VANCOUVER, Aug. 18 /CNW/ - Cats Eye Capital Corp. (TSXv: CYE.P) (the "Company") is pleased to announce that it has received TSX Venture Exchange approval for its Qualifying Transaction, name change and private placement.
Resumption of Trading
Effective August 19, 2010, the Company's common shares will commence trading on the TSX Venture Exchange as a Tier 2 Mining Issuer, under its new name Lakeland Resources Inc., under the trading symbol "LK".
The Qualifying Transaction
Cats Eye Capital acquired a 100% interest in the Camlaren Property which consists of two mineral claims encompassing approximately 2,427 acres near the southern end of Gordon Lake, within the south-central part of Northwest Territories.
The historic Camlaren Mine, located within the Property, has been the focus of gold exploration in the Gordon Lake area since its discovery in the 1930's. Significant gold production was reported from the Camlaren Mine in 1963 and 1980-1981. Although there has been historic gold production on the Property, it is considered an early-stage exploration property.
In August 2009, a field program at Gordon Lake was conducted to locate and map historic mine workings and showings, and to collect samples of quartz vein, muck, tailings and trench debris. In addition, prospecting was conducted across a large portion of the Property with samples collected from veined and altered sections of outcrop. A National Instrument 43-101 technical report for the Property is available on SEDAR.
The Company acquired the Camlaren Property from Triple Dragon Resources Inc. (CNSX: TDN) in exchange for the issuance of 3,000,000 common shares.
Concurrent with the Qualifying Transaction, the Company completed a private placement of a total of 6,000,000 common shares at a price of $0.10 per share for total gross proceeds to the Company of $600,000. The common shares bear a four month hold period expiring on December 13, 2010. Finder's fees totaling $23,920 cash and 282,000 Broker Warrants were paid in accordance with the policies of the TSX Venture Exchange. Each broker warrant is exercisable into one common share of the Company at a price of $0.10 per share until August 12, 2011.
The proceeds of the private placement will be used for the exploration and development of the Camlaren Property and for general working capital.
Board of Directors & Management
Concurrently, the board of directors was restructured. Suresh Singh, Richard Topham and John O'Lally have resigned as directors and officers of the Company. Jonathan Armes, Christopher Grove, Ruben Verzosa and Troy Nickolai have been appointed as directors. Jonathan Armes has been appointed as CEO and President.
In connection with the Qualifying Transaction, a total of 3,300,000 common shares to have been transferred within escrow from founding shareholders to Christopher Grove, Ruben Verzosa, Troy Nickolai and Zimtu Capital Corp.
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On Behalf of the Board of Directors
Cats Eye Capital Corp.
President & Director
Phone: (604) 681 1568
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 that the Company's common shares will commence trading on August 19, 2010 and that the proceeds of the private placement will be used for exploration and development of the Camlaren Property and for 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, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
SOURCE CATS EYE CAPITAL CORP.
For further information: For further information: Jonathan Armes, President & Director, Phone: (604) 681 1568