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.