7. DEBT

Short Term Financing Facility

In December 2012 the Company completed a $5 million short term financing provided by RCF. The terms of the financing include an annualized interest rate of 10% payable quarterly and a loan establishment fee of $160,000. The loan establishment fee was paid in December 2012 by the issuance of 42,884 shares of common stock of the Company. The number of shares paid was determined based upon the volume weighted average price of the Company's common stock for the 20 days ending November 29, 2012 ($3.73 per share). The maturity date for the financing was the earlier of (i) the date of the closing of the Shareholder Rights Offering and (ii) June 28, 2013.

Subsequent to year end 2012, in connection with the Shareholder Rights Offering, the Company repaid the RCF $5.0 million short term loan facility by issuing 1.96 million shares of the Company's common stock to RCF. See Note 13—"Subsequent Events" for a description of the Shareholder Rights Offering.

Summary of Long-Term Debt

	At December 31,

	2012			2011
Long-term debt of the Company consists of:
Crownpoint property	$	450,000		$	450,000
Capital leases		129,722			119,232

		579,722			569,232
Less—Current portion		(112,140	)		(65,161	)

Total long-term debt	$	467,582		$	504,071

Maturities of long-term debt and capital leases are as follows:

For the Twelve Months Ended:	Long-Term Debt		Capital Leases

December 31, 2013	$	—	$	119,145
December 31, 2014		—		24,153
December 31, 2015		—		4,579
December 31, 2016		—		—
December 31, 2017 and beyond		450,000		—

Totals	$	450,000	$	147,877
Less amounts representing imputed interest				(18,155	)

Present value of future payments			$	129,722

Capital leases consist of trucks and mining equipment included in uranium properties.