Post by
nopoo2 on Dec 10, 2014 8:40pm
LK CLOSES $1.8 MILLION NON-BROKERED PRIVATE PLACEMENT
LAKELAND RESOURCES INC. CLOSES $1.8 MILLION NON-BROKERED PRIVATE PLACEMENT Lakeland Resources Inc. has closed a non-brokered private placement for total gross proceeds of $1,885,008. The private placement consisted of 13,833,400 flow-through units (FT units) at 12 cents per FT unit and 2.25 million ordinary units at 10 cents per ordinary unit. Each FT unit consists of one flow-through common share and one-half of one non-flow-through common share purchase warrant in the capital of the company. Each whole share purchase warrant is exercisable into one common share of the company for a period of 24 months from closing at a price of 15 cents per common share. Each ordinary unit consists of one common share and one warrant. Each warrant is exercisable into one common share of the company for a period of 24 months from closing at an exercise price of 15 cents per common share. Secutor Capital Management Corp. was the finder in connection with the private placement. The company has paid to the finder a cash commission of 8 per cent of the gross sales of FT units and ordinary units issued under the private placement, and issued to the agent compensation warrants equal to 8 per cent of the number of FT units and ordinary units sold under the private placement, with each compensation warrant being exercisable for 24 months. The compensation warrants issued in respect of the FT units are exercisable at 12 cents per share, and those in respect of the ordinary units are exercisable at 10 cents per share. All the securities issuable will be subject to a four-month hold period from the date of closing. The proceeds received from the FT units will be used by the company to incur qualified Canadian exploration expenses, and the proceeds raised by the issuance of ordinary units will be utilized for exploration of the company's uranium projects in the Athabasca basin, corporate development, and general and administrative purposes.