Proceeds earmarked to fund Westmoreland project and La Sal project
By Devika Patel
Knoxville, Tenn., Dec. 30 - Laramide Resources Ltd. said it raised C$1.7 million in the first tranche of a C$2.5 million non-brokered private placement of units. The company has also increased the deal from the C$2 million it announced when the deal priced on Dec. 16.
The company is now selling 3,125,000 units of one common share and one half-share warrant at C$0.80 per unit. It sold 2,125,000 units in the first tranche and expects to sell another 1 million units in the second tranche on Jan. 6.
Each whole two-year warrant is exercisable at C$1.00, a 25% premium to the Dec. 15 closing share price of C$0.80.
Insiders will be participating for about 25% of the offering.
Proceeds will be used to fund the Westmoreland project and the La Sal project as well as for general corporate purposes.
Based in Toronto, Laramide is a uranium exploration company.
Issuer: | Laramide Resources Ltd.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$2.5 million
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Units: | 3,125,000
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Price: | C$0.80
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$1.00
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Agent: | Non-brokered
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Pricing date: | Dec. 16
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Settlement dates: | Dec. 30 (for C$1.7 million), Jan. 6
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Stock symbol: | Toronto: LAM
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Stock price: | C$0.80 at close Dec. 15
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Market capitalization: | C$48.18 million
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