Uranium Resources (URRE) Says Churchrock Sale Agreement Extended

October 3, 2016 5:02 PM EDT
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Uranium Resources, Inc. (URI) (Nasdaq: URRE) announced that it has entered an amendment letter to extend its agreement with Laramide Resources Ltd. (Laramide) to sell URI’s Churchrock and Crownpoint properties in New Mexico until November 30, 2016 in exchange for an extension payment of $250,000 US in cash payable to URI on or before October 21, 2016.

Laramide previously agreed to purchase the Churchrock and Crownpoint properties for $12.5 million under certain terms and conditions previously announced. Other than an extension of the date by which either party could terminate that Agreement from September 30, 2016 to November 30, 2016, no further changes are made to the Share Purchase Agreement dated April 7, 2016 filed with the SEC as Exhibit 2.1 to URI’s Form 8-K filed on April 8, 2016. The $250,000 to be paid on or before October 21, 2016 will be treated as a pre-payment of the $12.5 million purchase price once the transaction closes, and will not be refunded nor credited under any other circumstances.

Christopher M. Jones, President and Chief Executive Officer, said “This demonstration of confidence in closing the Churchrock sale with Laramide allows us to extend the deadline. We appreciate the effort and confidence that the Laramide team has and will put forth.”

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