Mr. Jim Cambon reports
HUDSON RESOURCES AND LENDERS AGREE TO ADDITIONAL SHORT-TERM EXTENSION OF LOAN MATURITY
Hudson Resources Inc. has entered into an amendment agreement with Cordiant Capital Inc. and Apex Asset Management AG to extend the maturity date of its $10-million (U.S.) six-month bridge loan facility to July 22, 2020. The company announced on June 11, 2020, that it has reached an agreement in principle with the lenders to restructure the outstanding debt on the White Mountain anorthosite mine and to provide an injection of working capital into Hudson Greenland A/S. The company also previously announced on June 17, 2020, an initial extension of the loan's maturity date to June 30, 2020. The current extension allows the company and lenders greater time to finalize the details and terms of a definitive agreement, which will be subject to applicable regulatory approvals.
Hudson and its lenders are committed to completing a transaction in order to restructure the debt of Hudson Greenland; however, the agreement in principle does not contain a legal obligation on the part of either Hudson or the lenders to consummate the debt restructuring transaction. There can be no assurance that the debt restructuring will be completed on the terms described in this news release.
Hudson owns and operates the White Mountain (Qaqortorsuaq) anorthosite mine in Greenland through its wholly owned subsidiary, Hudson Greenland A/S. The company also holds 100 per cent of the Sarfartoq rare earth element (REE) and niobium exploration licence in Greenland.
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