Notes Payable

6 Months Ended

Jun. 30, 2014

Notes Payable [Text Block]

8.	Notes Payable
	In December 2013 the Company obtained a $20,000,000 loan through the Wyoming Industrial Development Revenue Bond program (the "Loan"). The Loan has an annual interest rate of 5.75% and is repayable over seven years, maturing on October 15, 2020. The Loan calls for the payment of interest only for the first year, with the amortization of principal plus interest over the remaining six years. The Loan can be repaid earlier than its maturity date if the Company so chooses without penalty or premium. The Loan is secured by a charge on most of the assets of the Company including the Company’s mineral properties, processing facility, and equipment as well as an assignment of all of the Company’s right, title and interest in and to the Product Sales Contracts and Processing Agreement, which are referenced in Note 14.
	The Company incurred financing costs of $327,348, and as of June 30, 2014, the Company had unamortized debt issuance costs of $266,664 (December 31, 2013 - $307,120) which are being amortized over the life of the note payable.
	The Company will make the following principal repayments:

Year Ended:
December 31, 2014	$	Nil
December 31, 2015		2,876,280
December 31, 2016		3,045,266
December 31, 2017		3,224,181
December 31, 2018		3,413,608
December 31, 2019		3,614,163
December 31, 2020		3,826,502
Total		20,000,000
Less: current portion		(1,417,615	)
Long-term portion	$	18,582,385