Laramide Resources Ltd. announces that it has arranged for a non-brokered private placement of up to 1,500,000 units of the Company at a price of $0.30 per unit, for total proceeds of $450,000. Each unit will consist of one common share and one full common share purchase warrant. The common share purchase warrant will entitle the holder to purchase one common share at a price of $0.40 per share for a two year period from the date of closing. Proceeds of the private placement, which is subject to the approval of the TSX Venture Exchange, will be used for general corporate purposes including costs related to the Westmoreland Project in Queensland, Australia.
Laramide also announces that it has granted a total of 1,200,000 options to purchase common shares of the company exercisable for a period of two years at a price of $0.40 per share to directors, officers, employees and consultants of the company. Any shares issued in connection with the exercise of these options will be subject to a hold period until January 2, 2005.
For further information contact:
Marc C. Henderson, President
Tel: (416) 599-4133
Or visit our web site at www.Laramide.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.