Vancouver-based Hudson Resources Inc. said Dec. 18 that it signed definitive agreements with its existing lenders, Cordiant Capital Inc. and its affiliates, and Romeo Fund-Flexi and its affiliates, for an additional US$10 million bridge loan facility.

The additional facility, which is valid for six months and will bear 20% interest per annum, is designed to facilitate completion of deliveries to lead customers and of the company's strategic process.

The company said that it intends to draw down US$6 million immediately.

The additional loan is set to expire June 16, 2020. In connection with the additional loan, Hudson issued a total of 29.4 million share purchase warrants to the lenders.

Each warrant entitles the holder to purchase 1 additional share in the capital of Hudson until Dec. 16, 2020, at an average exercise price of 32.5 U.S. cents apiece.

The net proceeds of the financing are earmarked to support logistical costs associated with Hudson's fulfillment of its first customer purchase order, repayment of temporary loans from the existing lenders, replenishment of restricted cash reserves under the existing loan facility, working capital and general corporate purposes.

Meanwhile, the company said that it has shipped 3,700 tonnes of its anorthosite product from its Savannah warehouse, with the remaining 1,300 tonnes of the first order to be shipped before the end of the year.