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.