Laramide Resources Ltd

Published : December 01st, 2015

Laramide Resources Agrees to C$5M Loan from Extract Advisors

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Keywords :   Australia | Canada | G Mexico | Junior | Libor | Market | Mexico | Uranium | Utah |

Laramide Resources Agrees to C$5M Loan from Extract Advisors

Listed (TSX:LAM; ASX:LAM)

TORONTO, Dec. 1, 2015/CNW/ - Laramide Resources Ltd. ('Laramide' or the 'Company') is pleased to announce it has entered into a binding term sheet with Extract Advisors LLC ('Extract') to arrange and provide a C$5 millionterm loan (the 'Term Loan') that will enable Laramide to repay the existing loan facility with Anglo Pacific PLC ('AngloPac Facility'). The AngloPac Facility matures December 31, 2015and includes a reciprocal option for AngloPac to acquire, for US$15 million, a 5% net smelter royalty (the 'NSR Option') on the Church Rock ISR properties located in New Mexico, USA, currently owned by Uranium Resources, Inc. ('URI').

On November 10, 2015, Laramide announced an agreement to acquire the Church Rockand Crownpointprojects from URI for US$12.5 million. The elimination of the NSR Option is expected to materially enhance the potential economics at the Church Rockproject.

The Term Loan is expected to close by December 31, 2015(the 'Closing') and remains subject to customary conditions and definitive legal documentation.

'We are pleased that Laramide has secured a non-dilutive financing with a knowledgeable investor in the sector, particularly at a time when uranium prices remain challenged in the near-term. The uranium sector is expected to rebound strongly in the medium term as utilities return more aggressively to the long-term contracting market,' stated Marc Henderson, Laramide's President and Chief Executive Officer. 'This transaction supports our belief that Laramide has one of the highest quality development portfolios in the industry which provides investors exposure to size, scale and diversity - all within jurisdictions that are attractive to global nuclear utilities.'

Key Terms of the Loan

  • C$5 millionsecured for a 14-month period;
  • Interest rate of 12-month LIBOR plus 750 basis points (7.5%) per annum paid monthly;
  • Repayment at any time without penalty;
  • Arrangement fees of 4% of the facility amount;
  • The issuance of 2.5 million common shares of Laramide subject to a 4-month hold period; and
  • The issuance of 1.25 million warrants of Laramide issued at an exercise price 10% above the 20 day volume weighted average price on the TSX from signing the indicative term sheet and a second series of 1.25 million warrants of Laramide issued with an exercise price of a 50% premium to the five day volume weighted average price immediately price to the Closing.

    Both series of warrants have a three year expiry term from the Closing. Laramide can accelerate to exercise the first series of warrants if the common shares trade at or above $1.00for ten consecutive days.

The issue of the warrants and common shares are subject to all necessary regulatory approvals, including approval of the TSX.

The Term Loan also provides Extract a production fee of US$0.50per pound of U308 produced from any of the projects owned by Laramide ('Production Fee'). The Production Fee may be repurchased at any time by Laramide for a lump sum payment equal to:

  • C$300,000if the Term Loan is repaid in full on or before 6 months from the Closing Date;
  • C$500,000if the Term Loan is repaid after 6 months and on or before 14 months from the Closing Date; and
  • C$2,000,000after the repayment of the Term Loan.

To learn more about Laramide, please visit the Company's website at www.laramide.com.

About Extract Advisors LLC:

Extract Advisors LLC is a natural resources fund manager with a concentration in the junior mining sector. Extract was founded in 2012 and is based in New Yorkand Toronto.

About Laramide Resources:

Laramide is engaged in the exploration and development of high-quality uranium assets. Its wholly owned uranium assets are in Australiaand 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 Salin 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.

Forward-looking Statements and Cautionary Language

This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.

SOURCE Laramide Resources Ltd.

For further information: Marc Henderson, President and Chief Executive Officer, Toronto, Canada, +1 (416) 599 7363; Bryn Jones, Chief Operating Officer, Brisbane, Australia, P: (07) 3831 3407; Greg Ferron, Vice-President, Investor Relations, Toronto, Canada +1 (416) 599 7363

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Laramide Resources Ltd

EXPLORATION STAGE
CODE : LAM.TO
ISIN : CA51669T1012
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Laramide Res. is an exploration silver and gold company based in Canada.

Laramide Res. holds various exploration projects in Canada.

Its main exploration properties are WESTMORELAND, LA SAL and LAGOON CREEK in Australia and GOLIATH, LA JARA MESA and LARA in Canada.

Laramide Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 24.2 millions as of today (US$ 18.4 millions, € 16.5 millions).

Its stock quote reached its lowest recent point on January 11, 2002 at CA$ 0.01, and its highest recent level on January 05, 2007 at CA$ 9.07.

Laramide Res. has 112 590 000 shares outstanding.

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Financings of Laramide Resources Ltd
1/6/2012Completes Second Tranche of Private Placement
12/30/2011Completes Previously Announced Financing
12/19/2011Announces Proposed Private Placement
Project news of Laramide Resources Ltd
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6/18/2012(La Sal)Receives Positive Record of Decision and Permit for its La S...
10/11/2011(La Sal)s permitting status on its La Sal Project
7/27/2011(Westmoreland)Reports Exceptional Westmoreland Metallurgy Results and Comm...
5/16/2011Concludes Binding Joint Venture Term Sheet with Rio Tinto on...
6/29/2010Clears Title to Advance Permitting its La Sal Uranium Projec...
10/2/2008(Westmoreland)Drilling Results at Westmoreland Continue to Meet or Exceed ...
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9/2/2008(Westmoreland)Releases Further Drilling Results and Prepares for a Second ...
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4/24/2008(Westmoreland)Intersects 58 Metres @ 0.12 % U3O8 at Westmoreland
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2/15/2008(Westmoreland)Announces Northern Territory Joint Venture Drill Results
12/17/2007Files Independent Technical Reports
4/30/2007(La Jara Mesa)Intercepts 13 Feet of 0.719 % U3O8 in La Jara Mesa Drilling
4/17/2007(Westmoreland)Receives GRD Minproc Scoping Study on its 100% Owned Westmor...
3/21/2007(La Jara Mesa)News Release - Laramide Resources Ltd.
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12/1/2015Laramide Resources Agrees to C$5M Loan from Extract Advisors
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3/31/2014Laramide Resources Appoints Bryn Jones as Chief Operating Of...
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5/31/2013Announces Results of Voting at Annual and Special Shareholde...
5/28/2013Reminder–Laramide Resources–Annual and Special Meeting of
4/26/2013to commence trading on ASX
4/15/2013adopts advance notice policy
1/31/2013launches secondary offering and ASX co-listing
1/23/2013CEO Progress Report
5/22/2012(La Jara Mesa)Receives Draft EIS and Updates Permitting Status for La Jara...
3/26/2012Comments on the Queensland State Election
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6/7/2011(Lara)Invite to Laramide's Annual General Meeting
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6/26/2008Treasury Metals Files Preliminary Prospectus for Initial Pub...
6/3/2008ANNOUNCES PRICING OF EQUITY FINANCING
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1/22/2008SPIN OFF NON-URANIUM ASSETS TO TREASURY METALS INC.
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