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Laramide Resources Sets New Closing Date for Churchrock Acquisition and Announces Amended Terms and Conditions
Laramide Resources Sets New Closing Date for Churchrock Acquisition and Announces Amended ...
About this update from Laramide Resources Ltd.
[{"type":"text","content":"\n\n\n\nLaramide Resources Sets New Closing Date for Churchrock Acquisition and Announces Amended Terms and Conditions\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 Sets New Closing Date for Churchrock Acquisition and Announces Amended Terms and Conditions\nCanada NewsWire\nTORONTO, Dec. 5, 2016\n\n\n\nListed (TSX:LAM; ASX:LAM)\n\n\n\nTORONTO, Dec. 5, 2016 /CNW/ - Laramide Resources Ltd. (\"Laramide\" or the \"Company\") is pleased to announce that it has entered into a letter of intent (\"LOI\") to amend the definitive share purchase agreement (the \"Agreement\") entered into on April 6, 2016 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\"). Details related to the Transaction were previously provided by Laramide in press releases dated April 6, 2016 and dated December 1, 2015. \n\nThe LOI is non-binding at this stage but contemplates that Laramide and URI will enter into a binding amendment to the Agreement not later than December 9, 2016 and the LOI sets the closing date for the Transaction on or about December 22, 2016 (the \"Closing\").  \n\nThe key terms related to the Transaction are as follows:\n\n\nLaramide will now pay cash on closing of US$2.5 million (a reduction of US$2.75 million) and will issue a three-year promissory note (the \"Note\") for US$5 million, representing a reduction of US$2.25 million. The US$250,000 previously advanced by Laramide pursuant to the initial extension agreement (see URI press release of October 3, 2016) will be applied to the US$2.5 million payable at Closing. \nAt Closing, Laramide will issue common shares and warrants to URI valued at US$500,000; \nAt Closing, Laramide will grant to URI a 4 % net smelter return royalty interest (\"NSR\") on the Churchrock project valued at US$4.5 million, and this NSR can be repurchased by Laramide by the first anniversary of Closing for US$4.95 million; \nThe Note will be reduced from ...