Laramide Resources Closes Over-Subscribed Equity Financing Listed
Laramide Resources Closes Over-Subscribed
Equity Financing
Listed (TSX:LAM; ASX:LAM)
TORONTO
,
Aug. 22, 2019
/CNW/ - Laramide Resources Ltd. ("
Laramide
" or the "
Company
") is
pleased to announce it has closed its non-brokered private placement (the "
Offering
"), and that the
Offering was over-subscribed as the Company issued 6,750,000 (the "
Units
") of the Company at a
price of
C$0.25
per Unit (the "
Issue Price
"), for aggregate gross proceeds of
$1,687,500
.
Each Unit is comprised 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 thirty (30) months from the Closing Date (as defined below).
The securities issued pursuant to the Offering are subject to a statutory four-month hold period
expiring on
December 22, 2019
.
The Company paid a cash commission of 5% to certain eligible parties that acted as finders in
connection with the Offering.
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.
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 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.
SOURCE
Laramide Resources Ltd.
View original content:
http://www.newswire.ca/en/releases/archive/August2019/22/c6205.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 07:30e 22-AUG-19