Listed (TSX:LAM; ASX:LAM)
TORONTO, Dec. 31, 2015 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") is pleased to announce it has closed the C$5 million term loan with Extract Advisors LLC ("Extract") (the "Term Loan"). Concurrently, Laramide has repaid in full the existing loan facility with Anglo Pacific PLC ("AngloPac Facility") and all security related to the AngloPac Facility has been released.
All key terms related to the Term Loan were provided in the December 1, 2015 press release issued by the Company and the definitive credit agreement related to the Term Loan will be filed on Sedar.
"We are pleased to close this transaction with Extract which was completed diligently," stated Marc Henderson, Laramide's President and Chief Executive Officer. "We are happy to have Extract invest both as equity investor and lender since they have been successful in navigating through the tumultuous resource markets and were attracted to Laramide's portfolio of high-quality projects and proven management team."
To learn more about Laramide, please visit the Company's website at www.laramide.com.
About Extract Advisors LLC:
Extract Advisors LLC is a natural resources fund manager with a concentration in the junior mining sector. Extract was founded in 2012 and is based in New York and Toronto.
About Laramide Resources:
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.
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.
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