Hudson Resources entered into amendment agreements with Cordiant Capital and Apex Asset Management to extend the maturity date of its $10 million six month bridge loan facility and the interest payments on its senior loan and subordinated loan to July 31, 2020.
In June, Hudson Resources 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.
The company also previously announced on June 17, 2020 and June 30, 2020 subsequent extensions of the loan’s maturity date to July 22, 2020. The current extension allows the company and lenders additional 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 restructuring the debt of Hudson Greenland; however, the agreement in principle does not contain legal obligations on the part of either Hudson or the lenders to consummate the debt restructuring transaction.
Hudson has commenced activities to restart the White Mountain anorthosite mine in Greenland. Operations personnel are being hired and mobilized to the site with the objective of achieving normal operations in August. Hudson and the Greenland government have agreed to COVID-19 protocols which allow the company to recommence activities safely while protecting local communities in Greenland.
Hudson owns and operates the White Mountain anorthosite mine in Greenland through its wholly owned subsidiary, Hudson Greenland. The company also holds 100% of the Sarfartoq rare earth element and niobium exploration license in Greenland.
