Laramide Resources Ltd.

Laramide Resources Ltd.

January 07, 2008 13:09 ET

Laramide Announces Completion of Private Placement

TORONTO, ONTARIO--(Marketwire - Jan. 7, 2008) - Laramide Resources Ltd. (TSX:LAM)(the "Company"), further to its press release of December 24, 2007, is pleased to announce the completion of a private placement of 575,000 flow-through shares at a price of $7.00 per share for gross proceeds of $4,025,000. Directors and officers of the Company purchased a total of 64,465 flow-through shares and their respective shareholdings will increase accordingly. Finders' Fees of 5% were paid to Haywood Securities Inc. and M Partners Inc. on a portion of the financing. All dollar amounts are in Canadian dollars.

Proceeds of the private placement will be used for exploration work on the Company's Canadian mineral properties, primarily drilling on the Goliath Gold project located in Dryden, Ontario which is scheduled to commence in the first quarter of 2008. As announced October 4, 2007, the Dryden based properties will become the flagship asset of a new gold company to be spun off from Laramide in the first quarter of this year. Details on this transaction are expected to be released this month.

In accordance with Canadian regulatory requirements, in order to renounce the exploration expenditures for the 2007 taxation year management of the Company determined to close the private placement prior to 21 days before filing of the material change report respecting the announcement of the placement.

About Laramide:

Laramide Resources is engaged in the exploration and development of high quality uranium assets. Its wholly owned uranium assets are in Australia and the United States. Laramide's portfolio of advanced uranium projects have been chosen for their production potential. Its flagship project is Westmoreland, in Queensland, Australia, 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 Sal in 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.

This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.

Shares Outstanding: 58,832,592

Contact Information

  • Laramide Resources Ltd.
    Flora Wood
    Investor Relations
    (416) 599-7363