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Laramide Resources Executes Definitive Share Purchase Agreement to Acquire the Church Rock and Crownpoint ISR Projects in New Mexico
Laramide Resources Executes Definitive Share Purchase Agreement to Acquire the Church Rock...
About this update from Laramide Resources Ltd.
[{"type":"text","content":"\n\n\n\nLaramide Resources Executes Definitive Share Purchase Agreement to Acquire the Church Rock and Crownpoint ISR Projects in New Mexico\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nLaramide Resources Executes Definitive Share Purchase Agreement to Acquire the Church Rock and Crownpoint ISR Projects in New Mexico\nCanada NewsWire\nTORONTO, April 8, 2016\n\n\n\nListed (TSX:LAM; ASX:LAM) \n\n\n\nTORONTO, April 8, 2016 /CNW/ - Laramide Resources Ltd. (\"Laramide\" or the \"Company\") (LAM: TSX/ ASX) is pleased to announce it has entered into a definitive share purchase agreement with Uranium Resources Inc. (\"URI\") pursuant to which Laramide will acquire URI's wholly owned subsidiary Hydro Resources, Inc., which holds the Churchrock and Crownpoint properties in New Mexico, USA (the \"Transaction\").\n\nChurchrock and Crownpoint are the principal properties within an advanced stage portfolio of high-quality In Situ Recovery (\"ISR\") projects which have near-term development potential and significant mineral resources. These projects have been previously burdened by significant net smelter royalties, specifically the sliding scale royalty, held by Laramide of up to 25% of gross revenue covering certain areas of the properties. The Transaction provides both companies with an opportunity to realise value from these assets and provide Laramide with a low cost production opportunity in a tier one jurisdiction.  \n\nTotal consideration to be paid by Laramide to URI is US$12.5 million, over a three-year period, from the anniversary of closing. The consideration will include a combination of cash, shares, a promissory note (the \"Note\"), and an option for URI to acquire Laramide's La Sal project in Utah for US$4M, the proceeds which would reduce the amount owed of the Note. The initial cash payment of  US$5.25 million is due on closing (the \"Cash Payment\"). Further terms related to the consideration to be paid by Laramide and the Transaction were summarized in the November 10, 2015 press release.\n\nThe Transaction is subject to various cond...