The funds were obtained from RMB Australia Holdings through a short-term bridge loan agreement at an interest rate of 7.5% per annum.
The company is mandated to repay the credit loan upon receiving funds from any source in excess of $6m or before the maturity date of the facility. However, it is keen to pay back the loan following the procurement of funds due from the State of Wyoming Industrial Development Bond program.
Further, RMB Australia has conditionally approved further debt financing of $20m through secured loan facility. Additional funds are expected to facilitate the acquisition and advancement of the Pathfinder Mines assets in Wyoming.
Ur-Energy president and CEO Wayne Heili stated that through these credit facilities, the company is securing financing alternatives for both the completion of Lost Creek and the acquisition of Pathfinder mines.
"While the Wyoming bond funding continues to advance with the preparation and review of all the necessary documentation, Ur-Energy has proactively secured the ability to pursue its two primary growth objectives until the State funding becomes available," added Heili.
