Western Uranium & Vanadium (WSTRF) 10-12G Registration of securities

Exhibit 2.3

CREDITFACILITY

EXECUTIONVERSION

THISAgreementdated asofthe 20^thday of March2015

BETWEEN	WESTERN URANIUM CORPORATION, a company incorporated under the laws of the Province of Ontario, Canada, with its shares listed on the Canadian Stock Exchange and having offices at Suite 500, 365 Bay Street, Toronto, Ontario, Canada M5H 2V1 (‘WUC’ or the ‘Lender’)
And	BLACK RANGE MINERALS LIMITED, an Australian company whose shares are listed on the Australian Securities Exchange under the symbol BRL and having offices at Suite 9, 5Centro Avenue, Subiaco, WA 6008 ( ‘BRL’ or the ‘Borrower’).

WHEREASWUCandBRLhaveenteredintoaLetterofIntentdated January29,2015(the ‘LOI’)pursuant towhichWUChasexpressed an interestinundertaking a transactionpursuanttowhich WUCwillobtainall theoutstandingsharesof BRLpursuant toaSchemeofArrangementor similarbusiness combination(the‘Transaction’);

WHEREASinconnectionwith thefurtheranceoftheTransactiontheBorrowerhasrequested thattheLenderprovide asecured lineof creditfacility asandbywayofloan to theBorrowerforthepurposeofpayingcertainexpenses andpayables approvedbytheLender asmorefully setoutinthis agreement;

ANDWHEREASin considerationofthepremises and in considerationofthe securityprovidedpursuant tothisagreementtheLenderhas agreed toprovide the CreditFacility totheBorrowerinaccordancewiththisagreement subject tothefollowingterms and conditions:

1. Amount:AU$450,000(the‘CreditFacility’).

2. Interest:8%per annumcalculatedontheamountofthe loandrawndown andpayableonthe Principal RepaymentDate.

3. Term:TheCreditfacilityisavailablebeginningonthedateof executionofthisfacilityagreement andavailablefordrawdownuntilJune30,2015(the‘Term’).

4. RepaymentofPrincipalandPaymentofInterest:TheBorrower shallrepay theprincipalamountoftheLoan togetherwith accrued interestthereon at therateof8%per annumonthe earlierof(i) sixtydays after eitherpartygivesnoticeto terminate theTransaction asprovided intheLOI ortheMergerImplementationAgreement(asapplicable)(ii) sixtydays afterthedateofthe Black Range ShareholderMeeting(asdefinedintheMergerImplementationAgreement) and(iii) 1October2015(the “Principal RepaymentDate”).

5. Purpose of the Secured Credit Facility:The purpose of WUC providing this credit facility is to enable BRL to make certain payments as set out below and the Borrower may draw down under the Credit Facility to pay:

(a) certainexpensesoftheBorroweridentifiedin Exhibit‘3’ of thisCreditFacilitysubjecttothepriorwritten approvalforsuchpaymentsbyWUC in accordancewiththisagreement;or

(b) thebalanceofpastdueamounts asat1March2015 intheamounts setoutinExhibit‘4’ofthis CreditFacilitysubject tothepriorwrittenapprovalfor suchpayments byWUC inaccordancewith this agreement.

For theavoidanceofdoubt, theBorrowermustnotdrawdownunder theCreditFacilitytopay anyamountsowing toanydirectoror officerofthe Borrower.

6. ConditionsPrecedenttoBorrowingsundertheCreditFacility:TheLender shallhavenoobligationtomakeAdvancesunder the Credit Facilityuntil such timeas thefollowing shallhaveoccurredtothe satisfactionoftheLender:

(a)	deliveryofa dulyexecuted copyof thisCreditFacility;
(b)	deliveryofaduly executed copyoftheAssignment andSecurityAgreement assetoutinExhibit‘1’hereto;
(c)	deliveryofallnecessary thirdpartyconsentsrequiredtogiveeffecttothegranting of securityrequiredtosecuretheborrowingsundertheCreditFacilityandunderthePromissoryNote;
(d)	deliveryofaduly executedPromissoryNoteto evidencetheborrowingsunder this Credit Facility assetoutinExhibit‘2’;
(e)	deliveryofaduly executed copyofthedefinitiveMergerImplementationAgreementinrespectoftheTransactionintheformandsubstance satisfactory totheLender;
(f)	deliveryofacertificate signedbytwodirectorsofthe Borrowerattaching:

a.	theBorrower’s certificateofincorporation;
b.	theBorrower’s constitutionaldocuments;
c.	extractofminutesofmeetingsoftheBorrower’sboardofdirectors authorizing theentry into,andperformanceofobligationsunder, this CreditFacilityandtheSecurityDocumentsand,if applicable, anypowerof attorney tobe granted bythe Borrowerinrelation to this Credit FacilityandtheSecurityDocuments; and
d.	statements astosolvency,andnobreachorcontraventionofchapter2Eor chapter2J.3oftheCorporationsAct2001(Cth);and

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(g) grantfree accessto thebuildinginCasper,Wyoming(the‘Building’)as evidenced by a letterfrom theBorrowertothateffect addressed toGeorgeE,GlasierPresident & CEOof the Lender.

7. Borrowing:TheBorrowermaydrawdownagainst thislineofcreditandmayrepayandredraw theLoanfrom timetotimeduringtheTerminminimum amountsof$50,000 byproviding 2businessdayswrittennotice thereofandbydelivering byfaxoremail(a)asigned secureddemandpromissorynoteforthe amountdrawnin theformattachedheretoasExhibit‘2’ togetherwith(b)adetailed listofpayees and theamountsowing toeachforapprovalbyWUC.(The Borrowerwillprovide theoriginalpromissorynotetotheLenderbymail).

8. Taxgross-up

(a)	The Borrower shall make all payments to be made by it under this agreement or a Security Document without any Tax Deduction unless such Tax Deduction is required by law. “Tax Deduction” means a deduction or withholding for or on account of tax from a payment under this agreement or a Security Document.
(b)	The Borrower shall promptly upon becoming aware that the Borrower must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Lender accordingly.
(c)	IfaTaxDeductionisrequiredbylaw  tobemadebytheBorrower,theBorrower shallpayanadditionalamount togetherwiththepayment so that, aftermaking any TaxDeduction, theLender receives an amount equaltothepaymentwhichwouldhavebeendue ifnoTaxDeductionhadbeenrequired.

9. Security andSecurityDocuments.

(a) SecurityandSecurityDocuments:Assecurityforthedue andpunctualpayment andperformance infullof all obligationsof theBorrower totheLender incurredunderthis secured CreditFacilitythe Borrowerwillprovidethefollowing:

a.	deliverto theLenderatits address setout above,apledgeofalloutstanding sharesofits US subsidiary BlackRangeMineralsInc.tobeheldby theLender ascontinuing securityfortheamountsoutstandingunderthisCreditFacility informandsubstancesatisfactorytotheLender; and
b.	grant andmaintainforthebenefitoftheLender:

i. aperfectedfirstlienandsecurity interestonitspersonalproperty and assetsbothpresent andfuture andofeverynature andkindwherevertogetherwiththerealpropertyknownas theHansen Project setoutinExhibit‘5’ (the‘Secured Property’)to theextentpermitted byapplicablelaw, and

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ii. aWesternAustralialawgovernedgeneralsecurityagreementover allofits presentandfutureassets(the'AustralianSecurity Document'),

(the'SecurityDocuments' andthe'Security').TheSecurityshallcreate securityinterestsin favouroftheLenderandtheBorrowershall completeall necessary documentation and filings necessarytoperfect afirstranking lien andsecurityinterest on all the propertyof theBorrowersubjectonly to permitted liens.

(b) Security asaCondition Precedent:UnlesswaivedinwritingbytheLender asaconditionprecedenttotheBorrowerdrawingdownanyamounts under this Credit Facility theBorrower shall havedelivered totheLender, inform and substance satisfactoryto the Lender:

a.	theSecurity Documentsand, whereapplicableinregisterableform, togetherwithall fundsandotherthings(includingmulti-jurisdictional mortgage statementandnotices)necessary toregisterandstampthe SecurityDocumentsineachrelevant jurisdiction;
b.	alldocumentsandevidenceoftitletopropertythesubjectofthe Security,includingsharecertificatesforallissuedshares heldbythe Borrower(ifany) togetherwithsignedblank share transferforms; and
c.	registrationof financingstatementsbyAustraliancounsel totheLender onthePersonalPropertySecuritiesRegister.

10. CovenantsoftheBorrowerRelatedtotheJonesvilleCoalProjectand Bullen Property (the"RealizableAssets"):TheBorrowercovenantsand agrees to continue itsefforts tosell at fair market value the Jonesville Coal Projectand the Bullen Property(the "Realizable Assets") and will keep the Lender advised of any developments in this regard. In the eventof a sale the Borroweragrees and will apply such proceeds of sale tothe repayment of borrowings under this Credit Facility.

INWITNESSWHEREOFthepartieshavesigned,sealedanddeliveredthisagreementthisthe ___ dayof2015.

WESTERN URANIUMCORPORATION	BLACK RANGE MINERALS LIMITED
(Lender)	(Borrower)
/s/ Michael Skutezky	/s/ Michael Haynes

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