Uranium exploration and development company Laramide has received firm commitments to raise A$12-million to accelerate its development projects in the US and to ramp up drilling at its exploration assets in Australia.
The TSX- and ASX-listed company will raise the cash in a placement to institutional and sophisticated investors.
"We are excited to be moving into this phase of Laramide’s evolution underpinned by the uranium industry, which appears to have entered a new bull market with spot prices rising above $70.00.
“The fundraising will facilitate continued permitting at Laramide’s development projects in the USA and to accelerate exploration in Queensland and Australia’s Northern Territory," said president and CEO Marc Henderson.
The placement is comprised of 20-million chess depositary interest at an issue of A$0.60 each. The offer represents a 3.2% discount to the last traded price on the ASX on November 8.