Hudson Resources entered into an amendment agreement with Cordiant Capital and Apex Asset Management to extend the maturity date of its $10 million six month bridge loan facility to June 30, 2020.
As previously announced on June 11, Hudson 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 extension allows Hudson, as well as Cordiant Capital and Apex Asset Management, additional time to finalize the details and terms of a definitive agreement which will be subject to applicable regulatory approvals.
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 (REE) and niobium exploration license in Greenland.
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.
