Fully Subscribed Placement Raising A$12.0M
FULLY SUBSCRIBED PLACEMENT RAISING
A$12.0M
TORONTO
,
Nov. 9, 2023
/CNW/ - Laramide Resources Ltd. ("
Laramide
" or the "
Company
") (TSX:
LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce that it has received firm commitments
for a
A$12.0 million
placement to institutional and sophisticated investors pursuant to s708 of the
Corporations Act (Cwth) 2001 in
Australia
, raising
A$12.0 million
before expenses ("
Placement
" or
the "
Offer
").
Proceeds from the Placement will be used to accelerate development projects in the
USA
, to ramp
up drilling at the companies advanced exploration assets in
Australia
during the next field season and
general working capital and transaction costs. The closing of the Placement is expected to occur on
or about Wednesday,
15 November 2023
, and is subject to the completion of formal documentation
and receipt of regulatory approval, including the approval of the Toronto Stock Exchange.
The Placement is comprised of the issue of 20,000,000 Chess Depositary Interests ("
CDI
") at an
issue price of
A$0.60
per CDI ("
Offer Price
"). The Offer Price represents a 3.2% discount to the
Company's last traded price on the ASX on Wednesday,
8 November 2023
of
A$0.62
. The
Placement is expected to settle on Wednesday ,
15 November 2023
with CDIs expected to be
issued on Thursday,
16 November 2023
. Each new CDI issued under the Placement will rank
equally with existing CDIs on issue and each CDI will represent a beneficial interest in 1 common
share of the Company. Bell Potter Securities Limited ("
Bell Potter
") acted as lead manager and
bookrunner to the Placement.
Laramide's President and Chief Executive Officer,
Marc Henderson
, said: "We are excited to be
moving into this phase of Laramide's evolution underpinned by the the uranium industry which
appears to have entered a new bull market with spot prices rising above
$70.00
. The fundraising will
facilitate continued permitting at Laramide's development projects in the
USA
and to accelerate
exploration in
Queensland
and
Australia's
Northern Territory."
This announcement was authorised for release to the ASX by the Board of Laramide Resources
Ltd.
To learn more about Laramide, please visit the Company's website at
www.laramide.com
Follow us on Twitter @LaramideRes
About Laramide Resources Ltd.:
Laramide is focused on exploring and developing high-quality uranium assets in
Australia
and the
western
United States
. The company's portfolio comprises five advanced uranium projects in
districts with historical production or superior geological prospectivity. Each asset has been carefully
chosen for their size, production potential, and are considered late-stage, low-technical risk projects.
The
Westmoreland
project in
Queensland, Australia
, is one of the largest uranium development
assets held by a junior mining company. This project has a PEA that describes an economically
robust, open-pit mining project with a mine-life of 13 years. Additionally, the adjacent Murphy
Project in the Northern Territory of
Australia
is a greenfield asset that Laramide strategically
acquired to control the majority of the mineralized system along the
Westmoreland
trend.
In
the United States
, Laramide's assets include the NRC licensed Crownpoint-Churchrock Uranium
Project, which is proposed to be developed using in-situ recovery ("ISR") production methodology.
The Company also owns the La Jara Mesa project in the historic Grants mining district of
New
Mexico
and an underground project, called
La Sal
, in Lisbon Valley,
Utah
.
Forward-looking Statements and Cautionary Language
This release includes certain statements that may be deemed to be "forward-looking statements".
All statements in this release, other than statements of historical facts, that address events or
developments that management of the Company expect, are forward-looking statements. Forward-
looking statements are frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential",
"possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the
negative of any of these terms and similar expressions. Actual results or developments may differ
materially from those in forward-looking statements. Laramide disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not limited to, exploration
and production for uranium; delays or changes in plans with respect to exploration or development
projects or capital expenditures; the uncertainty of resource estimates; health, safety and
environmental risks; worldwide demand for uranium; uranium price and other commodity price and
exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of
acquisitions; ability to access sufficient capital from internal and external sources; and changes in
legislation, including but not limited to tax laws, royalties and environmental regulations.
SOURCE
Laramide Resources Ltd.
View original content:
http://www.newswire.ca/en/releases/archive/November2023/09/c7854.html
%SEDAR: 00003540E
For further information:
Marc Henderson, President and CEO, Toronto, Canada, +1 (416) 599
7363; Ann Baines, Director, Investor Relations, Toronto, Canada, +1 (647) 832-9904, E:
CO: Laramide Resources Ltd.
CNW 07:30e 09-NOV-23