VANCOUVER, May 9, 2012 /CNW/ - Lakeland Resources Inc. (TSXv: LK) (the "Company" or "Lakeland") announces a non brokered
private placement financing of up to 2,500,000 units (the "Units") of
the Company at a price of $0.08 per Unit for gross proceeds of
$200,000. Each Unit will consist of one common share and one common
share purchase warrant ("Warrant"). Each Warrant will be exercisable
for one common share at $0.15 for a period of 12 months from closing.
The Company also announces a private placement financing of up to
3,000,000 flow-through units (the "Units") of the Company at a price of
$0.10 per unit for gross proceeds of $300,000. Each Unit will consist
of one flow-through common share and one common share purchase warrant
("Warrant"). Each Warrant will be exercisable for one common share at
$0.15 for a period of 12 months from closing.
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 a publicly-traded mineral exploration company
focused on creating shareholder wealth through the discovery of new
gold deposits with a 100%-focus on Canadian assets principally in
Ontario. Lakeland aims to create value through the drill bit and build
a successful mineral exploration company by combining technical
knowledge, a motivated management team and board, strong and clear
messaging and supportive investors.
Lakeland has 19,622,878 shares outstanding. The Company's common shares
trade on the TSX Venture Exchange under the symbol "LK" and on the
Frankfurt Stock Exchange under the symbol "6LL".
On Behalf of the Board of Directors
LAKELAND RESOURCES INC.
"Jonathan Armes"
Jonathan Armes
President, CEO and Director
Cell: 416.708.0243
Ph: 604.681.1568
TF: 1.877.377.6222
Email: jarmes@lakelandresources.com
Web: http://www.lakelandresources.com
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
2,500,000 common share units, a private placement of up to 3,000,000
flow-through units, 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.
