private placementNews Release Issued: Dec 16, 2016 (5:18pm EST)
To view this release online and get more information about Laramide Resources Ltd. visit:
https://laramide.mediaroom.com/index.php?s=2429&item=122635
Laramide Resources Announces Private Placement
Listed (TSX:LAM; ASX:LAM)
TORONTO, Dec. 16, 2016 /CNW/ - Laramide Resources Ltd. ("Laramide" or the "Company") is pleased to announce it has arranged a non-brokered private placement (the "Offering") of up to 12,000,000 units (the "Units") of the Company at a price of C$0.30 per Unit, for aggregate gross proceeds of up to C$3.6 million.
Each Unit will consist of one common share in the capital of the Company and one share purchase warrant ("Warrant"), with each Warrant to entitle the holder to purchase one additional common share at a price of C$0.45 for a period of 60 months from the date of closing of the Offering. In the event that the common shares trade at a price of C$1.00 or greater for a period of 10 consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice to the holders and, in such case, the Warrants will expire on the 30th business day after the date on which such notice is given by the Company.
The placement will be strongly supported by the company's existing shareholders, and one institutional investor will be subscribing for 33.3% of the Offering. Certain insiders of the Company will be participating in the Offering, including President and Chief Executive Officer Marc Henderson who intends to maintain his pro-rata position.
The closing of the Offering is expected to occur on or about December 22, 2016, and is subject to the completion of formal documentation and receipt of regulatory approval, including the approval of the Toronto Stock Exchange.