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Assets Held for Sale | 12 Months Ended
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Dec. 31, 2016
Assets Held For Sale |
Assets Held for Sale | 5. ASSETS HELD FOR SALE On April 7, 2016, the Company entered into the Laramide SPA with Laramide Resources for the sale of its wholly-owned subsidiary Hydro Resources, Inc., which holds the Company’s Churchrock and Crownpoint projects. On December 5, 2016, the Company and Laramide agreed to amend the terms of the Laramide SPA. Under the terms of the amended Laramide SPA, the Company is set to transfer ownership of the Churchrock and Crownpoint projects in exchange for the following consideration from Laramide Resources at closing: · $2.5 million in cash, of which $250,000 was paid in advance on October 21, 2016; · $500,000 of Laramide common stock and warrants; · a $5.0 million promissory note, secured by a mortgage over the projects. The note has a three-year term and carries an initial interest rate of 5% which then increases to 10% upon Laramide Resources decision regarding commercial production at the Churchrock project. Principal payments of approximately $1.5 million are due and payable on January 5 in each of 2018, 2019 and $2.0 million on January 5, 2020. Interest is payable on a quarterly basis, provided however that no interest will be payable prior to the first principal payment in 2018. Laramide has the right to satisfy up to half of each of these payments by delivering shares of its common stock to the Company, which shares will be valued by reference to the VWAP for Laramide’s common stock for the 20 trading days before the respective anniversary of January 5, on which each payment is due; · a retained 4.0% NSR Royalty on the Churchrock project, which royalty may be repurchased by Laramide by January 5, 2018 for $4.95 million; and · an option to purchase Laramide’s La Sal project for $3.0 million and an option to purchase the La Jara Mesa project for $5.0 million. The closing under the Laramide SPA occurred on January 5, 2017. As a result, the assets and liabilities associated with the Churchrock and Crownpoint projects have been classified as held-for-sale as of December 31, 2016 and December 31, 2015. Assets held-for-sale includes $2.1 million related to the portion of the Churchrock project acquired from Energy Fuels Inc. in 2015. Liabilities held for sale consisted of $105,000 related to a reclamation obligation at the Crownpoint project and $450,000 related to a royalty obligation payable upon commencement of production at the Crownpoint project.

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