Laramide Closes Non-Brokered Financing

About this update from Laramide Resources Ltd.

[{"type":"text","content":"\n\n\nListed on TSX (Symbol: LAM)\n\n\nTORONTO, Dec. 24, 2013 /CNW/ - Laramide Resources Ltd. (\"Laramide\" or\n the \"Company\") is pleased to announce that it has closed its previously\n announced non-brokered private placement (the \"Offering\"). The\n placement consisted of 5,000,000 units (the \"Units\") of the Company at\n a price of $0.40 per Unit, for aggregate gross proceeds of $2.0\n million.\n\n\nEach Unit consists of one common share in the capital of the Company,\n one-half (1/2) of one non-transferable share purchase warrant (each\n whole warrant a \"Series A Warrant\") and one-half (1/2) of one non-\n transferable share purchase warrant (each whole warrant a \"Series B\n Warrant\"). Each Series A Warrant entitles the holder to purchase one\n additional common share at a price of $0.60 for a period of 18 months\n from the date of closing of the Offering, provided that, in the event\n the closing price of the Company's shares as traded on the Toronto\n Stock Exchange is $0.80 or greater for a period of 20 consecutive\n trading days, the Company may give notice of an earlier expiry of the\n Series A Warrants, in which case they would expire 30 calendar days\n from the giving of such notice; provided further that, in the event a\n subscriber exercises any Series A Warrants during the term thereof, the\n subscriber is entitled to that number of Series B Warrants equal to the\n number of Series A Warrants exercised, with each Series B Warrant to\n entitle the holder to purchase one additional common share at a price\n of $0.80 for a period of 3 years from the date of closing of the\n Offering.\n\n\nThe Units were offered on a private placement basis and subject to a\n four-month hold period.\n\n\nThe Company plans to use the proceeds of the Offering to advance its\n Westmoreland project in Australia, and for general corporate purposes.\n\n\n\"2013 has been another challenging year for uranium producers and\n developers as utility concerns over Japanese inventory overhang have\n yet to be definitively resolved\", stated Marc Henderson, President and\n Chief Executive Officer. \"Recent spot market developments, however, are\n somewhat more encouraging and with the consensus industry view that a\n uranium production deficit is now likely in the medium to longer term,\n 2014 should see improvement in prices and sentiment. N...

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