Lakeland Resources Closes $400,000 Private Placement

Lakeland Resources (TSXV:LK) has closed a private placement totaling $414,690, two weeks after it closed a private placement totaling $1.8 million. The proceeds from the flow-through units will be used for exploration expenses while the proceeds from the ordinary units will be used for exploration of the company’s uranium projects in the Athabasca Basin.

According to the press release:

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 (a “Warrant”) is exercisable into one common share of the Company for a period of 24 months from closing at a price of $0.15 per common share.

Each 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 $0.15 per common share.

The Company has paid to finder’s cash commissions totaling $29,975.20 and issued 270,280 finders Warrants exercisable for 24 months at $0.15 per warrant share.

Jonathan Armes, president and CEO, said:

2014 proved to be a challenging year once again in the resource markets, so we are pleased to be able to close on this round of financing of $2,299,698. Combined with our financing earlier in the year Lakeland has raised an aggregate amount in excess of $5,100,000 in 2014; I believe a strong testament to the team we have assembled at Lakeland. Our plans were already in place for drilling our Gibbons Creek and Star Properties, and these additional funds will allow us to further advance and accelerate our 2015 program.

Click here to read the Lakeland Resources Inc. (TSXV:LK) press release