Listed (TSX:LAM; ASX:LAM; OTCQX:
LMRXF)
TORONTO, Jan. 11, 2022 /CNW/ - Laramide Resources Ltd.
("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX:
LMRXF) is providing an update on the outcome of the Warrant
Holders' exercise of the Company's January
5, 2022, common share purchase warrants.
Laramide is pleased to announce that 16,881,883 or 99.7% of the
outstanding warrants to purchase common shares of the Company that
expired on January 5, 2022, with a
strike price of 45 cents have been
exercised. These exercises included a total of 625,000 warrants
exercised by the Chairman and the CEO collectively and resulted in
total proceeds of $7.6 million to the
Company. Together with the Company's previous cash balances, and
combined with securities available for sale, Laramide now has in
excess of $10 million in cash and
securities on hand and is essentially fully funded through 2022, a
year that is expected to see increased exploration and development
activity, in alignment with the recovering uranium market.
On January 6, 2022, immediately
after the exercises, the Company has 200,015,629 common shares
outstanding and fully diluted shares of 229,902,946. Laramide
reminds holders of the 40 cent share
purchase warrants, which were attached to the August 22, 2019, private placement financing,
that these warrants expire on February 21,
2022. A total of 1,635,000 of these warrants remain
outstanding.
Recent uranium market developments
2022 has begun in a very constructive fashion for the uranium
market. On the final day of 2021, The European Commission released
to member states for consultation a draft of the complementary
Delegated Act of the EU Taxonomy Regulation covering certain gas
and nuclear activities. While vigorously debated and contested
among the European Union's member states, the end result of this
classification process (or "taxonomy") is that the EU seems likely
to reclassify nuclear power and some forms of natural gas as
"green" activity, which could allow it to be regarded as
sustainable investment. This would have material implications for
both potential government support for future nuclear power
developments and, just as importantly, could increase the
likelihood that nuclear related activities become ESG eligible
investments.
The turning tide on public sentiment towards nuclear appears to
be gaining momentum – and influential new adherents – almost weekly
now, with Jack Dorsey, the founder
of Twitter and Square, the most recent to weigh in when he tweeted
on January
4th: "Generating more energy, not less,
increases quality of life for all… #nuclear." Improving public
acceptance of nuclear energy as part of a diverse and resilient
domestic energy policy has without doubt been helped by the
increasingly visible commitments of governments globally towards
addressing climate change concerns and achieving net zero emission
targets, particularly as these aspirational goals encounter the
reality of meeting large scale demand at affordable prices. The
currently unfolding energy crisis in Western Europe appears to be Exhibit A in this
process.
And then there is Kazakhstan.
In a series of dramatic, unexpected, and tragic events, the
nation state of Kazakhstan was
last week engulfed by civil unrest – a process which appeared to
have similarities to the Arab Spring uprisings of 2011 – and was
predicted by almost nobody. As the single largest producer and
supplier of uranium globally, this situation clearly has the
potential to be destabilizing to both the U sector and to energy
markets more broadly, but it is likely far too early to assess any
likely outcomes – especially for the near to medium term. In the
case of nuclear and the uranium market, "just in time" inventory
reliance means something quite different than in other parts of the
global supply chain but the long run implications of supplier
concentration risk remain the same – and this in a market where
consensus thinking is that a large primary uranium supply deficit
already looms in the back half of the current decade.
Kazakhstan is situated between
Russia and China, and a supplier of choice to both
countries (both of whom have large and expanding fleets of nuclear
power plants), and that geographic reality will remain irrespective
of the political resolution of the current situation. This will
very likely dictate some re-assessment of security of supply
concerns by global nuclear utilities. Laramide, with its portfolio
of US and Australian assets, seems well positioned to thrive in
this environment and should also benefit if evolving security of
supply concerns translate into greater spot market activity and
aggressive near-term inventory accumulation.
To learn more about Laramide, please visit the Company's website
at www.laramide.com.
About Laramide Resources:
Laramide is a Canadian-based company with diversified uranium
assets strategically positioned in the
United States and Australia
that have been chosen for their low-cost production potential.
Laramide's Churchrock and Crownpoint properties form a leading In-Situ
Recovery (ISR) division that benefits from significant mineral
resources and near-term development potential. Additional U.S.
assets include La Jara Mesa in Grants,
New Mexico, and La Sal in
the Lisbon Valley district of Utah. The Company's Australian advanced stage
Westmoreland is one of the largest
uranium projects currently held by a junior mining company.
Laramide is listed on the TSX: LAM and ASX: LAM, and on the OTCQX:
LMRXF.
Forward-looking Statements and Cautionary Language
This release includes certain statements that may be deemed
to be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that management of the Company expect, are
forward-looking statements. Forward-looking statements are
frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "plans", "projects", "intends",
"estimates", "envisages", "potential", "possible", "strategy",
"goals", "objectives", or variations thereof or stating that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions. Actual results or developments
may differ materially from those in forward-looking statements.
Laramide disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, save and except as may be
required by applicable securities laws.
Since forward-looking information address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, exploration and production for
uranium; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of
resource estimates; health, safety and environmental risks;
worldwide demand for uranium; uranium price and other commodity
price and exchange rate fluctuations; environmental risks;
competition; incorrect assessment of the value of acquisitions;
ability to access sufficient capital from internal and external
sources; and changes in legislation, including but not limited to
tax laws, royalties and environmental regulations.
Actual results, performance or achievement could differ
materially from those expressed in, or implied by, the
forward-looking information and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
information will transpire or occur, or if any of them do so, what
benefits may be derived therefrom and accordingly, readers are
cautioned not to place undue reliance on the forward-looking
information.
SOURCE Laramide Resources Ltd.