Laramide Resources Closes Over-Subscribed $3.75M Equity Financing /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO
Laramide Resources Closes Over-Subscribed
$3.75M Equity Financing
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
CANADA
ONLY AND IS NOT
INTENDED FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR
DISSEMINATION IN
THE UNITED STATES
./
Listed
(TSX:LAM; ASX:LAM)
TORONTO
,
June 21, 2018
/CNW/ - Further to its press release dated
June 4, 2018
and
June 8,
2018
, Laramide Resources Ltd. ("Laramide" or the "Company") is pleased to announce that the
Company has closed its non-brokered private placement on
June 20
th
, 2018 (the "Offering"), and
that the Offering was over-subscribed as the Company issued 12,500,000 units (the "Units") at a
price of
C$0.30
per Unit, for aggregate gross proceeds of
C$3,750,000.00
.
Marc Henderson
, Laramide's President and CEO, commented, "We received strong support from
existing shareholders and were pleased to see a number of new supporters participate in
Laramide's placement, including new institutional shareholders. The proceeds of the placement allow
the Company to progress the Church Rock Project towards development following the significant
maiden NI 43-101 Church Rock Mineral Resource Estimate which was released in Q4, 2017." Mr.
Henderson added, "We continue to believe
Church Rock
is potentially one of the highest quality
undeveloped ISR projects in the U.S. and would be an obvious beneficiary of any of the government
policy actions under consideration which would assure U.S. domestic security of supply."
The Company plans to use the net proceeds of the Offering to advance exploration and development
activities primarily at
Church Rock
and
Crownpoint
uranium properties in
New Mexico, USA
, and for
general corporate purposes.
Each Unit consisted of (i) one common share in the capital of the Company, (ii) one-half (1/2) of one
common share purchase warrant (each whole such warrant a "Series A Warrant"), with each whole
Series A Warrant entitling the holder to purchase one additional common share at a price of
$0.45
until
June 20, 2021
, and (iii) one-half (1/2) of one common share purchase warrant (each whole such
warrant a "Series B Warrant"), with each whole Series B Warrant entitling the holder to purchase
one additional common share at a price of
$0.60
until
June 20, 2021
, provided however that Series
B Warrants shall only be exercisable upon the exercise by the holder of an equal number of Series A
Warrants on or before
December 20, 2019
.
The securities issued pursuant to the Offering are subject to a statutory four-month hold period
expiring on
October 21, 2018
.
The Company paid a cash commission of 6% to certain eligible parties that acted as finders in
connection with the Offering. PowerOne Capital Markets Limited, Haywood Securities Inc. and
Canaccord Genuity Corp., among others, acted as finders in connection with a portion of the
Offering.
Certain officers and directors of the Company (the "Related Parties") participated in the Offering,
and whose participation constitutes a "related party transaction" as defined under Multilateral
Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions
("MI 61-101").
Such related party transaction is exempt from the formal valuation and minority shareholder approval
requirements of MI 61-101 as neither the fair market value of securities being issued to the related
parties nor the consideration being paid by the related parties exceeded 25% of the Company's
market capitalization. The participants in the Offering and the extent of such participation were not
finalized until shortly prior to the completion of the Offering. Accordingly, it was not possible to
publicly disclose details of the nature and extent of related party participation in the Offering
pursuant to a material change report filed at least 21 days prior to the completion of the Offering.
The securities issued pursuant to the Offering have not been, nor will they 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, or for the account or benefit of, U.S. persons absent registration or an applicable
exemption from the registration requirements. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which
such offer, solicitation or sale would be unlawful.
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 Information
This release includes certain statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical facts, that address future production,
reserve potential, exploration drilling, exploitation activities and events or developments that the
Company expects are forward-looking statements. 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 forward-looking statements. These include market prices,
exploitation and 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 statements. 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 statements, whether as a result
of new information, future events or otherwise, other than as required by law.
SOURCE
Laramide Resources Ltd.
View original content: http://www.newswire.ca/en/releases/archive/June2018/21/c4253.html
%SEDAR: 00003540E
For further information:
Marc Henderson, President and Chief Executive Officer, Toronto, Canada,
+1 (416) 599 7363; Bryn Jones, Chief Operating Officer, Brisbane, Australia, P: (07) 3831 3407;
Greg Ferron, Vice-President, Investor Relations, Toronto, Canada, +1 (416) 599 7363
CO: Laramide Resources Ltd.
CNW 07:00e 21-JUN-18