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Lakeland Resources Inc Closes First Tranche of Private Placement


Tuesday, 3 Sep 2013 02:56pm EDT 

Lakeland Resources Inc announced the closing of the first tranche of its previously announced non-brokered private placement issuing 5,702,700 Units (Units) at CAD0.10 per Unit and 1,348,000 Flow-Through Units (FT Units) at CAD0.125 per FT Unit for total aggregate gross proceeds of CAD738,770. Each Unit consists of one common share of the Company and one common share purchase warrant (Warrant). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.15 per share for a period of 12 months following the date of issuance. Each FT Unit consists of one common share of the Company issued on a 'flow-through' basis and one Warrant. Finder's Fees of CAD25,883.90 and 250,089 Finder's Units were awarded in relation to this tranche of the financing. Each Finder's Unit consists of one common share and one share purchase warrant exercisable into one common share at $0.15 for one year from closing. All of the securities issued under the first tranche of the offering are subject to a hold period expiring on December 31, 2013. Two insiders of the Company, directly or indirectly subscribed for an aggregate of 100,000 FT Units and 1,000,000 Units. The aggregate proceeds raised under the offering will be used to conduct exploration on the Company's Athabasca uranium properties and for general working capital. 

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22 Oct 2014