Lakeland Resources Inc. Announces Private Placements
TSXv: LK FSE: 6LL
VANCOUVER, Aug. 16, 2013 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (FSE: 6LL) (the "Company" or "Lakeland") announces a non-brokered private placement financing of up to 10,000,000 Units (the "Units") of the Company at a price of $0.10 per Unit for gross proceeds of $1,000,000. Each Unit will consist of one common share and one common share purchase warrant ("Warrant"). Each Warrant will be exercisable into one common share at $0.15 for a period of 12 month from closing.
The Company also announces a private placement financing of up to 2,000,000 flow-through units (the "FT Units") of the Company at a price of $0.125 per FT Unit for gross proceeds of $250,000. Each FT Unit will consist of one flow-through common share and one common share purchase warrant ("Warrant"). Each Warrant will be exercisable into one common share at $0.15 for a period of 12 months from closing.
Proceeds from the private placements will be used to conduct exploration on the Company's Athabasca uranium properties and for general working capital.
The private placements remain subject to the final acceptance of the TSX Venture Exchange (the "TSXv"). Finder's fees may be payable in accordance with the policies of the TSXv. The securities issued will be subject to a four-month hold period.
About Lakeland Resources Inc.
Lakeland Resources Inc. is a pure play uranium exploration company focused on the Athabasca Basin in Saskatchewan, Canada.
Lakeland currently has 22,122,878 shares outstanding. The Company's common shares trade on the TSX Venture Exchange under the symbol "LK" and on the Frankfurt Stock Exchange under the symbol "6LL".
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
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 include a private placement of up to 10,000,000 common share units, a private placement of up to 2,000,000 flow-through units, that finders fees may be payable in accordance with TSXv policies, that the private placements are subject to acceptance of the TSXv, that securities issued may be subject to a four month hold period, and that the proceeds will be used towards exploration of the Athabasca uranium properties and general working capital.
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.For further information:
For more information, please visit the corporate website at http://www.lakelandresources.com or contact Roger Leschuk, Corporate Communications at Ph: 604.681.1568 or TF: 1.877.377.6222 or Email: firstname.lastname@example.org