By Sheri Kasprzak
New York, Sept. 6 - Laramide Resources Ltd. said it has arranged a private placement for up to C$10 million.
The offering includes up to 4 million units at C$2.50 each.
The units are composed of one share and one half-share warrant. The whole warrants allow for the purchase of an additional share at C$3.25 each for two years.
A syndicate of placement agents led by Haywood Securities Inc. and including Pacific International Securities Inc. has an over-allotment option for up to 1.2 million additional units, exercisable for up to two days before the deal closes.
The proceeds will be used for exploration and development on the company's Westmoreland project in Australia, acquisition payments for the purchase of the uranium portfolios of Homestake Mining Co. and La Jara Mesa Mining Co. and for working capital.
Based in Toronto, Laramide is a mineral exploration company.
| Issuer: | Laramide Resources Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$10 million (maximum)
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| Units: | 4 million (maximum)
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| Greenshoe: | For up to 1.2 million units
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| Price: | C$2.50
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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$3.25
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| Placement agents: | Haywood Securities Inc. (lead); Pacific International Securities Inc.
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| Pricing date: | Sept. 6
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| Stock price: | C$2.77 at close Sept. 2
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