Item 1.02 Termination of a Material Definitive Agreement.
On June 1, 2021, Ur-Energy Inc. (the "Company"), received notice from its
lender, BOKF, NA dba Bank of Oklahoma ("BOKF"), that the U.S. Small Business
Administration ("SBA") Paycheck Protection Program ("PPP") loan for the
Company's wholly-owned subsidiary Ur-Energy USA Inc., in the amount of $366,600,
had satisfied all requirements of the PPP and related regulations to be forgiven
and the loan was forgiven in its entirety by the SBA.
The PPP was administered by the SBA. The SBA was given the authority under
the PPP to forgive loans if program requirements were met for a required,
covered, period and the loan proceeds were used for payroll, rent and utilities.
The Company applied for debt forgiveness in December 2020.
The PPP loan for the Company's wholly-owned subsidiary Lost Creek ISR, LLC, in
the amount of $526,700, was previously forgiven in its entirety by the SBA. See
also Current Report on Form 8-K filed by the Company on May 14, 2021.
Additional information about the Company's PPP loans can be found in the Current
Report on Form 8-K filed by the Company on April 20, 2020.
The foregoing descriptions of the forgiveness of the SBA PPP Loans for Ur-Energy
USA Inc. and Lost Creek ISR, LLC do not purport to be complete; the Company
plans to file any related documents as exhibits to its Interim
Report on Form 10-Q for the quarter ended June 30, 2021.
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