Uranium Resources Signs Deals To Sell Non-Core Assets To Raise $12.5 Million
Uranium Resources, Inc. (NASDAQ: URRE) disclosed that it signed a definitive deal with Laramide Resources Ltd. (TSE:LAM) for the divestment of its fully-owned unit, Hydro Resources, Inc. According to the company, it would transfer the ownership of Crownpoint and Churchrock properties to the Canadian firm in exchange for $5.25 million cash and $7.25 million promissory note.
Uranium Resources said the promissory note would be a secured deed of trusts and carries an interest rate of 5 percent, which would grow to 10 percent when Laramide makes a commercial production decision.
The company's President and CEO Christopher Jones said, "We are pleased to have worked with Laramide to achieve this strategic transaction for our respective shareholders. With the significant royalties that Laramide already owned over the Churchrock Project, this transaction is a positive development for both companies, and importantly for URI, raises new capital in a non-dilutive manner."
On Thursday, the stock closed with a loss of 0.42 percent.
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