Proceeds earmarked to fund Westmoreland project and La Sal project
By Devika Patel
Knoxville, Tenn., Jan. 6 - Laramide Resources Ltd. said it raised C$600,000 in the second tranche of a C$2.5 million non-brokered private placement of units. The deal priced for C$2 million on Dec. 16 and was increased on Dec. 30, when the company took in C$1.7 million in the initial tranche.
The company is now selling 3,125,000 units of one common share and one half-share warrant at C$0.80 apiece. It sold 2,125,000 units in the first tranche and 750,000 units in the second tranche.
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.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Units: | 3,125,000
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 30 (for C$1.7 million), Jan. 6 (for C$600,000)
|
| Stock symbol: | Toronto: LAM
|
| Stock price: | C$0.80 at close Dec. 15
|
| Market capitalization: | C$50.21 million
|
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