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URRE > SEC Filings for URRE > Form 8-K on 10-Jan-2017All Recent SEC Filings

Show all filings for URANIUM RESOURCES INC /DE/

Form 8-K for URANIUM RESOURCES INC /DE/


10-Jan-2017

Entry into a Material Definitive Agreement, Completion of Acquisition


Item 1.01 Entry into a Material Definitive Agreement.

As previously disclosed, on April 7, 2016, Uranium Resources, Inc. (the "Company") and its wholly owned subsidiary URI, Inc. entered into a Share Purchase Agreement (as amended, the "SPA") with Laramide Resources Ltd. ("Laramide"), which was subsequently amended on December 14, 2016. Under the SPA, the Company agreed to sell its wholly owned subsidiary Hydro Resources, Inc. ("HRI"), which holds the Company's Crownpoint and Churchrock properties (the "Transferred Properties"), to Laramide for a three-year promissory note in the amount of $5,000,000 (the "Note"), among other consideration. On January 5, 2017, the Company entered into Amendment No. 2 to the SPA ("Amendment No. 2"), which, among other things, provided for a mortgage over the Transferred Properties securing Laramide's repayment obligations under the Note.

The foregoing description of Amendment No. 2 is not complete and is qualified in its entirety by the full text of Amendment No. 2, a copy of which is filed herewith as Exhibit 2.1 and incorporated into this Item 1.01 by reference.



Item 2.01 Completion of Acquisition or Disposition of Assets.

The transaction under the SPA closed on January 5, 2017. At the closing, the Company transferred HRI to Laramide for $2,500,000 in cash, common stock and warrants from Laramide valued at $500,000, and the Note. The Company also retained a 4% net smelter royalty on the Churchrock project, which Laramide may purchase for $4,950,000 during the first year following the closing of the transaction. The Company will also have an option to purchase Laramide's La Sal project for $3,000,000, and an option to purchase Laramide's La Jara Mesa project in Cibola County, New Mexico for $5,000,000, both of which options expire one year following the closing of the transaction.



Item 7.01 Regulation FD Disclosure.

On January 5, 2017, the Company issued a press release announcing the closing of the transaction under the SPA. A copy of the press release is furnished herewith as Exhibit 99.1.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.                                Description
    2.1          Amendment No. 2, dated January 5, 2017 and effective December 22,
               2016, to Share Purchase Agreement, dated April 7, 2016, between
               Uranium Resources, Inc., URI, Inc. and Laramide Resources Ltd.
   99.1          Press Release dated January 5, 2017.


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