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VANCOUVER, Dec. 9, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK; FSE: 6LL) (the "Company") is pleased to
announce that it has closed a non-brokered private placement for
total gross proceeds of $1,885,008.
The private placement consisted of 13,833,400 Flow-Through Units
("FT Units") at $0.12 per FT Unit and
2,250,000 ordinary Units ("Units") at $0.10 per Unit.
Each FT Unit consists 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 consists of one 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 an exercise price of
$0.15 per common share.
Secutor Capital Management Corporation was the Finder in
connection with the private placement. The Company has paid
to the Finder a cash commission of 8% of the gross sales of FT
Units and Units issued under the Private Placement and issued to
the Agent compensation warrants equal to 8% of the number of FT
Units and Units sold under the Private Placement, with each
compensation warrant being exercisable for 24 months. The
compensation warrants issued in respect of the FT Units are
exercisable at $0.12 per share and
those in respect of the Units are exercisable at $0.10 per share.
All the securities issuable will be subject to a four-month hold
period from the date of closing.
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
exploration of the Company's uranium projects in the Athabasca Basin, corporate development and
general and administrative purposes.
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
Cell: 416.708.0243
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.
Forward looking statements in this news release for example include
the proposed use of proceeds.
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 misinterpretation of data;
that we may not be able to get equipment or labour as we need it;
that we may not be able to raise sufficient funds to complete our
intended exploration and development; that our applications to
drill may be denied; that weather, logistical problems or hazards
may prevent us from exploration; that equipment may not work as
well as expected; that analysis of data may not be possible
accurately and at depth; that results which we or others have found
in any particular location are not necessarily indicative of larger
areas of our properties; that we may not complete environmental
programs in a timely manner or at all; that market prices may not
justify commercial production costs; and that despite encouraging
data there may be no commercially exploitable mineralization on our
properties.
SOURCE Lakeland Resources Inc.