Laramide Resources Increases Private Placement to $4,500,000 Listed
Laramide Resources Increases Private
Placement to $4,500,000
Listed
(TSX:LAM; ASX:LAM)
TORONTO
,
Jan. 10, 2020
/CNW/ - Laramide Resources Ltd. ("
Laramide
" or the "
Company
")
announces that it has increased its private placement (the "
Offering
") as announced on
January 3,
2020
. The Offering has been increased from 15,000,000 units (the "
Units
") at a price of
$0.20
per
Unit to 22,500,000 Units, for total gross proceeds of
$4,500,000
. Each Unit will consist of one
common share in the capital of the Company (each, a "
Common Share
") and one Common Share
purchase warrant (each, a "
Warrant
").
Each Warrant will entitle the holder to purchase one additional Common Share at a price of
$0.30
per Common Share for a period of 36 months from the date of closing of the Offering, subject to the
Shareholder Approval (as defined below) requirement. If at any time after the Shareholder Approval
is obtained, the Common Shares trade on the Toronto Stock Exchange at a volume weighted
average trading price of
$0.60
or greater per Common Share for a period of 20 consecutive trading
days, the Company may accelerate the expiry date of the Warrants by giving notice to the holders
thereof, and in such case the Warrants will expire on the 30th day after the date on which such
notice is given by the Company.
The number of securities issuable pursuant to the Offering including both the Common Shares and
the Warrants is higher than 25% of the number of the Company's issued and outstanding common
shares (on a non-diluted basis). Therefore, pursuant to the requirements of the Toronto Stock
Exchange, half of number of Warrants to be issued pursuant to the Offering shall not be exercisable
unless and until such time as the shareholders of the Company approve such exercise by way of a
simple majority of votes cast in respect of such matter (the "
Shareholder Approval
"). The Company
intends to hold a meeting of shareholders to vote on such matter and obtain the Shareholder
Approval by
June 30, 2020
.
The closing of the Offering is expected to occur on or about
January 15, 2020
, earlier than
previously announced in the press release dated
January 3, 2020
, subject to the completion of
formal documentation and receipt of regulatory approval, including the approval of the Toronto Stock
Exchange.
The Company may pay finders fees of up to 5% of gross proceeds raised, payable in cash or
Common Shares.
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/January2020/10/c4419.html
%SEDAR: 00003540E
For further information:
Marc Henderson, President and Chief Executive Officer, Toronto, Canada,
+1 (416) 599 7363
CO: Laramide Resources Ltd.
CNW 17:32e 10-JAN-20