Laramide Resources Announces Increase to Previously Announced Private Placement to C$3.3 Million
TORONTO, June 8, 2018 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") is pleased to announce it has increased the amount of the previously announced private placement (the "Offering") from 7 million units (the "Units") up to 10 million units of the Company at a price of C$0.30 per Unit, for aggregate gross proceeds of up to C$3.3 million. Other details of the Offering remain unchanged.
Each Unit will consist of (i) one common share in the capital of the Company, (ii) one-half (1/2) of one common share purchase warrant (each whole warrant a "Series A Warrant"), with each whole Series A Warrant to entitle the holder to purchase one additional common share at a price of $0.45 for a period of 36 months from the date of closing of the Offering, and (iii) one-half (1/2) of one common share purchase warrant (each whole warrant a "Series B Warrant"), with each whole Series B Warrant to entitle the holder to purchase one additional common share at a price of $0.60 for a period of 36 months from the date of closing of the Offering, provided however that the Series B Warrants shall only be exercisable if such holder has exercised the Series A Warrants within 18 months of the closing of the Offering.
The closing of the Offering is expected to occur on or about June 19, 2018, and is subject to the completion of formal documentation and receipt of regulatory approval, including the approval of the Toronto Stock Exchange and the Australian Securities Exchange.
The Units will be offered on a private placement basis and will be subject to a four-month hold period. The Company will pay finders fees in certain cases.
The Company plans to use the proceeds of the Offering to advance exploration and development activities primarily at Church Rock and Crownpoint uranium properties in New Mexico, USA and Westmoreland uranium project in Australia, and for general corporate purposes.
To learn more about Laramide, please visit the Company's website at www.laramide.com.
About Laramide Resources:
Laramide is a Canadian-based company with diversified uranium assets strategically positioned in the United States and Australia that have been chosen for their low-cost production potential. Laramide's recently acquired Church Rock and Crownpoint properties form a leading In-Situ Recovery (ISR) division that benefits from significant mineral resources and near-term development potential. Additional U.S. assets include La Jara Mesa in Grants, New Mexico, and La Sal in the Lisbon Valley district of Utah. The Company's Australian advanced stage Westmoreland is one of the largest uranium projects currently held by a junior mining company. Laramide is listed on the TSX: LAM and ASX: LAM.
Forward-looking Statements and Cautionary Language
This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.