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VANCOUVER, Dec. 4,
2014 /CNW/ - Lakeland Resources Inc. (TSXv: LK;
FSE: 6LL; OTCQX: LRESF) (the "Company") ("Lakeland") is pleased to
announce that it has arranged a private placement of up to
13,833,400 flow-through units ("FT Units") at a price of
$0.12 per FT Unit and up to 2,250,000
units ("Units") at $0.10 per Unit for
gross proceeds of up to $1,885,008. Each FT Unit will consist of
one flow-through common share and one half of one non flow-through
common share purchase warrant in the capital of the Company. Each
whole share purchase warrant (a "Warrant") is exercisable into one
common share of the Company for a period of 24 months from closing
at a price of $0.15 per common
share.
Each Unit will consist of one non flow-through
common share and one Warrant. Each Warrant is exercisable into one
common share of the Company for a period of 24 months from closing
at a price of $0.15 per common
share.
The Company has engaged Secutor Capital
Management Corporation (the "Finder") to assist in connection with
private placement. The Company will pay to the Finder a cash
commission of 8% of the gross sales of FT Units and Units arranged
by the Finder and issue to the Finder warrants totaling 8% of the
number of FT Units and Units arranged by them, such Finder's
warrants being exercisable for 24 months at a price of $0.12 for warrants issued in respect of FT Units
and at a price of $0.10 for warrant
issued in respect of Units. The Issuer and the Finder may
agree to increase the offering in their discretion.
All the securities issuable will be subject to a
four-month hold period from the date of closing. The private
placement is subject to the approval of the TSX Venture
Exchange.
The proceeds received from the FT Units will be
used by the Company to incur qualified Canadian Exploration
Expenses and the proceeds raised by the issuance of Units will be
utilized for share issue costs, corporate development and general
and administrative purposes.
Appointment of Chief Financial Officer
The Company is pleased to announce Ms.
Jody Bellefleur as Chief Financial
Officer for the Company. Ms. Bellefleur has been Chief Financial
Officer of Zimtu Capital Corp. since June, 2013 and has been with
the Zimtu group of companies since 2008. She is responsible for
regulatory financial reporting including preparation of quarterly
financial statements and management discussion and analysis. Ms.
Bellefleur is a CGA with over 20 years' experience as a corporate
accountant. Ms. Bellefleur has worked as an accountant for
various publicly listed mineral exploration companies exclusively
for 6 years and prior to that, with a private manufacturing company
for 12 years. She has been a Member of the Certified General
Accountants Association of British
Columbia since 1998. Ms. Bellefleur is a graduate of the
University of British Columbia with a
Bachelor of Commerce degree.
Mr. Sam Wong has
resigned as Chief Financial Officer and Management would like to
thank Sam for the contributions that he has made during his tenure
as CFO.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a uranium and mineral
exploration company focused on the Athabasca Basin in Saskatchewan, Canada, home to some of the
world's largest and richest high-grade uranium deposits. The
Company is well funded to carry out its near term exploration
programs.
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
"Jonathan Armes"
Jonathan Armes
President, CEO and Director
Ph: 604.681.1568
TF: 1.877.377.6222
Email: jarmes@lakelandresources.com
Web: http://www.lakelandresources.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Statements in this document which are not
purely historical are forward-looking statements, including any
statements regarding beliefs, plans, expectations or intentions
regarding the future.It is important to note that actual outcomes
and the Company's actual results could differ materially from those
in such forward-looking statements. Risks and uncertainties include
economic, competitive, governmental, environmental and
technological factors that may affect the Company's operations,
markets, products and prices. Factors that could cause actual
results to differ materially may include that there may not be any
interested investors to participate in the private placement.
Except as required by law, we will not update our forward looking
statements.
SOURCE Lakeland Resources Inc.