Laramide Resources Completes Acquisition of Murphy Project in Northern Territory from Rio Tinto Exploration

About this update from Laramide Resources Ltd.

[{"type":"text","content":" Listed (TSX:LAM; ASX:LAM) TORONTO, Nov. 6, 2018 /CNW/ - Further to its announcement on 16 July 2018, Laramide Resources Ltd. (\"Laramide\" or the \"Company\") (TSX:LAM; ASX:LAM) is pleased to announce it has now completed the conditions precedent for the acquisition of the Murphy Project from Rio Tinto Exploration Pty Limited (\"RTX\"). The Company now holds a 100% interest in the Murphy Uranium Tenements in the Northern Territory of Australia (the \"Project\"), which it had previously been exploring under a farm-in agreement with RTX. Figure 1 – Murphy Project The strategically located Project consists of 683.5 km2 of granted exploration tenure, which lies contiguous to and along strike from Laramide's Westmoreland Project in northwest Queensland. The Project will enhance Laramide's dominant landholding in a highly prospective and underexplored uranium province. The Northern Territory of Australia is a jurisdiction that is supportive of both uranium development and mining and hosts several well-known deposits including the Ranger Mine which has produced in excess of 120,000 tonnes of U3O8 over a 35-year period.  The new Agreement is structured to incentivize a return to active exploration on the Project while providing RTX with an opportunity to participate should a world class discovery be made. Terms of the Sale Purchase Agreement: As consideration for the sale by RTX of its interest in the Project to Laramide, the Company has made a AUD$150,000 cash payment to RTX and paid all necessary stamp duty associated with the transfer. Under the SPA the Company is also required to make the following payments: A further payment of AUD$150,000 on or before the date which is 12 months from the closing date; and a further payment of AUD$150,000 on or before the date which is 24 months from the closing date. Laramide can elect to make these payments in cash or common shares at the Company's discretion. Should the common share option be selected, the common shares (or CDI's) will be issued to RTX at a price which is at a discount of 10% to the value of the weighted average price of the common shares on the TSX over the 10 days prior to the date of issue. The Agreement allows for RTX to have Clawback Rights, a Production Payment, an NSR Royalty and Rights of First Refusal under certain conditions. The Clawback Rights can be exercised,...

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