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Chequed out: Inside the payday loan cycle


Jillane Mignon just needed cash to pay for day care.

Her job with the City of Winnipeg’s 311 program covered the bills, but not the $1,000 a month it cost to care for her son while she was at work.

“When there are [child care] subsidies, there are no spaces. When there are spaces, there’s no subsidy.”

So it started with a small loan from a payday lender. That took care of that month.

Story continues below

“And then when you get your paycheque, half your paycheque is already gone to pay the lender. So then you have to borrow again.”

At one point, she said, she owed money to four different payday loan outlets – all the money taken out to pay existing loans, plus their rapidly accumulating interest, and get her through to the next paycheque, which was quickly swallowed up in more loan payments.

When Mignon decided to dig herself out of payday loan debt once and for all, she did so “painfully.”

“The last time I took [out a payday loan] I said, ‘Whatever my paycheque comes back as after I pay them back, I’m going to live on,” she said. “Painfully.

“Food banks. Salvation Army. Swallow your pride.”

Read the series

Instability trap: When you’re income rich, but asset-poorCanadians want work. Why have so many stopped looking?Feb. 17: Life in the temp laneFeb. 23: Retirement lost

Graphic by Janet Cordahi

Fringe finances by postal code

It’s a familiar predicament for many – one that’s earned payday lenders and cheque-cashing outlets a reputation for exploiting people who need cash quickly and have no other option.

Money Mart came under fire shortly before Christmas for its practice of exchanging gift cards for half their value in cash. At the time, Money Mart said it was “offering customers a convenient, value-added product though this service.” It eventually suspended the practice.

Neither Money Mart nor the Cash Store would speak with Global News for this article.

But Stan Keyes, a former Minister and Liberal MP for Hamilton, Ont., and head of Canada’s Payday Loan Association, argues these businesses – licensed and regulated by provinces, he notes – are filling a need no one else is meeting.

“What alternative do borrowers have?” he asked.

Squash or regulate the industry out of existence, he warns, and you leave people who need small cash infusions quickly without other options.

“If licensed payday lenders were forced to close their doors, say due to overregulation, the demand for the small sum short term loan does not dry up,” he said. “So I suppose those who claim to speak for payday loan borrowers, some of them often misinformed, don’t mind forcing those who need the small sum financing to, what? Take their television off the wall and take it to a pawn shop?”

Keyes said the fees and interest rates (about $21 for $100 at Money Mart, for example), often criticized as high, are necessary because of the risk taken on by lenders who don’t do credit checks. He also thinks citing annual interest rates of several hundred per cent is misleading because these are short-term loans.

There are about 1,500 payday lender outlets across the country. They skyrocketed in growth in the early 2000s, then levelled off. A 2005 Financial Consumer Agency of Canada survey found about 7 per cent of Canadians say they’d used the services.

A Global News analysis has found payday lenders overwhelmingly concentrated in low-income neighbourhoods and neighbourhoods with a high proportion of people receiving social assistance.

(Keyes, for his part, argues they’re simply located where the commerce is.)

Global News used tax data obtained from Statistics Canada and business location information from Red Lion Data to map payday loan locations against income and social assistance.

Interactive: Explore the map below to see how payday lending locations correlate with social assistance levels in your neighbourhood. Click a circle or coloured shape for more information; click and drag to move around.

Payday loan stores and welfare rates »

Payday loan stores and welfare rates

Payday loan stores and income »

Payday loan stores and income

Most payday loan customers are lower middle class, says Jerry Buckland, a University of Winnipeg and Menno Simons College professor who’s written a book about the practices of these “fringe” financial institutions.

But the heaviest users – the ones who get trapped in a cycle of high-interest debt – are the poorest borrowers.

“It’s those people closer to the edge who aren’t able to pay that payday loan off.”

So maybe they take out another payday loan to fill the gap. And then they’re stuck.

The problem, Buckland argues, is that payday lenders fill a need that traditional banks aren’t.

“Mainstream banks have, over the course of 30 years, shut down more branches in lower-income neighbourhoods,” he said.

“A big thing right now that I see the feds pushing is this financial literacy. And while on the one hand I think financial literacy is important, it certainly doesn’t solve the problem of financial exclusion.”

Maura Drew-Lytle, spokesperson for the Canadian Bankers Association, says banks have done a lot to make themselves more accessible, including offering low-cost accounts for about $4 a month. And as of January, 2015, she said, they’re offering basic, no-cost accounts for low-income seniors, people on disability assistance, students and youth.

She also notes the number of bank branches in Canada “has actually been increasing.”

“Banks have been very focused on customer srvice over the last decade or so. You’ve seen big changes in branches. … It’s not just a line of tellers any more.”

But Tamara Griffith, Financial Advocacy and Problem Solving Program Coordinator at Toronto’s West Neighbourhood House, says there are still barriers in place – including something as basic as photo ID, the lack of which can limit what a person can do with a bank account.

She and her colleagues will often accompany people when helping them open an account, she said, to help demystify the process and ensure they get what they need.

“Because we know once you walk in, you’re being sold a whole bunch of things,” she said.

“You just want a bank account: You don’t need an overdraft, you don’t need a line of credit, you don’t need a credit card. And every time, it’s the same pitch. And we say, ‘Okay, no we just need a bank account.’”

Many of the people Griffith works with are using credit cards to supplement their income, she said – not for luxuries, but just to get by. They pay the minimum payment as long as they can until the accruing interest becomes financially ruinous.

Vancouver’s VanCity credit union took matters into its own hands a couple of years ago, says Linda Morris, the bank’s Senior Vice President of Business Development, Member and Community Engagement.

“We’d been seeing studies coming out of the States, but also Canada, about people who’d be underserved, or not served at all, by conventional banking,” she said.

So they did their own research – and found even some of the credit union’s own members reported using payday lenders of cheque-cashing facilities.

“That concerned us greatly, because we know the cycle of debt people can get into. … We have people come in who have three different payday lenders they owe money to.”

At the same time,” she added, “when you take a loan with a payday loan, you’re really not developing a credit history. And that’s really important also.”

Last April, VanCity launched its Fair and Fast loan program – essentially, small-scale loans, available within an hour. In July, they added a cheque-cashing component.

“We’re seeing very little delinquency. So far, people are paying back their loans. It seems to be working.

“The larger question, of course, is will we break the cycle.”

San Francisco is asking itself the same question.

In 2005, the city enacted a moratorium on new cheque-cashers and payday lenders.

“We felt at the time we were pretty saturated with those types of organizations,” said Leigh Phillips, director of the city’s Office of Financial Empowerment.

“Our regulatory authority is very, very limited – these are companies that are regulated by the states,” She said. But “we wanted to do something.”

Other cities followed suit with legislation of their own, she said – Los Angeles, San Diego and San Jose among them.

That tackled one part of the problem. It’s still trying to measure how it’s doing on the other half – meeting the need that was driving the growth of these types of businesses in the first place.

The city also launched a Bank on San Francisco program, partnering with existing financial institutions to offer accessible, low-cost accounts.

In many cases, Phillips said, these were “second chance” banking products – for people with poor credit histories or who’d had bad experiences with banks in the past. They also addressed barriers ranging from identification requirements to often-incapacitating overdraft fees.

But while they surpassed their initial goal of getting accounts for 10,000 people in their first year, the program has been tougher to track since then. Phillips said it “looked like” about 80 per cent of those new clients kept their accounts open, which is good.

Just as importantly, she adds, “it’s made financial management a more concrete part of the anti-poverty conversation.”

‘That endless cycle … will drive you insane’

Jillanne Mignon got out of her payday loan debt – ‘painfully.’

Anna Mehler Paperny/Global News

Among the many things on Mignon’s to-do list once she graduates from her community economic development program at Toronto’s Centennial College is work with micro-loans.

“I like the model of microloans because it opens the lending market ot people who are normally shut out,” she said. “People who normally go to these, I call them loan sharks, these payday loan places these pawn shops, to get these monies and then they get caught in these ridiculous circles of high interest rates. …

“I know that endless cycle. It will drive you insane.”

Tell us your story: Have you been trapped in a payday loan cycle?

Note: We may use what you send us in this or future stories. We definitely won’t publish your contact info.

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Colt Defense LLC Enters into a New $33 Million Senior Secured Term Loan Facility.


Colt Defense LLC (“Colt”) announced today that it has entered into a new senior secured term loan facility with Cortland Capital Market Services LLC, as agent, and certain lender parties thereto (the “Cortland Facility”). The Cortland Facility provides for a term loan of $33 million, which includes the arrangement of certain cash collateralized letters of credit in an aggregate face amount of up to $7 million, of which approximately $5 million will be used in connection with the termination of Colt’s existing revolving credit agreement. Proceeds from the Cortland Facility will be used to repay all amounts outstanding under Colt’s existing revolving credit agreement and terminate such revolving credit agreement, for cash collateral for certain letters of credit, to pay fees incurred in connection with the consummation of the Cortland Facility and the termination of the existing revolving credit agreement, for additional liquidity and for general working capital purposes. The Cortland Facility provides for the accrual of interest at a fixed rate of 10% per annum and matures August 15, 2018. The lenders under Colt’s existing term loan agreement dated as of November 17, 2014 (the “Term Loan Agreement”) have also agreed to amendments to the Term Loan Agreement necessary for Colt to enter into the Cortland Facility.

About Colt Defense LLC

Colt is one of the world’s oldest and most renowned designers, developers and manufacturers of firearms for military, personal defense and recreational purposes. Our founder, Samuel Colt, patented the first commercially successful revolving cylinder firearm in 1836 and, in 1847, began supplying U.S. and international military customers with firearms that have set the standards of their era. The “Colt” name and trademarks stand for quality, reliability, accuracy and the assurance of customer satisfaction. Our brand and global footprint position us for long-term growth in a world market that offers continued opportunities in all of our sales channels: military, law enforcement and commercial. We operate from facilities located in West Hartford, Connecticut and Kitchener, Ontario, Canada. More information on Colt Defense LLC is available at and

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to the “safe harbor” created by those sections. Any statements about the Company’s expectations, beliefs, plans, objectives, assumptions or future events or Company’s future financial performance and/or operating performance are not statements of historical fact and reflect only the Company’s current expectations regarding these matters. These statements are often, but not always, made through the use of words such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “predict,” “potential,” “estimate,” “plan” or variations of these words or similar expressions. These statements inherently involve a wide range of known and unknown uncertainties. The Company’s actual actions and results may differ materially from what is expressed or implied by these statements. Factors that could cause such a difference include, but are not limited to, those set forth as “Risk Factors” in the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2013, which was filed with the Securities and Exchange Commission on September 15, 2014, as updated by the Company’s Quarterly Report on Form 10-Q/A for the quarter ended September 28, 2014, which was filed with the Securities and Exchange Commission on December 2, 2014. Given these factors, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance nor use historical trends to anticipate results or trends in future periods. The Company expressly disclaims any obligation or intention to provide updates to the forward-looking statements and estimates and assumptions associated with them.

FinanceInvestment & Company InformationSamuel Colt Contact:

Colt Defense LLC
Sheri Miller, 1-860-236-6311 x1505


Easyhome Enters Into Binding Agreement To Buy Cash Store Locations

By RTT News, January 18, 2015, 07:59:00 PM EDT


( – easyhome Ltd. (EH.TO) announced that its subsidiary, easyfinancial Services Inc., has entered into a binding agreement to purchase the lease rights and obligations for up to 47 retail locations across Canada, together with certain related assets at certain locations from The Cash Store Financial Services Inc.

Upon completion of the Transaction, these retail locations will be opened as new easyfinancial branches providing consumer loans to Canadian consumers.

easyfinancial noted that it submitted its proposal in accordance with Cash Store’s secondary sale process conducted under Cash Store’s proceeding under the Companies Creditors Arrangement Act (Canada). The Agreement and the completion of the Transaction remain subject to Court approval in Canada and the satisfaction of certain closing conditions customary to transactions of this nature. The Company anticipates closing the Transaction within the first quarter of 2015.

As per the terms of the Agreement, easyfinancial will assume the lease rights and obligations for up to 32 retail locations currently occupied by Cash Store immediately upon closing, subject to, among other conditions, Court approval. Additionally, the Company will also assume the lease rights and obligations for up to a further 15 retail locations currently occupied by Cash Store upon successful negotiation of lease extension or new agreements with the relevant landlords. The purchase price will not be disclosed until the Transaction closes.

“We are excited by the opportunity to acquire additional locations in Canada,” said David Ingram, easyhome’s President and Chief Executive Officer. “This acquisition will allow us to accelerate our retail footprint at easyfinancial as we were able to carefully select the best locations to match our unfilled targeted geography. The timing aligns very well as consumer demand for an alternative to banks and payday loans has grown significantly over the last 12 months and these branches will provide further access and convenience.”

The Company expects the Transaction to be accretive to earnings over the long term, as it accelerates loan book growth and provides further economies of scale. As a result of the Transaction, easyfinancial will increase its 2015 new easyfinancial openings from 40-45 to 60-65 branches and the loan book target for 2015 will increase from C$260 million -C$270 million to C$280 million- C$295 million.

In the short term, the new store drag associated with the incremental 20 store openings is expected to reduce earnings per share in 2015 by approximately C$0.10, but increase earnings per share by approximately C$0.15 in 2016 and add C$0.25 in 2017.

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Alderon Implements Cash Preservation Program

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Dec 9, 2014) – Alderon Iron Ore Corp. (ADV.TO)(NYSE MKT:AXX) (“Alderon” or the “Company”) reports that it has implemented a comprehensive cash preservation program that will allow the company to maintain a healthy working capital position into 2017 without the need to access equity or debt financing during the intervening period, aside from the financing required to commence construction at the Kami Iron Ore Project. Measures associated with this program include a number of voluntary vendor payment deferrals and relief from debt servicing requirements such as those outlined in the transaction with Liberty Metals & Mining Holdings, LLC (“LMM”) described below, and workforce reductions. The Company has kept its core team of executives intact which will allow it to continue to advance the Kami Project construction financing efforts and to commence construction in a rapid and seamless manner once such financing has been obtained.

“These cost savings measures do not mean we are now on care and maintenance,” says Mark Morabito, Executive Chairman of Alderon. “We are working more closely than ever with our partner Hebei Iron and Steel (“HBIS”) on increasing Chinese participation in the project in order to increase access to available capital from China. Earlier this year, The China National Development and Reform Commission (“NDRC”) said Chinese steelmakers should keep building up stakes in global iron-ore assets in the interests of China’s strategic security and “speaking rights,” or influence, in global trade. China’s ore imports rose 10% in 2013 to a record 819 million metric tons, according to customs data. The NDRC also said that China’s iron-ore demand will still rise, its reliance on imports won’t change, and the degree of monopoly in global iron-ore resources will still keep increasing.” Mr. Morabito adds, “this continuing commitment from our Chinese partners under NDRC mandate gives us confidence that we will be able move the Kami project into construction.”

One of the critical payment deferrals is in regards to the loan agreement (the “Loan Agreement”) that Alderon and its affiliate, The Kami Mine Limited Partnership, previously entered into with LMM for an amount of $22 million (the “LMM Loan”). The LMM Loan has interest payable semi-annually on June 30 and December 31 of each year at a rate of 8% per annum. The principal and interest amounts of the LMM Loan are convertible into common shares of Alderon. LMM has agreed to defer the next two interest payments due under the LMM Loan. These payments total $1,795,200 with $880,000 payable on December 31, 2014 and $915,200 payable on June 30, 2015. The deferred interest payments will be added to the principal amount of the LMM Loan and paid at maturity on December 31, 2018.

As consideration for the deferral of these interest payments, it has been agreed that LMM will receive common share purchase warrants. The number of warrants that will be received by LMM for each interest payment will be calculated by dividing the amount of the interest payment by the volume weighted average trading price of the Alderon common shares on the Toronto Stock Exchange for the five trading days prior to the date of each interest payment, plus a 10% premium (the “Warrant Price”). Each warrant will be exercisable until December 31, 2018 to acquire an Alderon common share at the Warrant Price.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City. The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by three producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at


On behalf of the Board

Mark J Morabito, Executive Chairman

Cautionary Note Regarding Forward-Looking Information

This press release contains “forward-looking information” within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to: (i) the time period that the Company’s working capital will last for, (ii) future debt and equity financings, (iii) future Chinese iron ore demand, (iv) commencement of construction at the Kami Project, and (v) the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.


Uranium Resources Reports 3Q 2014 Results and Estimates Lower Cash Spend in 2015


Uranium Resources, Inc. (URRE) reported its 3Q 2014 financial results with cash and cash equivalents of $7.9 million at the end of the third quarter and achieving one of its 2014 goals to reduce the cash spend below $1.0 million per month during the third quarter.

Highlights for 3Q 2014 and to date:

Net cash used in operating activities decreased by 13% to $2.9 million in 3Q 2014 compared with $3.3 million for 3Q 2013. Operating and mineral property expenses increased 5% to $1.0 million in 3Q 2014 from $0.9 million in 3Q 2013 but were lower by 7% from 2Q 2014. The Company is enhancing its mid-term path to production through a strategic and creative non-cash asset exchange agreement whereby it is acquiring prospective properties in South Texas, as announced in the Company’s news release of September 8, 2014.

Christopher M. Jones, President and Chief Executive Officer, said, “During the third quarter, we achieved one of our 2014 goals to reduce our cash spend below $1.0 million per month and we expect to continue at this pace in 2015. We project our total cash budget for 2015 to be less than $10 million or approximately 20% lower than our total spend in 2014.”

Mr. Jones continued, “As part of our cash conservation measures, we are temporarily curtailing generation of technical reports using the Canada National Instrument 43-101 standards for our projects, including rescheduling of the technical report for the Churchrock Project. We will deliver a technical report for our Roca Honda Project later this month as that work is almost complete.”

Financial Overview

The Company’s net loss in the third quarter was $4.0 million compared with a net loss of $3.3 million in 3Q 2013. The net loss increase was due to higher interest expense of $675,000, including non-cash amortization of debt discount of $485,000, and an increase of $47,000 in mineral property expenses, partially offset by a non-cash gain in derivatives of $145,000.

Mineral property expenses were 5% higher at $1.0 million in 3Q 2014 compared with a year ago, reflecting timing of a land holding cost payment for a project. The Company’s general and administrative expenses were $2.2 million in 3Q 2014, essentially flat against 3Q 2013, as lower payroll and insurance rates offset $133,000 in consulting services for one-time due diligence costs related to the land exchange transaction.

Cash and equivalents were $7.9 million at September 30, 2014 compared with $2.0 million at September 30, 2013 and $1.1 million at December 31, 2013. On November 5, 2014, the cash balance was approximately $7.0 million and total shares outstanding was 25.2 million.

Table 1: Financial Summary (unaudited)

($ in 000) Q3 2014 Q3 2013 Variance Cash and Cash Equivalents $ 7,887 $ 2,007 293 % Current Assets 9,085 2,474 267 % Current Liabilities 2,302 2,761 -17 % Working Capital 6,783 (287 ) n.a. Convertible Loan1 8,000 – n.a. Total Shareholders’ Equity $ 28,542 $ 33,512 -15 %


The current convertible loan totals $8.0 million at September 30, 2014. The convertible loan facility is recorded under long-term liabilities on the Company’s balance sheet at September 30, 2014 as a derivative liability at a fair value of $3.8 million and the convertible loan’s residual value of $3.9 million.

Table 2: Financial and Capital Summary (unaudited)

($ and Shares in 000, Except Per Share and Uranium Price)

Q3 2014

Q3 2013 Variance

First Nine
Months 2014

First Nine
Months 2013

Variance Net Cash Used in Operations $ (2,865 ) $ (3,289 ) -13 % $ (9,647 ) $ (11,513 ) -16 % Mineral Property Expenses 987 940 5 % 2,929 3,682 -20 % General and Administrative 2,203 2,175 1 % 7,002 6,750 4 % Interest & Fees Paid on Convertible Loan 200 – n.a. 885 – n.a. Net Loss $ (3,994 ) $ (3,273 ) 22 % $ (10,583 ) $ (11,943 ) -11 % Net Loss Per Share $ (0.16 ) $ (0.17 ) -6 % $ (0.44 ) $ (0.63 ) -30 % Avg. Weighted Shares Outstanding 24,954 19,820 26 % 23,987 18,996 26 % Uranium Average Spot Price (source:UxC) $ 31.17 $ 35.87 -13 % $ 31.99 $ 39.54 -19 %

During the first nine months of 2014, the Company utilized its At The Market (ATM) sales agreement and sold 788,186 shares for net proceeds of $2.6 million. There remains approximately $6.3 million under the ATM sales agreement. The Company expects that its existing cash and the ATM will provide it with working capital through the third quarter of 2015.

Mr. Jones commented, “We have the financial flexibility over the near term to realize further cost reductions and adjust our business priorities. The recent fall in commodity stocks, including in the uranium sector, emphasizes our continuing need to be financially nimble. We will be judicious in monitoring our financial position and maintain our ability to restart production when uranium prices strengthen.”

All periods prior to 4Q 2013 were restated to expense certain costs. The restatement did not impact the Company’s cash position, financing agreement or progress on operating plans.


At Rosita in South Texas, wells in a previously mined part of the project area are undergoing plugging as part of restoration work. Both Rosita and Kingsville Dome remain on standby for a potential restart when there is a sustained recovery in uranium prices and such restart would be subject to project financing.

Uranium Market Commentary

Since mid-July 2014, the uranium spot price has increased over 30% to the current $38 per pound level, while the long-term price has crept up only $1 to $45 per pound, according to UxC Consulting. Industry analysts attribute the rise in the spot price to the brief strike at Cameco’s McArthur River Mine in Canada, curtailment of mine production from the still low uranium price and more traders being active in the spot market. In September 2014, a weakening energy sector precipitated declines in the commodity and uranium stocks.


During the remainder of 2014, the Company expects to:

Generate a Canada National Instrument 43-101 compliant technical report for the Roca Honda Project in New Mexico, Maintain costs under $1.0 million per month, and Pursue additions of quality mineral resources within an economic haulage distance for processing at the Company’s two facilities in South Texas, as well as opportunistic, value-accretive acquisitions and/or operating/processing agreements.

Conference Call/Webcast Details

The Company is hosting a conference call and webcast to discuss its 3Q 2014 financial results and recent developments today, November 6, 2014, at 11:00 a.m. Eastern time (9:00 a.m. Mountain). The conference call and presentation are also available via a live webcast through the Company’s website,

Dial-in Numbers:

+1 (800) 319-4610 (U.S. and Canada)

+1 (604) 638-5340 (International)

Conference ID:

Uranium Resources Conference Call

A replay of the call will be available on the Company’s website through November 27, 2014.

Replay Numbers:

+1 (800) 319-6413 (U.S. and Canada)

+1 (604) 638-9010 (International)


1426 followed by the # sign.

About Uranium Resources

Uranium Resources, Inc. was incorporated in 1977 to explore, develop and recover uranium. Uranium Resources has two licensed and currently idled processing facilities and over 16,000 acres of prospective in situ recovery (ISR) projects in Texas. In New Mexico, the Company holds a federal Nuclear Regulatory Commission license to recover up to three million pounds of uranium per year using the ISR process at certain properties and controls minerals rights encompassing approximately 200,000 acres in the prolific Grants Mineral Belt in New Mexico, which holds one of the largest known concentrations of sandstone-hosted uranium deposits in the world. The Company acquired these properties over the past 25 years, along with an extensive uranium information database of historic drill hole logs, assay certificates, maps and technical reports for the Western United States.

Cautionary Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” and other similar words. All statements addressing operating performance, events or developments that the Company expects or anticipates will occur in the future, including but not limited to statements relating to (i) the timing or occurrence of production at or restoration of the Company’s properties, (ii) future improvements in the demand for and price of uranium, (iii) the adequacy of funding for the Company through 2015, (iv) expected reductions in the Company’s operating expenses and cash spend, (v) the completion of a technical report for the Company’s Roca Honda Project, (vi) additions of reserves and resources or acquisitions, including through the closing of the asset exchange announced in the Company’s news release of September 8, 2014 and (vii) entry into operating or processing agreements are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include, but are not limited to, (a) the Company’s ability to raise additional capital in the future; (b) spot price and long-term contract price of uranium; (c) the Company’s ability to reach agreements with current royalty holders; (d) operating conditions at the Company’s projects; (e) government and tribal regulation of the uranium industry and the nuclear power industry; (f) world-wide uranium supply and demand; (g) maintaining sufficient financial assurance in the form of sufficiently collateralized surety instruments; (h) unanticipated geological, processing, regulatory and legal or other problems the Company may encounter; and other factors which are more fully described in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

Uranium Resources, Inc.

Consolidated Balance Sheets


September 30, December 31, 2014 2013 ASSETS

Current Assets:

Cash and cash equivalents $ 7,887,315 $ 1,117,303 Receivables, net 361,550 47,578 Prepaid and other current assets 836,037 638,100

Total Current Assets

9,084,902 1,802,981 Property, plant and equipment, at cost: Property, plant and equipment 96,415,388 96,407,310 Less accumulated depreciation, depletion and impairment (65,780,634 ) (65,566,411 ) Net property, plant and equipment 30,634,754 30,840,899

Restricted cash

4,010,968 4,010,937

Total Assets

$ 43,730,624 $ 36,654,817


Current Liabilities:

Accounts payable $ 754,272 $ 1,243,169 Accrued liabilities 1,337,767 1,775,491 Current portion of asset retirement obligations 203,553 – Current portion of capital leases 6,491 10,543

Total Current Liabilities

2,302,083 3,029,203 Asset retirement obligations, net of current portion 3,839,102 3,833,608 Derivative liability – convertible loan 3,811,876 2,169,408 Convertible loan, related party 3,885,197 1,024,715 Other long-term liabilities and deferred credits 1,350,000 1,350,000 Long-term capital leases, less current portion – 4,495

Total Liabilities

15,188,258 11,411,429

Commitments and Contingencies

Stockholders’ Equity:

Common stock, 200,000,000 shares authorized, $.001 par value; 25,167,846 and 19,820,258 shares issued and outstanding, respectively 25,172 19,824 Paid-in capital 230,579,521 216,703,028 Accumulated deficit (202,052,909 ) (191,470,046 ) Less: Treasury stock (3,813 shares), at cost (9,418 ) (9,418 ) Total Stockholders’ Equity 28,542,366 25,243,388 Total Liabilities and Stockholders’ Equity $ 43,730,624 $ 36,654,817

Uranium Resources, Inc.

Consolidated Statements of Operations


Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013 (Restated) (Restated)

Operating expenses

Mineral property expenses




$ (940,017 ) $ (2,928,995 ) $ (3,682,470 ) General and administrative (2,202,952 ) (2,174,862 ) (7,001,670 ) (6,749,980 ) Accretion of asset retirement obligations (205,995 ) (97,435 ) (307,612 ) (292,305 ) Depreciation and amortization (68,271 ) (108,720 ) (245,977 ) (341,680 ) Impairment of uranium properties – (3,701 ) – (683,356 ) Total operating expenses (3,463,841 ) (3,324,735 ) (10,484,254 ) (11,749,791 )

Other income/(expenses)

Gain on derivatives 145,010 – 1,604,657 – Interest expense (679,168 ) (3,859 ) (1,717,234 ) (253,485 ) Other income, net 3,615 55,703 13,968 60,238

Total other income/(expense)

(530,543 ) 51,844 (98,609 ) (193,247 )

Net loss

$ (3,994,384 ) $ (3,272,891 ) $ (10,582,863 ) $ (11,943,038 )


$ (0.16 ) $ (0.17 ) $ (0.44 ) $ (0.63 )


24,954,029 19,820,258 23,986,792 18,995,957

Uranium Resources, Inc.

Consolidated Statements of Cash Flow


Nine Months Ended September 30,




Operating activities:

Net loss $ (10,582,863 ) $ (11,943,038 ) Reconciliation of net loss to cash used in operations: Accretion of asset retirement obligations 307,612 292,305 Amortization of debt discount


– Change in fair value of derivative liability (1,604,657 ) – Decrease in restoration and reclamation accrual (131,562 ) (1,269,663 ) Depreciation and amortization 245,977 341,680 Impairment of uranium properties – 683,356 Stock compensation expense 737,270 299,286 Common stock issued for land obligation 342,595 – Other non-cash items, net


73,875 Effect of changes in operating working capital items: Decrease in receivables 45,016 258,532 Increase in prepaid and other current assets



(17,274 ) Increase/(decrease) in payables, accrued liabilities and deferred credits 60,462 (231,931 )

Net cash used in operating activities



(11,512,872 )

Cash flows from investing activities:

Reduction in restricted cash – 5,481,015 Reductions in uranium properties – (122,165 ) Purchases of equipment (6,834 ) – Net cash provided by/(used in) investing activities (6,834 ) 5,358,850 Cash flows from financing activities: Proceeds from convertible loan 5,000,000 – Payments on borrowings (8,547 ) (103,173 ) Issuance of common stock, net


3,599,432 Payment of minimum withholding taxes on net share settlements of equity awards (87,220 ) –

Net cash provided by financing activities


3,496,259 Net increase/(decrease) in cash and cash equivalents 6,770,012 (2,657,763 ) Cash and cash equivalents, beginning of period 1,117,303 4,664,596

Cash and cash equivalents, end of period

$ 7,887,315 $ 2,006,833 Cash paid during the period for: Interest $ 21,301 $ 2,970 Other non-cash transactions: Common stock issued for payment of convertible loan fees and interest $ 676,409 $ – Common stock issued for repayment of short-term loan principal and interest – 5,095,833 Common stock issued for the settlement of litigation 333,847 – Common stock issued for services – 291,500 Restricted stock issued for services – 47 Total other non-cash transactions for the period: $ 1,010,256 $ 5,387,380 FinanceInvestment & Company Information Contact:

Uranium Resources, Inc.

Wendy Yang, Investor Relations

(303) 531-0478 […]

What should you consider before taking a loan on your Registered Retirement Savings Plan (RRSP)?


Deciding to borrow money from your retirement plan can be complicated. If you are considering taking out a loan from your plan, it pays to have a strategy in place ahead of time. The Registered Retirement Savings Plan is one of the best savings tax shelters in Canada, since your contributions are tax-deductible and investment growth is tax-deferred until you take a withdrawal. It is not designed as a lending vehicle, even though it has that functionality.

Why would you consider an RRSP loan? For one, interest rates on RRSP loans are relatively low – prime plus 1% (as of 2014) – at least for the first year. Even if your bank uses a constant interest rate projection for the loan, it is important to understand that RRSP interest rates are not locked in.

If you are in a cash crunch, and other available lending options have far less attractive rates, it might be worth looking at your RRSP. If you already have a lot of debt, however, do not take out a low-rate RRSP loan today if you are likely to be back in a high debt situation again. The cycle of taking out a loan from your retirement plan to pay off other credit balances with higher rates is likely to cripple the growth in your investment account.

Advertisements claim that RRSP loan balances can be offset by a tax refund, which allegedly can be used to pay back much of the loan. This is not necessarily true, and it tends to only be a useful strategy if you are in the highest income tax brackets. RRSP loans can result in deductions that lower your marginal tax rate, which means that your refund check is lower than you might expect. Interest on those loans is not tax-deductible, which is also an important consideration. This strategy also assumes that you do not use the refund check for anything other than paying down the loan balance.

It is tremendously advantageous if you can pay off the loan fairly quickly. Many banks defer payments by 60 to 90 days or until you receive your tax refund, giving you a chance to really limit how much interest you pay. However, interest begins accumulating as soon as the credit is granted.

The reason why you are taking out the loan also matters. Taking out a loan to purchase a home, for example, is often a better decision that taking out a loan to go on vacation, because you can benefit from the Home Buyer’s Plan offered through the Canada Revenue Agency.

Your RRSP is a long-term retirement account, and a loan only makes long-term sense if your investment returns are higher than the interest payments on the debt. Even then, the entire transaction might be a net loss in the long run if you are unable to make RRSP contributions during the tax year when you take out the loan.


Belvedere Resources Ltd: Private Placement and Loan

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct 15, 2014) – Belvedere Resources Ltd. (TSX VENTURE:BEL) (“Belvedere” or the “Company”) is proposing to undertake a non-brokered private placement to raise up to C$ 1 million through the issuance of up to 7,142,857 common shares of Belvedere at a price of C$ 0.14 per share. In addition, Zila Corporation, a company in which a director of Belvedere has a controlling interest, has agreed to lend C$ 200,000 to the Company (the “Loan”) for general working capital purposes. The Loan is to be repaid in cash within six months or upon completion of the private placement, whichever occurs first. The Loan is secured against the assets of the Company and is non-interest bearing. An arrangement fee of C$ 5,000 will be paid by the Company to the Lender in connection with the Loan.

The Loan will constitute a related party transaction under Multilateral Instrument 61-101 (“MI 61-101”). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61?101, as the Company intends to rely on the exemptions found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the transaction will not exceed 25% of Belvedere’s market capitalization.

The net proceeds from the private placement will be applied to repay the Loan and to the general working capital of the Company and development of mineral assets.

The private placement is subject to acceptance and approval by the TSX Venture Exchange.


David Pym, CEO; Suite #404, Vancouver World Trade Centre, 999 Canada Place, Vancouver, B.C. V6C 3E2, Canada

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Commodity MarketsFinance Contact:

Belvedere Resources Ltd.

David Pym



Belvedere Resources Ltd.

Steven Cuthill


+1-604-513-0007 […]

Payday loan industry defends its practices in Calgary as city considers restrictions

Stan Keyes, the head of a Canadian payday lenders association, says a push by city councillors for tighter restrictions on the industry in Calgary to reduce poverty is uniformed and misguided.

“It’s easy to say they take advantage of people,” Keyes said. “The truth is that among other small credit options … a payday loan might be the smartest option. These loans are less expensive than a series of overdrafts or defaulting on an auto loan or mortgage.”

At Monday’s council meeting, Brian Pincott, Druh Farrell and Andre Chabot will introduce a motion that calls on a clear definition of “payday loan businesses,” for bylaw amendments to prevent clustering of payday businesses and for higher licensing fees.

The motion says payday loan businesses and other “fringe financial lenders,” such as pawnbrokers and cash-for-gold operations, thwart poverty-reduction efforts by municipal and provincial governments.

“They rely on repeat customers. They encourage repeat loans,” Farrell said Sunday. “Often if people are unable to pay back the loan they encourage them to renew the loan and those are at usury interest rates.”

The motion follows recommendations made last June by a Calgary social services agency for the city to adopt stricter regulations on the payday loan industry.

‘The Real Cost of Payday Lending’ report by Momentum Community Economic Development said consumers should be adequately shielded through regulations and for governments, financial institutions and non-profits sectors to fill the void created by tighter rules.

“Consumers should be able to access it at a reasonable annual rate of interest,” said the report.

Canada’s Criminal Code allows for loans up to $1,500 for a maximum 62 days and caps the annual interest rate of 60 per cent. However, provinces can circumvent that cap and allow payday lenders to charge higher, annualized, rates.

Alberta, for example, allows payday lenders to charge up to 23 per cent interest on the principal amount.

Momentum said the provincial government should repeal the Alberta Payday Loans Regulations and adopt the Criminal Code’s maximum rate.

“(Payday lenders) are focusing on neighbourhoods where they can exploit the residents that can live there,” Farrell said. “We need people living in poverty, low-income wage earners to have more stable financial practices.”

Keyes dismissed the suggestion the payday loan industry targets low-income people, saying the businesses are often in walkable corridors and in stripmalls near banks.

He said the payday loan industry would welcome traditional financial institutes introducing similar short-term, small sum loans because the consumer would benefit from more options.

“The repercussions of putting too many restrictions on our industry could result in the industry in saying, ‘We’re scaling back,’ ” he said. “Where does that put the consumer? Going to unregulated, unlicensed online lenders is a real threat right across Canada today.”

Keyes hoped to speak on behalf of the industry at an upcoming SPC planning and urban development meeting later this month.



Sears to raise cash through Canadian ops sale

HOFFMAN ESTATES, Ill. (AP) — Sears, sorely in need of cash, is selling most of its stake in its Canadian unit to raise as much as $380 million.

The rights offering to shareholders for the majority of its 51 percent stake in Sears Canada Inc. will give the retailer some breathing room as it heads into the crucial holiday season.

The announcement Thursday is the last in a string of initiatives the company is undertaking to shore up finances. Sears said that it will evaluate its capital structure over the next six to 12 months and may take further action to create more financial flexibility.

The offering comes after Sears failed to find a buyer for the Canadian operations and also the announcement last week that the president and CEO of the unit, Douglas Campbell, would leave at the end of the year.

The company board approved a rights offering of up to 40 million shares of Sears Canada Inc. Sears will still hold about 12 million shares of Sears Canada, valued at about $113 million.

Chairman and CEO Edward Lampert plans to fully exercise his subscription rights. ESL Investments Inc., of which Lampert is also chairman and CEO, will do the same.

The retailer, based in Hoffman Estates, Illinois, expects at least $168 million in proceeds from the rights offering in mid-to-late October, with the rest by early November. That, in combination with a $500 million dividend tied to the spinoff of Lands’ End, $165 million in proceeds from some real estate transactions and a $400 million short-term loan, will provide Sears Holdings with up to $1.45 billion in liquidity in fiscal 2014, according to Chief Financial Officer Rob Schriesheim.

The challenges still facing Lampert are enormous. The company has been cutting costs, reducing inventory and selling assets to return to profitability. Its biggest albatross remains its stores, which critics say are outdated and shabby.

The company’s losses are mounting. For the quarter ended Aug. 2, Sears lost $573 million, up drastically from $194 million in the year ago period. That brought the company’s losses for the second half of the fiscal year to $975 million.

Lampert, a billionaire hedge fund investor, combined Sears and Kmart in 2005 about two years after he helped bring Kmart out from under bankruptcy protection.

The company has since faced mounting pressure from nimbler rivals like Wal-Mart Stores and Home Depot.

Sears is also facing broader structural issues affecting retailers on differing levels of the retail sector.

Like other stores catering to the low- to middle-income customers, Sears is grappling with a slowly recovering economy that’s not benefiting all Americans equally.

The median net worth of families in the middle 20 percent of incomes fell 17 percent from 2010 to 2013, according to the Federal Reserve’s Survey of Consumer Finances. That is hitting Sears’ core customers hard.

The retailer is also trying to catch up to customers who are steering clear of stores and shopping online.

Sears recently announced that it was taking out a $400 million secured short-term loan from entities allied with Lampert’s ESL Investments.

Credit ratings agency Fitch Ratings called the loan a short-term fix for a “much larger need” of cash and downgraded Sears’ credit rating deeper into junk status.

Greg Melich, an analyst at International Strategy & Investment Group LLC, wrote Thursday that Sears is “on a glide path to be out of cash by the middle of 2015 without additional asset sales or liquidity initiatives.”

Shares rose more than 4 percent, or $1.10, to $26.28 in morning trading. Company shares are trading near three-year lows.

Investment & Company InformationFinanceSears CanadaSearsEdward LampertSears Holdings […]

Avail The Services Of Click N Cash For Your Online Payday Loan …

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It is not necessary that all the times to meet all kind of your needs you will have sufficient amount of money with you. Here, you are required to arrange money from outside sources with the help of loan facilities.

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It is a kind of loan facility in which you have to pay out the borrowed amount on the next payday. It is a kind of lucrative loan facility and widely appreciated by the people. It is now quite easy for people to enjoy the facility of a payday loan with the help of the internet. There are a large number of sites available on the internet which can offer you an online payday loan to fulfill all your monetary needs in an instant fashion.

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This entry was posted in Finance on September 20, 2014 by […]