21 Mar LARAMIDE RESOURCES LTD. AMENDS AND EXTENDS CREDIT FACILITY
TORONTO, March 21, 2023 /CNW/ – Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce that the Company and 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 Ltd. (the "Term Loan"), which includes, among other things, (i) a two year extension of the maturity date of the Term Loan from March 31, 2023 to March 31, 2025 (ii) the reduction of the outstanding facility from USD$4,500,000 to USD$3,500,000 with a USD$1,000,000 repayment made concurrent with the signing of the Amendment Agreement (iii) no prepayment of the Term Loan before the Maturity date and (iv) the Company may request conversion of the loan at any time after September 20, 2023 after the shares of the Company have traded on the TSX for $1.00 on a volume weighted basis for ten consecutive days. The conversion price remains at $0.40 per share.
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Laramide is engaged in the exploration and development of high-quality uranium assets. Its wholly owned uranium assets are in Australia and the United States. Each of Laramide’s portfolio of five advanced uranium projects have been chosen for their production potential. Laramide’s Westmoreland project, in Queensland, Australia, is one of the largest projects currently held by a junior mining company. Its U.S. assets include Crownpoint/Churchrock which covers two project areas including, a large ISR project and a former uranium mining operation; the La Jara Mesa in the historic Grants, New Mexico mining district; and La Sal, a fully permitted, underground project in Lisbon Valley, Utah.
This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.
SOURCE Laramide Resources Ltd.