14th Jul 2016 08:49
LONDON (Alliance News) - Uranium Resources PLC said Thursday its major shareholder and strategic investor Estes Ltd has agreed to extend the terms of all three of its loans.
Uranium said Estes has extended the terms of its USD1.0 million and USD300,000 loan facility agreements until September 30 from the end of June, and has extended the availability period of its USD440,000 loan facility to July 31, having previously also been due to expire at the end of June.
Estes owns a 55% stake in Uranium and, as such, the extension of the loan terms constitute related-party transactions.
Uranium's independent directors, being Managing Director Alex Gostevskikh, Non-Executive Director Andrew Lewis, Non-Executive Director James Pratt, and Non-Executive Chairman Mark Purits, consulted with Uranium's nominated advisor Northland Capital Partners Ltd and found that the revised terms of the loan facilities are "fair and reasonable in so far as the company's shareholders are concerned".
Shares in Uranium were untraded on Thursday, having last traded at 0.269 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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