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Laramide Resources Ltd. ("Laramide") (TSX:LAM) is pleased to announce today that the underwriters of its recent public offering (the "Offering") have exercised a portion of their over-allotment option and purchased 375,000 common share purchase warrants (the “Warrants”) at a price of $0.18 per Warrant. The option was granted pursuant to the Offering of 5,000,000 units at a price of $1.75 per unit for gross proceeds of $8,750,000, which closed on March 5, 2009. Each unit consisted of one common share in the share capital of Laramide (each, a "Common Share") and one-half of one Warrant. Each Warrant entitles the holder thereof to purchase one additional Common Share upon payment of the exercise price of $2.50 on or before 5:00 p.m. (Toronto time) on March 5, 2012, subject to adjustment. The gross proceeds to Laramide from the exercise of the over-allotment option are $67,500.
The units were sold through a syndicate of underwriters co-led by GMP Securities L.P. and Dundee Securities Corporation and including Cormark Securities Inc. and Haywood Securities Inc.
Laramide is engaged in the exploration and development of high quality uranium assets. Its wholly owned uranium assets are in Australia and the United States. Laramide’s portfolio of advanced uranium projects have been chosen for their production potential. Its flagship project, Westmoreland, in Queensland, Australia, is one of the largest projects currently held by a junior mining company. Its U.S. assets include La Jara Mesa in Grants, New Mexico and La Sal in the Lisbon Valley district of Utah. Its portfolio also includes joint venture, strategic equity positions and royalty participation in uranium development and exploration companies that provide additional geographic diversification and uranium exposure for shareholders.
For further information contact:
Flora Wood, Investor Relations
Tel: 416-599-7363 More information may be found at www.laramide.com.
This press release contains forward-looking statements. Forward-looking statements involve known or unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Laramide to be materially different from those projected by such forward-looking statements. Such factors include, among others, access to capital and future prices of uranium, gold and other base metals and those factors disclosed under the heading "Risk Factors" and elsewhere in Laramide documents filed from time to time with applicable regulatory authorities.