text","content":"\n\n\n\nLaramide Resources Extends Term Loan with Extract Advisors to July 2018 and Provides Update on Churchrock Transaction\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\nLaramide Resources Extends Term Loan with Extract Advisors to July 2018 and Provides Update on Churchrock Transaction\nCanada NewsWire\nTORONTO, Oct. 7, 2015\n\n\n\nListed (TSX:LAM; ASX:LAM)\n\n\n\nTORONTO, Oct. 7, 2015 /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 (Extract Advisors LLC acting as agent), (\"Extract\") have agreed to extend the maturity date of a previously issued C$5 million term loan made in favour of Laramide Resources (USA) Inc. (the \"Term Loan\") to July 1, 2018 (the \"Term Loan Extension\"). Further details related to the Term Loan were provided in a press release by Laramide dated December 1, 2015. \n\nMarc Henderson, President and Chief Executive Officer of the Company, stated, \"This Term Loan Extension combined with the distribution of cash that Laramide will receive from Khan Resources Inc. in November will strengthen Laramide's financial options as we continue Laramide's strategy of growing a portfolio of lower technical risk, low-cost uranium projects in stable political environments in anticipation of improving uranium markets.\"\n\nThe Term Loan extension is expected to be effective by no later than November 30, 2016, and remains subject to customary conditions, including TSX and ASX approvals (the \"Closing Date\"). \n\nThe terms of the Term Loan Extension, include a C$1 million repayment to Extract on the Closing Date. The Company has agreed to pay extension fees to Extract equal to 2% of the principal amount of the Term Loan outstanding on the Closing Date, and to issue 1,200,000 warrants (the \"Warrants\") with an exercise price to be equal to the volume weighted average share price of the Company's common shares over the ten trading days immediately following the date of execution of the binding term sheet plus 50%. The Warrants wil...