TORONTO, Dec. 3, 2013 /CNW/ - Laramide Resources Ltd. ("Laramide" or the
"Company") is pleased to announce that it has arranged a proposed
non-brokered private placement (the "Offering") of up to 5,000,000
units (the "Units") of the Company at a price of $0.40 per Unit, for
aggregate gross proceeds of $2.0 million.
Each Unit will consist of one common share in the capital of the Company
and one-half (1/2) of one non-transferable share purchase warrant (each
whole warrant a "Series A Warrant"), with each Series A Warrant to
entitle the holder to purchase one additional common share at a price
of $0.60 for a period of 18 months from the date of closing of the
Offering, provided that, in the event the closing price of the
Company's shares as traded on the Toronto Stock Exchange is $0.80 or
greater for a period of 20 consecutive trading days, the Company may
give notice of an earlier expiry of the Series A Warrants, in which
case they would expire 30 calendar days from the giving of such notice;
provided further that, in the event a subscriber exercises any Series A
Warrants during the term thereof, the Company will issue to that
subscriber that number of Series B Warrants equal to the number of
Series A Warrants exercised, with each Series B Warrant to entitle the
holder to purchase one additional common share at a price of $0.80 for
a period of 3 years from the date of closing of the Offering.
The closing of the Offering is expected to occur on or about December
19, 2013 and is subject to the completion of formal documentation and
receipt of regulatory approval, including the approval of the Toronto
Stock Exchange. The Units will be offered on a private placement basis
and will be subject to a four-month hold period. Insiders of the
Company will be participating in the Offering.
The Company plans to use the proceeds of the Offering to advance its
Westmoreland project in Australia, and for general corporate purposes.
As a result of the Offering the Company will not proceed at this time
with the previously announced securities purchase agreement with The
Lind Partners Canada, LLC.
To learn more about Laramide, please visit the Company's website at www.laramide.com.
Laramide is engaged in the exploration and development of high-quality
uranium assets. Its wholly owned uranium assets are in Australia and
the United States. Laramide's portfolio of advanced uranium projects
have been chosen for their production potential. Its flagship project,
Westmoreland, in Queensland, Australia, is one of the largest projects
currently held by a junior mining company. Its U.S. assets include La
Jara Mesa in Grants, New Mexico, and La Sal in the Lisbon Valley
district of Utah. Its portfolio also includes joint venture, strategic
equity positions and royalty participation in uranium development and
exploration companies that provide additional geographic
diversification and uranium exposure for shareholders.
This press release contains forward-looking statements. The actual
results could differ materially from a conclusion, forecast or
projection in the forward-looking information. Certain material
factors or assumptions ere applied in drawing a conclusion or making a
forecast or projection as reflected in the forward-looking information.
SOURCE: Laramide Resources Ltd.
For further information:
Marc Henderson, President and CEO
Toronto, Canada +1 (416) 599 7363
Greg Ferron, Vice-President, Investor Relations
Toronto, Canada +1 (416) 599 7363