VANCOUVER, Nov. 15 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (the "Company" or "Lakeland") is pleased to announce a private placement financing of up to 2,800,000 units (the "Units") of the Company at a price of $0.18 per Unit for gross proceeds of $504,000. Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for one common share at $0.30 for a period of 12 months from closing.
The Company also announces a private placement financing of up to 2,300,000 flow-through shares of the Company at a price of $0.22 per share for gross proceeds of $506,000.
The private placements remain subject to the final acceptance of the TSX Venture Exchange (the "TSXv") and finder's fees may be payable in accordance with the policies of the TSXv. The securities issued will be subject to a four-month hold period.
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.
"Jonathan Armes"
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 a private placement of up to 2,800,000 units, a private placement of up to 2,300,000 flow-through shares, that finders fees may be payable in accordance with TSXv policies, that the private placements are subject to acceptance of the TSXv, that securities issued may be subject to a four month hold period, and that the proceeds will be used towards general working capital and mineral property exploration
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.
For further information:
Jonathan Armes
President, CEO and Director
Cell: 416.708.0243
Ph: 604.681.1568
TF: 1.877.377.6222
Email: [email protected]
Web: http://www.lakelandresources.com
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