URANIUM RESOURCES,INC. (NASDAQ:URRE) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed, on April 7, 2016, Uranium Resources,Inc.
(the Company) and its wholly owned subsidiary URI, Inc. entered
into a Share Purchase Agreement (as amended, the SPA) with
LaramideResources Ltd. (Laramide), which was subsequently amended
on December 14, 2016. Under the SPA, the Company agreed to sell
its wholly owned subsidiary Hydro Resources, Inc. (HRI), which
holds the Companys Crownpoint and Churchrock properties (the
Transferred Properties), to Laramide for a three-year promissory
note in the amount of $5,000,000 (the Note), among other
consideration. On January 5, 2017, the Company entered into
Amendment No. 2 to the SPA (Amendment No. 2), which, among other
things, provided for a mortgage over the Transferred Properties
securing Laramides repayment obligations under the Note.
The foregoing description of Amendment No. 2 is not complete and
is qualified in its entirety by the full text of Amendment No. 2,
a copy of which is filed herewith as Exhibit 2.1 and incorporated
into this Item 1.01 by reference.
Item 2.01 Completion of Acquisition or Disposition of
The transaction under the SPA closed on January 5, 2017. At the
closing, the Company transferred HRI to Laramide for $2,500,000
in cash, common stock and warrants from Laramide valued at
$500,000, and the Note. The Company also retained a 4% net
smelter royalty on the Churchrock project, which Laramide may
purchase for $4,950,000 during the first year following the
closing of the transaction. The Company will also have an option
to purchase Laramides La Sal project for $3,000,000, and an
option to purchase Laramides La Jara Mesa project in Cibola
County, New Mexico for $5,000,000, both of which options expire
one year following the closing of the transaction.
Item 7.01 Regulation FD Disclosure.
On January 5, 2017, the Company issued a press release announcing
the closing of the transaction under the SPA. A copy of the press
release is furnished herewith as Exhibit99.1.
Item 9.01 Financial Statements and Exhibits.
Amendment No. 2, dated January 5, 2017 and effective
Press Release dated January 5, 2017.
About URANIUM RESOURCES, INC. (NASDAQ:URRE)
Uranium Resources, Inc. is a uranium exploration, development and production company. The Company has approximately 190,000 acres of mineral holdings in the prolific Grants Mineral Belt of the State of New Mexico and approximately 14,000 acres in the South Texas uranium province. Its uranium exploration and development activities are focused principally in the United States and the Republic of Turkey. The Company’s properties include Temrezli Project, Kingsville Dome Project, Rosita Project, Vasquez Project, Butler Ranch Project, Churchrock Project, Crownpoint Project, Cebolleta Project and Juan Tafoya Project. The Kingsville Dome property is located in Kleberg County. The Juan Tafoya Project is located approximately 45 miles west-northwest of Albuquerque. The Cebolleta project is located in west-central New Mexico. The Sejita Dome exploration project is located in southern Duval County, Texas. The Vasquez project is located in southwestern Duval County, Texas. URANIUM RESOURCES, INC. (NASDAQ:URRE) Recent Trading Information
URANIUM RESOURCES, INC. (NASDAQ:URRE) closed its last trading session up +0.50 at 2.25 with 7,983,604 shares trading hands.