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Buffalo Coal Secures an Additional US$4.0 Million Loan Facility

TORONTO, ONTARIO–(Marketwired – Feb 2, 2015) – Buffalo Coal Corp. (BUF.TO)(JSE:BUC) (“Buffalo” or “the Company”) announces that the Company has signed a term sheet (the “Term Sheet”) to secure an additional US$4.0 million loan facility from Resource Capital Fund V L.P (“RCF”).

Despite the restructuring initiatives which have been implemented throughout the Company during 2013 and 2014 and the financing already secured from RCF, current market conditions and operational performance have necessitated further restructuring and a requirement for additional capital in order to improve operating efficiencies, support the Company’s working capital requirements during the proposed restructuring period and return to profitability, thereby ensuring that Buffalo remains sustainable into the future.

Under the terms set out in the Term Sheet, the US$4.0 million will be advanced as a bridge loan (“the Bridge Loan”), and subject to receiving regulatory and shareholder approvals as may be required (the “Approvals”), will roll over into Buffalo’s existing US$25.0 million convertible loan with RCF (“the Existing Convertible Loan”), under the same terms and conditions except for the proposed amendments to the interest rate and conversion price as set out below and the increased amount available under the loan.

Bridge Loan

The Bridge Loan will be used for capital investments, general working capital and to implement the proposed restructuring process at Buffalo’s operations in Dundee, South Africa, as announced on December 22, 2014. Funds from the Bridge Loan will be available upon satisfaction of the conditions precedent set out in the Term Sheet and will be drawn on an as needed basis.

The Bridge Loan will bear interest at a rate of 15% per annum, payable on the maturity date which is the earlier of the date on which all Approvals are received or June 30, 2015. Subject to receipt of the Approvals, interest will be payable in common shares of Buffalo (“Common Shares”) at a price per share equal to the 20-day volume weighted average price (“VWAP”) as at the date the payment is due.

No establishment fees will be incurred on the Bridge Loan.

Upon receipt of the Approvals, the Bridge Loan will roll into the Existing Convertible Loan (as discussed below). If the Approvals are not received by June 30, 2015, the Bridge Loan and all accrued but unpaid interest due to RCF will be immediately due and payable in cash.

Convertible Loan

Subject to receipt of the Approvals, the Bridge Loan will roll over into the Existing Convertible Loan, resulting in an aggregate US$29.0 million convertible loan facility with RCF (the “Convertible Loan”). The Convertible Loan will have the same terms and conditions as the Existing Convertible Loan, except for the following changes to the interest rate, conversion price and the increased amount available under the loan. The Existing Convertible Loan bears interest at a rate of 12% per annum and is convertible into Common Shares at a price of C$0.1446. Subject to receipt of the Approvals, the interest rate on the Convertible Loan will be increased to 15% per annum and the conversion price will be decreased to C$0.0469, a 25% discount to the 5-day VWAP as at the date prior to the date of release of this announcement.

The Approvals

The issuance of Common Shares to RCF in satisfaction of interest obligations under the Bridge Loan, the conversion of the Bridge Loan, and the adjustment of the interest rate and conversion price on the Existing Convertible Facility are subject to regulatory and shareholder approvals. Buffalo intends to seek approval of its shareholders for these matters at the Annual General Meeting to be held no later than June 30, 2015. As these transactions are related party transactions under Multilateral Instrument 61-101, RCF and its affiliates holding Buffalo Common Shares will not vote on these matters at this meeting.

Other Transaction Terms

The Term Sheet provides that if Buffalo terminates the Bridge Loan or is unable to proceed with the Bridge Loan (other than in instances where Buffalo or any of its subsidiaries are unable to proceed with the Bridge Loan because of the failure to obtain regulatory approvals on the terms set out therein, including, but not limited to, any exchange control approvals or approval by the TSX), Buffalo shall promptly pay to RCF a termination fee of 5.0% of the Bridge Loan amount if the Bridge Loan is not advanced, payable in cash.

The Term Sheet provides that the Bridge Loan will be subject to a number of usual and customary conditions precedent for a transaction of this nature, including the execution of definitive transaction documents and will close on February 28, 2015 or such earlier date as the parties may agree.

About Buffalo Coal

Buffalo is a coal producer in southern Africa. It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee (Pty) Ltd, a South African company which has a 70% interest in Zinoju Coal (Pty) Ltd (“Zinoju”). Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa. Buffalo has an experienced coal-focused management team.

Cautionary Notes:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of Buffalo and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology 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”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Buffalo to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, foreign operations, political and social uncertainties; a history of operating losses; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral products; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although Buffalo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Buffalo does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

[…]

Redwood Capital Bancorp Reports Record Profitability — Cash Dividend Declared

EUREKA, Calif., Jan. 28, 2015 (GLOBE NEWSWIRE) — REDWOOD CAPITAL BANCORP (RWCB.OB), the only locally owned and operated community bank holding company in Humboldt County, announced unaudited financial results for the three and twelve month periods ended December 31, 2014. The community bank holding company reported record annual profits and reaffirmed its ongoing quarterly cash dividends.

President and CEO John Dalby stated, “We continue to be pleased with the core earnings performance of the company, the low level of nonperforming assets relative to our peers and the growth within our local loan portfolio during this persistently challenging economic environment. Likewise, we remain proud of our dedicated staff who continually contribute to the growth and profitability of our organization. In 2014, Redwood Capital Bank was again awarded a 5-Star rating from Bauer Financial, one of the most well-known and respected financial rating agencies within the banking trade, as well as being ranked the Best Bank to Work for in California and #8 nationally by American Banker. These results and accolades suggest that our focus on putting local deposits to work by making loans to our local business, mortgage and consumer customers is building toward sustainable growth and positive earnings trends for the future.”

Total assets as of December 31, 2014 were $280.1 million, an increase of 2% over the September 30, 2014 figure and a 11% change from the December 31, 2013 reported figures. Total deposits stood at $251.8 million as of December 31, 2014, 2% greater than the September 30, 2014 figures and 11% higher than the December 31, 2013 numbers. The company again reported strong loan growth for the quarter and year. Total loans as of December 31, 2014, net of unearned income, were $205.2 million, an increase of 3% over the prior quarter and 17% over the year ended December 31, 2013.

Consolidated net interest income for the three and twelve months ended December 31, 2014 totaled $2,618,000 and $9,947,000, respectively. In comparison, there was virtually no change in consolidated net interest income from the previous quarter while the year ended December 31, 2014 is up a strong 11% over the year ended December 31, 2013. The company also reported net income for the fourth quarter of 2014 of $447,000, while record earnings for the year ended December 31, 2014 were reported as $2,011,000. The earnings represented a 29% decrease over the September 30, 2014 quarter and a strong increase of 8% over the year ended December 31, 2013. The fluctuations in net income during the fourth quarter are attributed to higher credit related costs and lower non-interest income results.

Additionally, the Board of Directors declared a quarterly cash dividend of $.06 per share, payable on February 6, 2015 to shareholders of record at the close of business on January 26, 2015. The dividend is equivalent to an annual rate of $0.24 per share or 2.44%, based upon a market price of $9.85 per common share. Since December 31, 2011, the rise in the company’s stock price, combined with dividends, has generated a total return of over 80%.

“We are very pleased with the opportunity to enhance shareholder value by deploying excess capital in a sound manner consistent with the desire of our Board of Directors and our shareholders at large. We continue to be a well-capitalized organization with the ability to take advantage of strategic opportunities as they arise. The entire Redwood Capital Bank team is excited about the opportunities before us in 2015,” Dalby concluded.

For more information regarding Redwood Capital Bancorp, please visit our website at www.redwoodcapitalbank.com, contact Fred Moore, CFO, at (707) 444-9840, or stop by our headquarters and main office at 402 “G” Street, Eureka, CA 95501.

This press release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the bank is conducting its operations, including the real estate market in California and other factors beyond the bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Redwood Capital Bancorp Selected Consolidated Financial Results – Unaudited (In Thousands – except share data)

Period Ended %
12/31/2014 9/30/2014 Change

Balance Sheet Data (at period end)

Total assets $280,134 $273,665 2% Total deposits 251,812 245,835 2% Total loans (net) 205,182 200,024 3% Common equity 17,478 17,134 2% Common shares outstanding 1,861,411 1,861,411 0%

Summary of Operations (Current Quarter)

Interest income 2,779 2,772 0% Interest expense 161 159 2% Net Interest Income 2,618 2,613 0% Non-interest income 291 363 -20% Non-interest expense 2,061 1,911 8% Net Income before provision 848 1,065 -20% Provision for loan losses 138 50 175% Income before taxes 710 1,015 -30% Income taxes 263 382 -31% Net Income 447 633 -29% Earnings per share (fully diluted) $0.24 $0.34 -29% Book value per common share $9.39 $9.20 2.0%

Period Ended %
12/31/2014 12/31/2013 Change

Balance Sheet Data (at period end)

Total assets $280,134 $253,003 11% Total deposits 251,812 227,449 11% Total loans (net) 205,182 175,305 17% Common equity 17,478 15,124 16% Common shares outstanding 1,861,411 1,809,882 3%

Summary of Operations (Current Quarter)

Interest income 2,779 2,494 11% Interest expense 161 168 -4% Net Interest Income 2,618 2,326 13% Non-interest income 291 338 -14% Non-interest expense 2,061 1,799 15% Net Income before provision 848 865 -2% Provision for loan losses 138 150 -8% Income before taxes 710 715 -1% Income taxes 263 276 5% Net Income 447 439 2% Earnings per share (fully diluted) $0.24 $0.24 -1% Book value per common share $9.40 $8.37 12%

Summary of Operations (Year to Date)

Interest income 10,575 9,765 8% Interest expense 629 808 -22% Net Interest Income 9,947 8,957 11% Non-interest income 1,221 1,573 -22% Non-interest expense 7,693 7,078 9% Net Income before provision 3,475 3,452 1% Provision for loan losses 438 425 3% Income before taxes 3,038 3,027 0% Income taxes 1,027 1,158 -11% Net Income 2,011 1,869 8% Earnings per share (fully diluted) $1.08 $1.03 5% Book value per common share $9.39 $8.37 12% Banking & BudgetingInvestment & Company Informationbank holding company Contact:


[…]

HFF, Inc. Declares Special Cash Dividend for Shareholders of Record as of February 2, 2015

PITTSBURGH–(BUSINESS WIRE)–

HFF, Inc. (NYSE:HF or the Company) announced today that its Board of Directors has declared a special cash dividend of $1.80 per Common Share, payable February 13, 2015 to shareholders of record on February 2, 2015. The aggregate dividend payment will total approximately $67.8 million based on the number of shares of Class A Common Stock currently outstanding. This follows special cash dividends paid in December 2012 and February 2014 of $1.52 per share and $1.83 per share, or approximately $56.3 million and $68.2 million, respectively. When paid in February 2015, the combined special cash dividends paid by the Company since December 2012 will total approximately $192.3 million.

Business Comments

“Due to the extraordinary effort expended by the entire HFF Team during 2014 and the strong cash position resulting from such passion and dedication in satisfying our customers’ capital markets objectives, we are pleased to announce our Board of Directors has declared its third special cash dividend in the amount of $1.80 per Class A Common Share,” said Mark D. Gibson, the Company’s chief executive officer.

“As we have continually communicated to our shareholders and the market, we believe in three guiding principles relative to managing our cash position and returning capital to our shareholders. These three guiding principles are to 1) maintain sufficient working capital to operate the HFF platform commensurate with a ‘best in class’ real estate capital markets service firm, 2) maintain sufficient cash reserves to not only survive a downturn such as during 2008 and 2009, but also to thrive in such a downturn given the significant opportunities for growth generally afforded well-capitalized firms in difficult times, and 3) maintain sufficient cash reserves to grow our business pursuant to our strategic initiatives and to take advantage of unexpected opportunities as they arise. We have clearly demonstrated our commitment to returning capital to shareholders once we have satisfied our three guiding principles, as evidenced by the payment of $192.3 million to our shareholders through the three special dividends since December 2012,” said Mr. Gibson.

“As we stated in previous releases, if, in the future, we find ourselves in a similar position and can fully satisfy the three guiding principles outlined above, it would be our current intention to recommend to our Board of Directors to return capital to our shareholders in some amount depending on the competitive position of the Company and other strategic options that might be available to the Company, as well as the macro and micro economic conditions and the legal and regulatory environment at that time. Therefore, it is important to note that future special dividends, if declared, may vary in timing and amount as it relates to previous dividend payments,” said Mr. Gibson.

About HFF, Inc.

Through its subsidiaries, Holliday Fenoglio Fowler, L.P. and HFF Securities L.P., the Company operates out of 23 offices nationwide and is one of the leading providers of commercial real estate and capital markets services, by transaction volume, to the U.S. commercial real estate industry. The Company offers clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales and commercial loan servicing.

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws. Statements about our beliefs and expectations and statements containing the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar expressions constitute forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this press release. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: (1) general economic conditions and commercial real estate market conditions, including the recent conditions in the global markets and, in particular, the U.S. debt markets; (2) the Company’s ability to retain and attract transaction professionals; (3) the Company’s ability to retain its business philosophy and partnership culture; (4) competitive pressures; (5) the Company’s ability to integrate and sustain its growth; and (6) other factors discussed in the Company’s public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K.

Additional information concerning factors that may influence HFF, Inc.’s financial information is discussed under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Forward-Looking Statements” in the Company’s most recent Annual Report on Form 10-K, as well as in the Company’s press releases and other periodic filings with the Securities and Exchange Commission. Such information and filings are available publicly and may be obtained from the Company’s web site at www.hfflp.com or upon request from the HFF, Inc. Investor Relations Department at investorrelations@hfflp.com.

HFF, Inc. Contact:

HFF, Inc.

Mark D. Gibson,

214-265-0880

Chief Executive Officer

mgibson@hfflp.com

or

Gregory R. Conley,

412-281-8714

Chief Financial Officer

gconley@hfflp.com

or

Myra F. Moren,

713-852-3500

Director, Investor Relations

mmoren@hfflp.com […]

Attorney General Kane files lawsuit over alleged illegal payday loan …

Image lawsuitfiled.jpg

Attorney General Kathleen G. Kane today announced a consumer protection lawsuit against a Texas-based company for allegedly engineering an illegal payday loan scheme over the Internet. According to the lawsuit, the defendants allegedly targeted Pennsylvania consumers in violation of state law.

The civil lawsuit was filed in the Court of Common Pleas of Philadelphia County against Think Finance Inc. (formerly ThinkCash), TC Loan Services LLC, Elevate Credit Inc., Financial U LLC and former Chief Executive Officer Kenneth E. Rees. Rees and the companies use an address of 4150 International Plaza, Suite 400, Fort Worth, Texas.

Payday loans, which typically charge interest rates as high as 200 or 300 percent, are illegal in Pennsylvania. According to the lawsuit, Think Finance targets consumers in Pennsylvania using three Native American tribes, who function as the apparent lender, as a cover. In turn, Think Finance earns significant revenues from various services it charges to the tribes.

According to the lawsuit, before establishing these tribal partnerships, the company allegedly used the cover of a rogue bank based in Center City Philadelphia, in what is commonly referred to as a “rent-a-bank” scheme, until the federal government shut down the bank.

A Think Finance press release in 2013 stated the company had more than $500 million in revenues – up from $100 million in 2010 – and had provided more than $3.5 billion in loans to 1.5 million consumers in the U.S. and internationally.

Also named in the lawsuit is an Internet marketer, Selling Source LLC, which used its “MoneyMutual” website and television commercials to generate online leads for high-rate lenders, including at least one tribal lender.

Selling Source allegedly made referrals of Pennsylvania residents to the scheme for a commission, even after it was ordered to stop those referrals in a 2011 agreement with the Pennsylvania Department of Banking. The lawsuit also includes various debt collectors as defendants, including the Washington-based law firm of Weinstein, Pinson and Riley PS, Cerastes LLC and National Credit Adjusters LLC, which are allegedly utilized to collect debts derived from illegal loans.

Attorney General Kane explained that in operating and participating in the scheme, the defendants are accused of violating several Pennsylvania laws including the Unfair Trade Practices and Consumer Protection Law, the Corrupt Organizations Act and the Fair Credit Extension Uniformity Act.

In the lawsuit, the Attorney General is seeking, among other things:

Injunctive relief to prohibit defendants from violating Pennsylvania law; Restitution for all consumers harmed by the scheme; Civil penalties of up to $1,000 for each violation of Pennsylvania law; Civil penalties of up to $3,000 for each violation involving a senior citizen; and Notification of credit bureaus to remove all negative information related to the scheme and all references to any of the defendants from consumers’ credit reports.

Attorney General Kane said the Bureau of Consumer Protection has already received information from numerous complaints against these companies, and she believes there are many more victims who have not yet filed a complaint.

“Any Pennsylvania residents with problems or complaints involving payday loans or related debt collection should get in touch with us immediately,” said Attorney General Kane.

Consumers can call the Attorney General’s toll-free consumer protection hotline at 1-800-441-2555.

The lawsuit was submitted for filing in the Court of Common Pleas of Philadelphia County by Deputy Attorney General Saverio P. Mirarchi of the Attorney General’s Bureau of Consumer Protection. Assisting him, as Special Counsel, is the Philadelphia law firm Langer Grogan & Diver PC.

[…]

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

CENTENNIAL, Colo.–(BUSINESS WIRE)–

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 %

1.

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.

Operations

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.

Outlook

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, www.uraniumresources.com.

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)

Code:

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

(Unaudited)

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

LIABILITIES AND STOCKHOLDERS’ EQUITY

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

(Unaudited)

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

Operating expenses

Mineral property expenses

$

(986,623

)

$ (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 )

LOSS PER SHARE – BASIC AND DILUTED

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

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

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

Uranium Resources, Inc.

Consolidated Statements of Cash Flow

(Unaudited)

Nine Months Ended September 30,

2014

2013

(Restated)

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

1,182,607

– 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

23,174

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

(272,968

)

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

Net cash used in operating activities

(9,647,337

)

(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

11,519,950

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

Net cash provided by financing activities

16,424,183

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

info@uraniumresources.com
www.uraniumresources.com […]

How to Make Your Cash and the Investor's Patience Last Until You're Profitable

Cashflow is a basic survival metric for every startup. Investors check your burn rate to assess your efficiency, and project your remaining runway before you run out of money and into a brick wall. Don’t wait until you are almost out of cash before managing every dollar spent, or looking for the next refueling from investors. Desperate entrepreneurs lose their leverage and die young.

It doesn’t take a financial genius to recognize that you need to keep your burn rate low. Yet it always amazes me that I can find two different startups, seemingly working on the same problem, with one having a burn rate several times higher than the other. Of course, their answer is that the second intends to get to market faster, but every engine has limits regardless the fuel applied.

Related: How to Better Manage Your Cash Flow

If your runway is less than a year, it’s time to either begin looking for a new cash infusion or defining and implementing a Plan B to assure survival. Your goal is that magical break even point and hockey-stick profit-growth curve. Raising money from professional investors, even friends and family, takes time. Count on six months from beginning the funding process until a new check is cashed.

As a mentor to many entrepreneurs and startups, here are my best recommendations for keeping the burn rate low, planning ahead and maintaining credibility with investors:

1. Manage cashflow personally every day. A big influx of orders may feel like success, but can kill your business if you don’t have the cash to produce, deliver and wait for payment. The best entrepreneurs manage cashflow ruthlessly and never delegate decisions about spending money. Cashflow out equates to burn rate, and the runway depends on your reserves.

2. Buffer your projected resource requirements. You will make mistakes. Things will cost more than you expect. Always add 20 percent to your best estimate of funding requirements when approaching investors. They understand startup realities. Better to ask for more early. Going back to investors for more money ahead of the plan is high in terms of credibility and leverage.

3. Use future cash for payments where possible. Deferred payments start with stretching the payables period but, more importantly, include giving employee equity in lieu of a higher salaries and negotiating vendor deferred payments out of future revenues. Think of these alternatives as paying interest on a loan, and manage them wisely.

4. Be a miser with contract services and facilities. One of the main reasons that former corporate executives often fail as startup CEOs is that they expect a big office and an entourage of expensive professionals to do the real work. Cashflow can be drastically reduced by working out of your garage. Tackling most of the support tasks yourself.

Related: 5 Things Investors Want to Know Before Signing a Check

5. Use social media for early marketing. Hire a professional marketing and public relations agency once you have a good revenue stream but you don’t need them to start a free blog, establish Facebook and Twitter accounts with initial content and complete the basics of search engine optimization. Social media is not rocket science.

The timing of cashflow is everything. Waiting until you have something to sell before bringing on a sales and operations staff. Getting a sales contract before manufacturing inventory. Match your office, facilities and computer equipment to the size of the staff you have today, and intend to have in the next six months.

As a rule of thumb, your monthly burn rate should be less than 10 percent of your last funding raise or starting cash in the bank. For example, a software development startup raising $250,000 from angel investors better be able to operate on $25,000 per month. This could equate to two technical founders (with a minimal salary), funding two developers for a year.

In this case, the primary cash outflow would be for product development and operating expenses, with potentially enough runway to build the initial product, get a patent, attract some early adopters, and build the initial revenue stream. That should equate to an adequate valuation for a $2 million follow-on Series-A round, without giving away all the equity.

Overall, managing cashflow and burn rate is more critical to your business success than having the right idea and the right product. It’s why most investors proclaim that they invest in people, more than the idea. If you adequately manage your burn rate, your startup is much less vulnerable to flaming out before you get to that elusive break-even point.

Related: 6 Questions to Determine If a Potential Investor Is the Right Investor

More From Entrepreneur

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Good Advice On Managing Your Next Payday Loan | Shipping …

Good Advice On Managing Your Next Payday Loan

Payday loans are great for emergency situations when you need money quickly. If you are inexperienced and unaware of the consequences, payday loans may be very risky. The piece below can help you steer clear of common pitfalls.

The terms of payday loans can be vastly different depending on the lender. Compare different lenders and look for the best interest rates. A little bit of research in the beginning can save a lot of time and money in the end.

The local Better Business Bureau can give you information about payday loan companies, customer complaints and how those complaints were handled. Many unscrupulous firms exist that are willing to take advantage of the vulnerable. Find out if the company you plan to deal with is legitimate.

Learn about late payment penalties. While you surely intend to pay the loan in a timely fashion, you may run into trouble. Be certain to read all the fine print in the loan contract so that you will be fully aware of all fees. Penalties can be big on payday loans.

If you plan on applying online, only apply through the actual company. Payday loan brokers may offer many companies to use but they also charge for their service as the middleman.

If you are having trouble with payday loans from the past, you can find places out there that offer help with it. They offer their services for free and will help negotiate a lower interest rate or a consolidation so that you can get out of the vicious cycle of payday loan payments.

Payday loans are the perfect way to access quick cash or help you over a sudden financial hurdle. However, there is a huge risk to them in that the loan terms are usually less than ideal. If you take everything here into account before you take out a loan, then you should know exactly what you’re getting yourself into.

Copyright 2014 , All rights Reserved. Written For:

Shipping Wesley Chapel

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Small Business Financing: Becoming A Better Borrower

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As a young business owner I had a CPA friend who used to say, “Cash flow is king.” Of course he is right. One of the things any lender wants to know when a business owner applies for a small business loan is whether or not he or she will be able to repay the loan. James Good, of Small Business Payments Company, makes a great argument for why a simple way for small business owners to forecast their cash flow needs over the coming days, weeks, or months and the ability to successfully address those needs is critically important but difficult for many business owners. I couldn’t agree more. What’s more, addressing that need is not only crucial to running a business, but it could improve the odds of success when approaching a banker for a loan.

Small Business Payments Company isn’t a Lendio customer, but when I first heard about their Small Business Workbench, I wanted to hear more. Good and his colleagues come to the table with a banking background; and Acxsys Corporation, the parent company of this California-based startup, is owned by the eight biggest banks in Canada. I think it makes sense for small business owners to pay attention to something bankers feel will make a difference in the financial health of a small business—particularly if it helps make them better borrowers. Small Business Payments Company has a pretty impressive banking pedigree so I was paying attention.

With a foundation in cash management and small business, the Small Business Workbench sets out to make cash flow management less challenging for small business owners who aren’t formally trained as accountants or bookkeepers. “A big thorn in the side of almost every small business owner is the challenge of good cash management,” said Good. “Most small business owners didn’t start their businesses to become accountants and most of the tools previously available are very complicated and difficult to use for the uninitiated, or too basic to be of much value.”

Small business owners with the ability to accurately forecast their future needs with something simple to use makes it a lot more likely they’ll be on top of their cash flow. The more cumbersome and challenging to use, the less likely a business owner will. And, the greater the odds the control of their cash flow could spiral out of control.

I have to admit, my CPA’s advice fell on deaf (or at least muted) ears when I started my first business. I thought I knew what I was doing and understood the importance of managing my cash flow. I wish I didn’t need to say the lessons I learned were painful—and expensive. I wasn’t an accountant and made most (if not all) of the common mistakes every new business owner makes. Something like the Small Business Workbench would have been a great help.

Having faced the need to scramble to meet payroll or accurately forecast an upcoming cash shortfall would have been a great benefit to my business. Although there are numerous apps available that will help a small business owner with payroll, accounts receivable and payable, as well as inventory management, it’s the core functionality that enables a business owner to forecast cash positions that appeals to me the most.

A wizard walks you through a setup process, which then allows you to look into the future as far as you’d like. It makes planning for payroll, tax payments, and big purchases pretty simple. It also helps create an action plan to help adjust when meeting those obligations becomes problematic. The ability to see into the future is very appealing. If all a tool shows is what’s already happened, it’s not really providing the value it needs to.

That said, the way the apps offered within the Workbench sync with the forecasting tool, making forecasts that include things like payroll much more accurate.

It was obvious to me they took the time to design a tool that was pretty easy and straightforward to use. The Workbench seamlessly syncs with online banking data or accounting software which means there is no need to manually input a lot of information from your accounting software to get the most out of the tool.

I’m convinced this cloud-based tool is something that will help any small business owner get a better handle on his or her cash flow, help them understand what’s going on within their business, and ultimately make them a better borrower. What’s more, a small business owner can access this information at the desk or on a smart phone.

When so many small business owners are unsuccessful at the bank when looking for a loan, I’m a big fan of anything that will help make the situation better.

Move up http://i.forbesimg.com tMove down Bankers Who Think Like Small Business Owners? Really? Ty Kiisel Contributor Need A Small Business Loan? Get A Plan Ty Kiisel Contributor 5 Things Every Lender Looks For Ty Kiisel Contributor Looking For A Small Business Loan? Do You Know Your Business Credit Score? Ty Kiisel Contributor […]

Uranium Resources Reports Lower Cash Burn Rate in 2Q Financial Results

CENTENNIAL, Colo.–(BUSINESS WIRE)–

Uranium Resources, Inc. (URRE) reports that it has continued to reduce its overall cash burn rate. URRE ended 2Q 2014 with cash and cash equivalents of $10.4 million and positive working capital of $8.7 million.

Highlights for 2Q 2014 and to date:

Net cash used in operating activities decreased by 30% to -$3.0 million in 2Q 2014 compared with -$4.3 million for 2Q 2013. Operating and mineral property expenses dropped by 35% to $1.1 million in 2Q 2014 from $1.6 million in 2Q 2013. During the second quarter, the Company drew a final $3.0 million from its senior convertible loan facility with its largest shareholder Resource Capital Fund V L.P. (RCF). The Company completed a Technical Report on the Juan Tafoya Project in New Mexico in June 2014.

Christopher M. Jones, President and Chief Executive Officer, said, “During 2014, we have demonstrated cash savings and improved overhead efficiency with 8% lower mineral property expenses and general and administrative expenses totaling $6.7 million in the first six months of 2014 compared with $7.3 million in the same period in 2013. We are on track with our drive to achieve a cash burn rate of under $1.0 million per month and are funded well into 2015.”

Financial Overview

The second quarter net loss of $3.1 million was 25% lower than in 2Q 2013 while corresponding net loss per share was $0.13 and $0.21, respectively. The smaller net loss compared with a year ago was due to significantly lower mineral property expenses by $0.6 million and no impairment in 2Q 2014 compared to $0.4 million in non-cash property impairment in 2Q 2013.

Mineral property expenses were $1.1 million in 2Q 2014 compared with $1.6 million a year ago, reflecting the completion of certain restoration activities in South Texas, while general and administrative expenses were $2.2 million compared with $1.9 million due to higher non-cash stock compensation expenses offsetting a lower cash payroll burden. As a result of the outstanding principal on the convertible loan, the second quarter interest expense of $624,000 was higher than 2Q 2013 and comprised $430,000 of non-cash debt amortization, $176,000 of interest paid on the convertible loan and other interest paid.

Cash and equivalents were $10.4 million at June 30, 2014 compared with $5.3 million at June 30, 2013 and $1.1 million at December 31, 2013. On August 1, 2014, the cash balance was approximately $9.0 million and total shares outstanding was 24.8 million.

Table 1: Financial Summary

($ in 000) Q2 2014 Q2 2013 Variance Cash and Cash Equivalents $ 10,420 $ 5,326 96 % Current Assets 11,136 5,727 94 % Current Liabilities 2,396 3,107 -23 % Working Capital 8,740 2,620 234 % Convertible Loan1 8,000 – n.a. Total Shareholders’ Equity $ 31,049 $ 36,669 -15 % 1. The current convertible loan totals $8.0 million at June 30, 2014. The convertible loan facility is recorded under long-term liabilities on the Company’s balance sheet at June 30, 2014 as a derivative liability at a fair value of $4.0 million and the convertible loan’s residual value of $3.4 million.

Table 2: Financial and Capital Summary

($ and Shares in 000, Except Per Share and Uranium Price) Q2 2014 Q2 2013 Variance

Six Months

Ended

June 30, 2014

Six Months

Ended

June 30, 2013

Variance Net Cash Used in Operations $ (3,033 ) $ (4,337 ) -30 % $ (6,783 ) $ (8,224 ) -18 % Operating and Mineral Property Expenses 1,062 1,634 -35 % 1,942 2,742 -29 % General and Administrative 2,157 1,940 11 % 4,799 4,575 5 % Interest Expense 624 10 6140 % 1,038 250 315 % Net Loss $ (3,128 ) $ (4,197 ) -25 % $ (6,588 ) $ (8,670 ) -24 % Net Loss Per Share $ (0.13 ) $ (0.21 ) -38 % $ (0.28 ) $ (0.47 ) -40 % Avg. Weighted Shares Outstanding 24,619 19,821 24 % 23,495 18,550 27 % Uranium Average Spot Price (source:UxC) $ 29.65 $ 40.36 -27 % $ 32.40 $ 41.52 -22 %

On April 29, 2014, the Company and RCF amended the convertible loan agreement to reduce the size of the second tranche to $3.0 million from $5.0 million and cancelled the undrawn third tranche of a further $5.0 million. With the receipt of $3.0 million from the second tranche of the convertible loan, URRE is now carrying a total of $8.0 million under the convertible loan. In July 2014, the Company received net proceeds of approximately $181,000 from the sale of shares utilizing the Company’s At The Market sales agreement.

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

In other corporate matters, Director Terence J. Cryan was elected by the Board of Directors as the new Chairman, taking over those duties from long-serving Director Paul K. Willmott as announced in the Company’s news release of June 6, 2014. Mr. Willmott continues to serve as a director.

Operations Overview

At Kingsville Dome, the Company completed the pond restoration project in 1Q 2014. Lower-cost stabilization and monitoring work are ongoing and will continue for a few years according to regulatory requirements for Kingsville Dome as well as the depleted Vasquez well fields in South Texas. At Rosita, certain old wells are undergoing plugging. 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.

In New Mexico, pertaining to the Company’s Churchrock Project, the Company’s discussions with a subcommittee of the Navajo Nation Council Resources and Development Committee (RDC) to draft terms of an agreement to define mutual benefits for the Navajo Nation and the Company have terminated as the subcommittee has been dissolved. As announced in the Company’s news release of July 23, 2014, the Navajo Nation Council rescinded the Navajo Nation Resources and Development Committee’s December 2013 resolution that acknowledged the Company’s right of access and surface use at its Churchrock Project and that created the subcommittee.

There is no change to the Temporary Access Agreement between the Navajo Nation and the Company for the Company to access its Churchrock properties. The Company anticipates continuing to communicate with the Navajo Nation, but cannot predict with any certainty as to the timing or outcome of this matter.

Technical Reports

The Company completed a Technical Report on mineral resources at the Juan Tafoya Project in New Mexico, which adheres to the format of Canadian National Instrument 43-101. As reported in the Company’s June 12, 2014 news release, the Juan Tafoya Project has an estimated 4.2 million tons at an average uranium grade of 0.15% in non-reserve mineralized material categorized as Inferred Resources. The Juan Tafoya Technical Report, which is available on the Company’s website, recommends the Company advance this “project of merit” to the next stage of infill drilling to upgrade the mineral resource.

This was the second Technical Report completed by the Company this year. The Juan Tafoya Project is located 15 miles by road northeast of the Company’s Cebolleta Project, which has an estimated 5.6 million tons at an average uranium grade of 0.17% in Inferred Resources as described in the NI 43-101 compliant Technical Report of April 2014.

Uranium Market Commentary

According to UxC Consulting, the uranium spot price declined below $30.00 per pound at the end of April 2014. Industry analysts cite an oversupply of secondary supply from enrichment facilities for the continued weakness in uranium spot prices. Recent news from Japan reported that Japan moved closer to restarting nuclear power generation following the Nuclear Regulatory Authority’s first draft approval under new, more stringent safety regulations of two reactors at the Sendai power plant, with expectation of final approval with Sendai’s final submission of documents. The Company believes that overall uranium fundamentals have not changed and expects tightening supply and rising demand from expanding global nuclear power generation to bring about recovering uranium prices over the mid-term.

2014 Outlook

The Company continues to monitor the uranium market closely, adjusting business plan priorities in the face of cash conservation. As of a result of the legislation of the Navajo Nation Council, nullifying the RDC subcommittee, the Company has removed the 2014 goal of achieving meaningful progress with the RDC subcommittee in advancing the Churchrock Project.

During 2014, the Company expects to:

Generate NI 43-101 compliant technical reports for the Roca Honda and the Churchrock projects in New Mexico by the end of 2014, Evaluate and prioritize other projects for NI 43-101 compliant technical reports, Reduce and maintain cash burn rate to 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 2Q 2014 financial results and recent developments today, August 8, 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, www.uraniumresources.com.

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 August 29, 2014.

Replay Numbers:

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

+1 (604) 638-9010 (International)

Code:

1426 followed by the # sign.

About Uranium Resources

Uranium Resources, Inc. was incorporated in 1977 to explore, develop and recover uranium. Uranium Resources 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 has two licensed processing facilities and properties in Texas, and an NRC license to recover up to three million pounds of uranium per year using the in situ recovery (ISR) process at certain properties in New Mexico. 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 the timing or occurrence of production at or restoration of the Company’s properties, , the resources included in the Juan Tafoya and Cebolleta Technical Reports, which consist solely of inferred resources, the timing, cost and results of any PEA or scoping level study regarding the Juan Tafoya or Cebolleta projects, future improvements in the demand for and price of uranium, the adequacy of funding for the Company through 2015, expected reductions in the Company’s operating expenses and burn rate, the ability of the Company to optimize technical and operational components, the completion of technical reports for the Company’s New Mexico properties, any agreement or progress with the Navajo Nation Council in advancing the Churchrock ISR project, additions of reserves and resources or acquisitions, and 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, the fact that NI 43-101 reports describe various types of “resources” which are not recognized by the SEC; inferred resources are the lowest standard of resource allowed under NI 43-101 standards and may not qualify as “mineralized material” under SEC staff positions; “reserves” are defined differently by the SEC and under NI 43-101 standards; the Company’s ability to raise additional capital in the future, spot price and long-term contract price of uranium; the outcome of negotiations with the Navajo Nation; the Company’s ability to reach agreements with current royalty holders; operating conditions at the Company’s projects; government and tribal regulation of the uranium industry and the nuclear power industry; world-wide uranium supply and demand; maintaining sufficient financial assurance in the form of sufficiently collateralized surety instruments; 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.

Qualified Person

Dean T. “Ted” Wilton, CPG-7659, Chief Geologist and Vice President of Uranium Resources, is a Qualified Person under Canada National Instrument 43-101 (“NI 43-101”). Mr. Wilton supervised the preparation of the scientific and technical information regarding the Juan Tafoya and Cebolleta projects for this news release. A description of the key assumptions, parameters and methods used to estimate the non-reserve mineralized material in inferred resources and data verification procedures and a discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, and other relevant factors, are contained in the Juan Tafoya and Cebolleta Technical Reports, which are available on the Company’s website.

Cautionary Note Regarding References to Resources and Reserves

Investors are cautioned that the requirements and terminology of NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards (the “CIM Standards”) differ significantly from the requirements and terminology of the SEC set forth in the SEC’s Industry Guide 7 (“SEC Industry Guide 7”). Accordingly, the Company’s disclosures regarding mineralization may not be comparable to similar information disclosed by the Company in the reports it files with the SEC. Without limiting the foregoing, while the terms “mineral resources,” “inferred resources,” “indicated resources” and “measured mineral resources” are recognized and required by NI 43-101 and the CIM Standards, they are not recognized by the SEC and are not permitted to be used in documents filed with the SEC by companies subject to SEC Industry Guide 7. Mineral resources which are not mineral reserves do not have demonstrated economic viability, and investors are cautioned not to assume that all or any part of a mineral resource will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility study, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit amounts. In addition, the NI 43-101 and CIM Standards definition of a “reserve” differs from the definition in SEC Industry Guide 7. In SEC Industry Guide 7, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made, and a “final” or “bankable” feasibility study is required to report reserves, the three-year historical price (or in certain circumstances, a contract price) is used in any reserve or cash flow analysis of designated reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. The Company discloses non-reserve mineralized material that is considered too speculative geologically to be categorized as reserves under SEC Industry Guide 7. Estimates of non-reserve mineralized material are subject to further exploration and development, are subject to many risks and highly speculative, and may not be converted to future reserves of the Company. Investors are cautioned not to assume that all or any part of such non-reserve mineralized material exists, or is economically or legally extractable. Mineralized material that is not reserves does not have any demonstrated economic viability.

Uranium Resources, Inc. Consolidated Balance Sheets (Unaudited) June 30, December 31, 2014 2013 ASSETS Current Assets: Cash and cash equivalents $ 10,419,968 $ 1,117,303 Prepaid and other current assets 716,217 685,678 Total Current Assets 11,136,185 1,802,981 Property, plant and equipment, at cost: Property, plant and equipment 96,411,460 96,407,310 Less accumulated depreciation, depletion and impairment (65,744,117 ) (65,566,411 ) Net property, plant and equipment 30,667,343 30,840,899 Restricted cash 4,010,967 4,010,937 Total Assets $ 45,814,495 $ 36,654,817 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 1,042,724 $ 1,243,169 Accrued liabilities 1,193,383 1,775,491 Current portion of asset retirement obligations 151,434 – Current portion of capital leases 8,650 10,543 Total Current Liabilities 2,396,191 3,029,203 Asset retirement obligations 3,637,068 3,833,608 Derivative liability – convertible loan 3,956,886 2,169,408 Convertible loan, related party 3,425,219 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 14,765,364 11,411,429 Commitments and contingencies Stockholders’ Equity:

Common stock, 200,000,000 shares authorized, $.001 par value; 24,686,715 and 19,820,258 shares issued and outstanding, respectively

24,691 19,824 Paid-in capital 229,092,383 216,703,028 Accumulated deficit (198,058,525 ) (191,470,046 ) Less: Treasury stock (3,813 shares), at cost (9,418 ) (9,418 ) Total Stockholders’ Equity 31,049,131 25,243,388 Total Liabilities and Stockholders’ Equity $ 45,814,495 $ 36,654,817

Uranium Resources, Inc.

Consolidated Statements of Operations

(unaudited) Three Months Ended June 30, Six Months Ended June 30, 2014 2013 2014 2013 (Restated) (Restated) Operating income/(expenses) Mineral property expenses $ (1,062,368 ) $ (1,633,476 ) $ (1,942,372 ) $ (2,742,453 ) General and administrative (2,157,218 ) (1,939,882 ) (4,798,718 ) (4,575,118 ) Accretion of asset retirement obligations (22,438 ) (97,435 ) (101,617 ) (194,870 ) Depreciation and amortization (76,800 ) (111,082 ) (177,706 ) (232,960 ) Impairment of uranium properties – (400,226 ) – (679,655 ) Total operating expenses (3,318,824 ) (4,182,101 ) (7,020,413 ) (8,425,056 ) Other income/(expenses) Gain on derivatives 805,879 – 1,459,647 – Interest expense (624,063 ) (9,908 ) (1,038,066 ) (249,626 ) Other income/(expense), net 8,566 (4,691 ) 10,353 4,535 Total other income/(expense) 190,382 (14,599 ) 431,934 (245,091 ) Net loss $ (3,128,442 ) $ (4,196,700 ) $ (6,588,479 ) $ (8,670,147 ) LOSS PER SHARE – BASIC AND DILUTED $ (0.13 ) $ (0.21 ) $ (0.28 ) $ (0.47 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 24,619,266 19,820,507 23,495,157 18,550,244 Uranium Resources, Inc. Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, 2014 2013 (Restated) Operating activities: Net loss $ (6,588,479 ) $ (8,670,147 ) Reconciliation of net loss to cash used in operations: Accretion/amortization of asset retirement obligations 101,617 194,870 Amortization of debt discount 647,629 – Unrealized gain – derivative liability (1,459,647 ) – Decrease in restoration and reclamation accrual (146,723 ) (933,897 ) Depreciation 177,706 232,960 Impairment of uranium properties – 679,655 Stock compensation expense 463,274 183,316 Other non-cash items, net 23,846 73,795 Effect of changes in operating working capital items: Decrease in receivables 19,185 270,876 (Increase)/decrease in prepaid and other current assets (49,754 ) 35,773 Decrease in payables, accrued liabilities and deferred credits 28,698 (291,301 ) Net cash used in operating activities (6,782,648 ) (8,224,100 ) Cash flows from investing activities: Additions to restricted cash – 5,481,573 Additions to/(reductions in) uranium properties – (115,244 ) Purchases of equipment (4,150 ) – Net cash provided by/(used in) investing activities (4,150 ) 5,366,329 Cash flows from financing activities: Proceeds from convertible loan 5,000,000 – Payments on borrowings (6,388 ) (80,444 ) Issuance of common stock, net 11,183,071 3,599,432 Payment of minimum withholding taxes on net share settlements of equity awards (87,220 ) – Net cash provided by financing activities 16,089,463 3,518,988 Net increase in cash and cash equivalents 9,302,665 661,217 Cash and cash equivalents, beginning of period 1,117,303 4,664,596 Cash and cash equivalents, end of period $ 10,419,968 $ 5,325,813 Cash paid during the period for: Interest $ 5,751 $ 2,970 Non-cash transactions: Common stock issued for payment of convertible loan fees and interest $ 501,250 $

Common stock issued for repayment of short-term loan principal and interest $ – $ 5,095,833 Common stock issued under stock-based compensation plans $ 191,730

Common stock issued for the settlement of litigation $ 333,847

Common stock issued for services $ – $ 291,500 Restricted stock issued for services $ – $ 47 FinanceInvestment & Company Information Contact:

Uranium Resources, Inc.

Wendy Yang, Investor Relations

(303) 681-7222

info@uraniumresources.com
www.uraniumresources.com […]

Monarch Financial Reports Financial Performance and Declares Cash Dividend

CHESAPEAKE, Va., July 24, 2014 (GLOBE NEWSWIRE) — Monarch Financial Holdings, Inc. (MNRK), the bank holding company for Monarch Bank, reported second quarter profitability and continued strong financial performance. The Board of Directors announced a quarterly common stock cash dividend of $0.08 per common share, payable on August 29, 2014, to shareholders of record on August 8, 2014.

Second quarter 2014 highlights are:

2nd quarter net income of $3,183,574 Return on Equity of 12.63% Return on Assets of 1.29% Diluted earnings per share of $0.30 Equity Capital exceeds $100 million for first time Non-performing assets at 0.36% of total assets $447 million in mortgage loans closed with 85% purchase

Year to date 2014 highlights are:

Net income of $5,720,839, for a return on equity of 11.57% Diluted earnings per share of $0.54 $718 million in mortgage loans closed with 84% purchase

“We are pleased to report our best quarter in the past year. Our efforts to structure the company for the future resulted in improved profitability for all of our business segments. Higher mortgage loan closings, non-existent credit costs, expense management, and a strong net interest margin continued to drive our bottom line results,” stated Brad E. Schwartz, Chief Executive Officer. “Our challenge going forward is growing our loan portfolio with our disciplined style for both credit quality and interest rate risk, in an otherwise undisciplined market. We are up to this challenge.”

Net income was $3,183,574 for the second quarter of 2014, a record for the past five quarters, and up 3.8% from the same period one year ago. The quarterly annualized return on average equity (ROE) was 12.63%, and the quarterly return on average assets (ROA) was 1.29%. Quarterly diluted earnings per share increased to $0.30, compared to $0.24 in the previous quarter and $0.29 for the same quarter in 2013.

Net income was $5,720,839 for the first six months of 2014. The annualized return on average equity (ROE) was 11.57%, and the quarterly return on average assets (ROA) was 1.18%. Diluted earnings per share were $0.54, compared to $0.62 for the same period in 2013.

Total assets at June 30, 2014 were $1.0 billion, with both loans held for investment and deposits slightly down since year-end 2013. The decline in our loans held for investment portfolio was due to several large payoffs, with $95 million in new loans booked in the first six months of the year. This decline was more than offset by growth in our mortgage loans held for sale portfolio driven by stronger mortgage loan closings. Funding continues to shift to a higher level of demand deposits and money market accounts, with 33% of our total deposit mix now in demand deposits. Demand deposit balances are at a record high. Our funding mix should enhance and protect the net interest margin when rates are predicted to rise in the next 12-24 months.

“Our loan pipeline remains robust and we continue to attract top quality clients for their commercial, construction, commercial real estate, and mortgage loan needs. Our cash management and retail deposit teams continue to perform at a high level, with almost a third of our deposits now in demand deposits — which also delivered positive growth in fee income,” stated Neal Crawford, President of Monarch Bank.

Non-performing assets to total assets were 0.36%, which remain significantly below that of our local, state, and national peer group. Non-performing assets were $3.7 million which was up slightly from the previous quarter and the same period in 2013. Non-performing assets were comprised of $3.0 million in non-accrual loans, $499 thousand in loans more than 90 days past due, and $144 thousand in one foreclosed property. Net recoveries for the year were $9 thousand and the allowance for loan losses represents 1.30% of loans held for investment and 257% of non-performing loans.

During the second quarter the Company’s equity capital exceeded $100 million for the first time in its 15 year history. The Board of Directors announced a quarterly common stock cash dividend of $0.08 per common share, payable on August 29, 2014, to shareholders of record on August 8, 2014. Even with two increases in the quarterly cash dividend in the past year, tangible book value per share has increased 8.2% to $9.59, with the stock now trading at 122% of book value. We consider our stock to be undervalued.

Capital strength continues to grow by every metric. Average equity to average assets improved to 10.18%, up from 8.88% one year prior. Total risk-based capital to risk weighted assets at Monarch Bank equaled 14.29%, significantly higher than the level required to be rated “Well Capitalized” by federal banking regulators. Monarch was again awarded the highest 5-Star “Superior” rating by Bauer Financial, an independent third-party bank rating agency that rates banks on safety and soundness.

Net interest income, our number one driver of profitability, declined 2.1% or $211 thousand during the second quarter of 2014 compared to the same quarter in 2013 driven by reduced balances in mortgage loans held for sale. Mortgage loans held for sale interest income declined $499 thousand compared to the same quarter of 2013, which was partially offset by growth in loans held for investment, investment income and a reduction in funding costs. The net interest margin was 4.18% for the second quarter, which was down from the previous quarter of 4.25% but up from 4.11% in the same quarter in 2013.

Non-interest income declined 14.7% or $3.2 million from the previous year driven by reduced revenues from mortgage loans sold and related title insurance fees. Investment and insurance revenue increased 37% compared to the previous year due to the continued growth of Monarch Bank Private Wealth. Mortgage revenue continues to be the number one driver of non-interest income. We closed $447 million in mortgage loans (85% purchase) during the second quarter of 2014 compared to $271 million (81% purchase) in the first quarter of 2014, a significant increase.

“The month of June was the best month in our company’s history for purchase mortgage closings, and our realtor and builder focus drove our higher second quarter volume. We are a leaner and more nimble mortgage operation that never stopped investing in our training, technology, marketing or our people when volumes were low. This formula should continue to differentiate us in our markets and lead to continued market share growth,” stated William T. Morrison, CEO of Monarch Mortgage.

Total non-interest expense declined 12.1% or $3.2 million during the second quarter due to reduced commissions and loan expenses. Net overhead, the difference between non-interest income and non-interest expense, improved by $10 thousand. To further improve our efficiency we have decided to close one banking office and one mortgage office in July, and soon plan to announce the relocation of two banking offices to improve our footprint and growth opportunities. These initiatives and many others have allowed us to improve our technology delivery, meet growing compliance burdens, and meet our client service expectations all while keeping our expense structure in line with revenue growth.

Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with eleven banking offices in Chesapeake, Virginia Beach, Norfolk, Suffolk, and Williamsburg, Virginia. Monarch Bank also has a loan production office in Newport News, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Monarch Mortgage and our affiliated mortgage companies have over thirty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), OBX Bank Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Monarch Bank Private Wealth (investment, trust, planning and private banking), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the Nasdaq Capital Market under the symbol “MNRK”.

This press release may contain “forward-looking statements,” within the meaning of federal securities laws that involve significant risks and uncertainties. Statements herein are based on certain assumptions and analyses by the Company and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company’s most recent Form 10-K and 10-Q reports and other documents filed with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Consolidated Balance Sheets Monarch Financial Holdings, Inc. and Subsidiaries (In thousands) Unaudited
June 30,
2014 March 31,
2014 December 31,
2013 September 30,
2013 June 30,
2013 ASSETS:

Cash and due from banks $ 19,661 $ 18,510 $ 18,971 $ 21,016 $ 19,050 Interest bearing bank balances 37,166 37,033 31,955 24,504 15,195 Federal funds sold 29,761 84,232 53,985 83,454 56,972

Investment securities, at fair value 23,773 23,197 48,822 16,973 16,573

Loans held for sale 156,584 92,839 99,718 120,435 166,586

Loans held for investment, net of unearned income 700,159 715,088 712,671 697,541 697,376 Less: allowance for loan losses (9,070) (9,213) (9,061) (11,228) (11,320) Net loans 691,089 705,875 703,610 686,313 686,056

Bank premises and equipment, net 31,407 29,902 28,882 28,454 28,101 Restricted equity securities, at cost 3,169 3,156 3,683 3,666 3,792 Bank owned life insurance 7,526 7,467 7,409 7,351 7,290 Goodwill 775 775 775 775 775 Intangible assets, net 15 60 104 149 194 Accrued interest receivable and other assets 22,973 19,673 18,786 18,857 20,815

Total assets $ 1,023,899 $ 1,022,719 $ 1,016,700 $ 1,011,947 $ 1,021,399

LIABILITIES:

Demand deposits—non-interest bearing $ 240,348 $ 221,357 $ 206,891 $ 222,079 $ 218,880 Demand deposits—interest bearing 51,563 55,949 55,528 48,244 52,101 Money market deposits 377,096 367,590 374,462 364,488 341,042 Savings deposits 24,539 24,327 22,137 22,665 22,172 Time deposits 197,747 224,947 234,100 228,652 264,491 Total deposits 891,293 894,170 893,118 886,128 898,686

FHLB borrowings 1,125 1,150 1,175 1,200 1,225 Short Term borrowings — — — — — Trust preferred subordinated debt 10,000 10,000 10,000 10,000 10,000 Accrued interest payable and other liabilities 18,650 17,422 14,661 17,855 16,733 Total liabilities 921,068 922,742 918,954 915,183 926,644

STOCKHOLDERS’ EQUITY:

Common stock 51,624 51,584 51,432 51,230 50,873 Capital in excess of par value 7,675 7,357 7,069 6,755 6,521 Retained earnings 43,566 41,232 39,437 38,014 36,233 Accumulated other comprehensive loss (159) (314) (419) (406) (480) Total Monarch Financial Holdings, Inc. stockholders’ equity 102,706 99,859 97,519 95,593 93,147 Noncontrolling interest 125 118 227 1,171 1,608 Total equity 102,831 99,977 97,746 96,764 94,755

Total liabilities and stockholders’ equity $ 1,023,899 $ 1,022,719 $ 1,016,700 $ 1,011,947 $ 1,021,399

Common shares outstanding at period end 10,624,668 10,619,444 10,502,323 10,480,023 10,408,544 Nonvested shares of common stock included in commons shares outstanding 299,910 302,710 215,960 233,960 233,960

Book value per common share at period end (1) $ 9.67 $ 9.40 $ 9.29 $ 9.12 $ 8.95 Tangible book value per common share at period end (2) $ 9.59 $ 9.33 $ 9.20 $ 9.03 $ 8.86 Closing market price $ 11.72 $ 12.26 $ 12.31 $ 11.72 $ 10.83

Total risk based capital – Consolidated company 14.29% 14.27% 13.91% 13.68% 13.46% Total risk based capital – Bank 14.31% 14.30% 13.95% 13.83% 13.66%

(1) Book value per common share is defined as stockholders’ equity divided by common shares outstanding. (2) Tangible book value per common share is defined as stockholders’ equity less goodwill and other intangibles divided by commons shares outstanding.
Consolidated Statements of Income Monarch Financial Holdings, Inc. and Subsidiaries Unaudited
Three Months Ended
June 30, Six Months Ended
June 30,
2014 2013 2014 2013 INTEREST INCOME:

Interest on federal funds sold $ 24,179 $ 25,312 $ 64,557 $ 30,470 Interest on other bank accounts 54,905 9,952 90,937 18,094 Dividends on equity securities 22,410 69,225 52,410 143,660 Interest on investment securities 91,929 57,302 167,978 114,871 Interest on loans held for sale 1,274,498 1,773,692 2,047,230 4,507,264 Interest and fees on loans held for investment 9,089,071 9,040,004 18,567,963 18,014,998 Total interest income 10,556,992 10,975,487 20,991,075 22,829,357 INTEREST EXPENSE:

Interest on deposits 839,303 1,020,913 1,673,716 2,050,375 Interest on trust preferred subordinated debt 123,359 124,200 245,696 243,242 Interest on other borrowings 14,224 38,810 28,586 327,988 Total interest expense 976,886 1,183,923 1,947,998 2,621,605 NET INTEREST INCOME 9,580,106 9,791,564 19,043,077 20,207,752 PROVISION FOR LOAN LOSSES — — — —

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 9,580,106 9,791,564 19,043,077 20,207,752

NON-INTEREST INCOME:

Mortgage banking income 17,369,228 20,572,388 29,571,390 36,738,324 Service charges and fees 538,579 477,660 1,008,791 928,814 Title income 167,454 232,423 272,488 486,774 Investment and insurance income 335,887 245,524 781,359 452,460 Other income 87,725 146,276 173,496 248,917 Total non-interest income 18,498,873 21,674,271 31,807,524 38,855,289 NON-INTEREST EXPENSE:

Salaries and employee benefits 8,492,446 8,502,755 16,764,007 16,707,830 Commissions and incentives 6,770,022 9,703,820 10,780,986 16,769,296 Occupancy and equipment 2,395,088 2,130,445 4,671,791 3,996,963 Loan expense 2,060,570 2,630,295 3,423,711 4,460,732 Marketing expense 797,908 744,646 1,319,749 1,257,604 Data processing 476,806 435,771 956,084 836,729 Telephone 293,451 308,138 604,588 563,062 Other expenses 1,720,693 1,717,014 3,232,701 3,441,289 Total non-interest expense 23,006,984 26,172,884 41,753,617 48,033,505

INCOME BEFORE TAXES 5,071,995 5,292,951 9,096,984 11,029,536 Income tax provision (1,767,500) (1,797,773) (3,238,740) (3,791,326) NET INCOME 3,304,495 3,495,178 5,858,244 7,238,210

Less: Net income attributable to noncontrolling interest (120,921) (428,540) (137,405) (713,443) NET INCOME ATTRIBUTABLE TO MONARCH FINANCIAL HOLDINGS, INC. $3,183,574 $3,066,638 $5,720,839 $ 6,524,767

NET INCOME PER COMMON SHARE:

Basic $ 0.30 $ 0.29 $ 0.54 $ 0.66 Diluted $ 0.30 $ 0.29 $ 0.54 $ 0.62

Weighted average basic shares outstanding 10,620,869 10,401,992 10,596,786 9,854,418 Weighted average diluted shares outstanding 10,660,217 10,483,420 10,636,968 10,467,707

Return on average assets 1.29% 1.19% 1.18% 1.23% Return on average stockholders’ equity 12.63% 13.42% 11.57% 14.61%

Financial Highlights

Monarch Financial Holdings, Inc. and Subsidiaries

(Dollars in thousands, For the Quarter Ended except per share data) June 30, March 31, December 31, September 30, June 30,
2014 2014 2013 2013 2013 EARNINGS

Interest income $ 10,557 $ 10,434 $ 10,677 $ 10,842 $ 10,976 Interest expense (977) (971) (1,044) (1,121) (1,184) Net interest income 9,580 9,463 9,633 9,721 9,792 Provision for loan losses — — — — — Noninterest income – mortgage banking income 17,369 12,202 13,277 15,657 20,572 Noninterest income – other 1,130 1,106 1,075 1,018 1,102 Noninterest expense (23,007) (18,747) (20,562) (22,315) (26,173) Pre-tax net income 5,072 4,024 3,423 4,081 5,293 Minority interest in net income (121) (16) (87) (255) (428) Income taxes (1,767) (1,471) (1,179) (1,416) (1,798) Net income $ 3,184 $ 2,537 $ 2,157 $ 2,410 $ 3,067

PER COMMON SHARE

Earnings per share – basic $ 0.30 $ 0.24 $ 0.21 $ 0.23 $ 0.29 Earnings per share – diluted 0.30 0.24 0.20 0.23 0.29 Common stock – per share dividends 0.08 0.07 0.07 0.06 0.06 Average Basic Shares Outstanding 10,620,869 10,600,766 10,486,056 10,464,992 10,401,992 Average Diluted Shares Outstanding 10,660,217 10,641,782 10,535,313 10,519,472 10,483,420

ALLOWANCE FOR LOAN LOSSES

Beginning balance $ 9,213 $ 9,061 $ 11,228 $ 11,320 $ 10,788 Provision for loan losses — — — — — Charge-offs (184) (12) (2,252) (137) (279) Recoveries 41 164 85 45 811 Net charge-offs (143) 152 (2,167) (92) 532 Ending balance $ 9,070 $ 9,213 $ 9,061 $ 11,228 $ 11,320

COMPOSITION OF RISK ASSETS

Nonperforming loans:

90 days past due $ 499 $ 759 $ 472 $ 82 $ — Nonaccrual loans 3,028 1,718 1,740 2,814 2,889 OREO 144 302 302 95 95 Nonperforming assets 3,671 2,779 2,514 2,991 2,984

ASSET QUALITY RATIOS

Nonperforming assets to total assets 0.36 % 0.27 % 0.25 % 0.30 % 0.29 % Nonperforming loans to total loans 0.50 0.35 0.31 0.42 0.41 Allowance for loan losses to total loans held for investment 1.30 1.29 1.27 1.61 1.62 Allowance for loan losses to nonperforming loans 257.16 371.94 409.63 387.71 391.83 Annualized net charge-offs to average loans held for investment 0.08 -0.09 1.25 0.05 -0.31

FINANCIAL RATIOS

Return on average assets 1.29 % 1.06 % 0.86 % 0.94 % 1.19 % Return on average stockholders’ equity 12.63 10.46 8.88 10.18 13.42 Net interest margin (FTE) 4.18 4.25 4.13 4.11 4.11 Non-interest revenue/Total revenue 63.7 56.1 57.3 60.4 66.4 Efficiency – Consolidated 81.8 82.1 85.5 84.8 83.0 Efficiency – Bank only 63.9 59.9 60.4 59.1 58.2 Average equity to average assets 10.18 10.13 9.73 9.27 8.88

PERIOD END BALANCES (Amounts in thousands)

Total loans held for sale $ 156,584 $ 92,839 $ 99,718 $ 120,435 $ 166,586 Total loans held for investment 700,159 715,088 712,671 697,541 697,376 Interest-earning assets 949,872 956,160 952,981 950,760 960,481 Assets 1,023,899 1,022,719 1,016,700 1,011,947 1,021,399 Total deposits 891,293 894,170 893,118 886,128 898,686 Other borrowings 11,125 11,150 11,175 11,200 11,225 Stockholders’ equity 102,706 99,859 97,519 95,593 93,147

AVERAGE BALANCES (Amounts in thousands)

Total loans held for sale $ 116,851 $ 70,856 $ 104,104 $ 136,660 $ 200,733 Total loans held for investment 698,851 704,917 695,074 692,731 680,037 Interest-earning assets 927,552 910,929 935,059 946,575 964,872 Assets 993,003 970,815 990,734 1,013,932 1,032,345 Total deposits 867,217 848,969 869,113 882,553 908,229 Other borrowings 11,150 11,174 11,199 11,257 11,250 Stockholders’ equity 101,092 98,374 96,415 93,958 91,638

MORTGAGE PRODUCTION (Amounts in thousands)

Dollar volume of mortgage loans closed $ 446,863 $ 271,233 $ 349,695 $ 478,304 $ 607,189 Percentage of refinance based on dollar volume 15.0 % 19.1 % 20.3 % 22.6 % 39.2 % Banking & BudgetingFinancials Industrymortgage loans Contact:

Brad E. Schwartz - (757) 389-5111, www.monarchbank.com

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