VANCOUVER, Aug. 18 /CNW/ - Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) (the "Company" or "Zimtu") is pleased to announce that it has acquired 2,150,000 common shares of Lakeland Resources Inc. (TSXv: LK) (formerly Cats Eye Capital Corp.).
Effective August 19, 2010, Lakeland Resources Inc. ("Lakeland") will commence trading on the TSX Venture Exchange as a Tier 2 Mining Issuer under the trading symbol "LK".
Lakeland acquired a 100% interest in the past-producing Camlaren Gold Project in the Northwest Territories for its qualifying transaction and is also reviewing additional project opportunities in the precious metals sector. Lakeland will be focused on gold exploration in Canada.
Zimtu's 2,150,000 common shares of Lakeland is equal to 14% of Lakeland's issued and outstanding share capital as of August 18, 2010. The common shares were acquired at a price of C$0.06 per share pursuant to a concurrent share sale with the former founders of Cats Eye as part of the successful completion of Lakeland's qualifying transaction and financing.
Zimtu's investment in Lakeland is consistent with the Company's strategy of making early-stage resource investments as well as creating and incubating companies to build value for shareholders. As a major shareholder, Zimtu will contribute to the future growth and development of Lakeland.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a TSX Venture listed investment company that invests in, creates and grows natural resource companies thereby providing a way for investors to participate and profit in the public company building process. The Company also provides mineral property advisory services helping to connect companies to properties of interest.
Zimtu Capital trades on the TSX Venture Exchange under the symbol "ZC" and the Frankfurt Stock Exchange under the symbol "ZCT1."
On Behalf of the Board of Directors
ZIMTU 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 Zimtu's investment in Lakeland is consistent with its strategy of making early-stage resource investments, creating & incubating companies to build value for shareholders and that Zimtu will contribute to the future growth and development of Lakeland.
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 Zimtu Capital Corp.
For further information: For further information: please visit the corporate website at http://www.zimtu.com or contact: Kevin Bottomley, Shareholder Services, TF: 1.877.377.6222, T: 604.681.1568, Email: email@example.com