Laramide Resources Ltd. (“Laramide” or the “Company“) (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is pleased to announce that further to the news release of November 9, 2023, the A$12 million placement to institutional and sophisticated investors pursuant to s708 of the Corporations Act (Cwth) 2001 in Australia has completed. Funds have been received and CDIs are being issued.
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 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”). 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.
This announcement was authorised for release to the ASX by the Board of Laramide Resources Ltd.
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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.
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.