VANCOUVER, Dec. 9 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (the "Company" or "Lakeland") is pleased to announce that it has closed a non-brokered private placement of 1,766,333 units (the "Units") at $0.18 per Unit, for gross proceeds of $317,940 (the "Offering"). Each Unit is comprised of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable into one common share at $0.30 until December 9, 2011. The securities issued pursuant to this Offering are subject to a hold period expiring April 9, 2010.
The Company has also completed an additional private placement of $486,540 through the sale of 2,211,545 flow-through shares at $0.22 per share. The flow-through shares are also subject to a hold period expiring April 9, 2010.
Finder's fees totaling $21,576 cash were paid in accordance with the policies of the TSX Venture Exchange. The proceeds from the private placement offering will be used for general working capital and mineral exploration on the Company's properties.
About Lakeland Resources Inc.
Lakeland Resources Inc. is focused on gold exploration in Canada. The company commenced trading on the TSX Venture Exchange on August 19, 2010 after completing its Qualifying Transaction.
For more information, please visit the corporate website at http://www.lakelandresources.com
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 that the proceeds will be used towards general working capital and mineral exploration on the Company's properties.
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.
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