FULLY SUBSCRIBED PLACEMENT RAISING A$12.0M
TORONTO, Nov. 9, 2023 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce that it has received firm commitments for a A$12.0 million placement to institutional and sophisticated investors pursuant to s708 of the Corporations Act (Cwth) 2001 in Australia, raising A$12.0 million before expenses ("Placement" or the "Offer").
Proceeds from the Placement will be used to accelerate development projects in the USA, to ramp up drilling at the companies advanced exploration assets in Australia during the next field season and general working capital and transaction costs. The closing of the Placement is expected to occur on or about Wednesday, 15 November 2023, and is subject to the completion of formal documentation and receipt of regulatory approval, including the approval of the Toronto Stock Exchange.
The Placement is comprised of the issue of 20,000,000 Chess Depositary Interests ("CDI") at an issue price of A$0.60 per CDI ("Offer Price"). The Offer Price represents a 3.2% discount to the Company's last traded price on the ASX on Wednesday, 8 November 2023 of A$0.62. The Placement is expected to settle on Wednesday ,15 November 2023 with CDIs expected to be issued on Thursday, 16 November 2023. Each new CDI issued under the Placement will rank equally with existing CDIs on issue and each CDI will represent a beneficial interest in 1 common share of the Company. Bell Potter Securities Limited ("Bell Potter") acted as lead manager and bookrunner to the Placement.
Laramide's President and Chief Executive Officer, Marc Henderson, said: "We are excited to be moving into this phase of Laramide's evolution underpinned by the the uranium industry which appears to have entered a new bull market with spot prices rising above $70.00. The fundraising will facilitate continued permitting at Laramide's development projects in the USA and to accelerate exploration in Queensland and Australia's Northern Territory."
This announcement was authorised for release to the ASX by the Board of Laramide Resources Ltd.
To learn more about Laramide, please visit the Company's website at www.laramide.com
Follow us on Twitter @LaramideRes
Laramide is focused on exploring and developing high-quality uranium assets in Australia and the western United States. The company's portfolio comprises five advanced uranium projects in districts with historical production or superior geological prospectivity. Each asset has been carefully chosen for their size, production potential, and are considered late-stage, low-technical risk projects.
The Westmoreland project in Queensland, Australia, is one of the largest uranium development assets held by a junior mining company. This project has a PEA that describes an economically robust, open-pit mining project with a mine-life of 13 years. Additionally, the adjacent Murphy Project in the Northern Territory of Australia is a greenfield asset that Laramide strategically acquired to control the majority of the mineralized system along the Westmoreland trend.
In the United States, Laramide's assets include the NRC licensed Crownpoint-Churchrock Uranium Project, which is proposed to be developed using in-situ recovery ("ISR") production methodology. The Company also owns the La Jara Mesa project in the historic Grants mining district of New Mexico and an underground project, called La Sal, in Lisbon Valley, Utah.
Forward-looking Statements and Cautionary Language
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Laramide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for uranium; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for uranium; uranium price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.
SOURCE Laramide Resources Ltd.
Marc Henderson, President and CEO, Toronto, Canada, +1 (416) 599 7363; Ann Baines, Director, Investor Relations, Toronto, Canada, +1 (647) 832-9904, E: [email protected]
Share this article