TORONTO, Aug. 2, 2019 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") is pleased to announce it has arranged a non-brokered private placement (the "Offering") of up to six (6) million units (the "Units") of the Company at a price of C$0.25 per Unit (the "Issue Price"), for aggregate gross proceeds of up to C$1.5 million.
Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share warrant, a "Warrant"), with each Warrant exercisable into one Common Share of the Company at a price of $0.40 for a period of 30 months from the Closing Date (as defined below).
The closing of the Offering is expected to occur mid-August, 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.
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 includes certain information that may be deemed "forward-looking information" under applicable securities laws. All statements in this release, other than statements of historical facts, that address future exploration or development, reserve potential, exploration activities and events or developments that the Company expects is forward-looking information. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the results of the Company's due diligence investigations, market prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company's public filings at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.