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
About Laramide Resources
Ltd.:
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.