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VANCOUVER, Dec. 23, 2014 /CNW/ - Lakeland Resources
Inc. (TSXv: LK; FSE: 6LL; OTCQX: LRESF) (the "Company") is
pleased to announce that it has closed a non-brokered private
placement for total gross proceeds of $414,690. This amount is in addition to the
$1.8 million that closed on
December 8th, 2014.
The private placement consisted of 1,842,000 Flow-Through
Units ("FT Units") at $0.12
per FT Unit and 1,936,500 ordinary Units ("Units") at
$0.10 per 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 (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.
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 Units will be utilized for
exploration of the Company's uranium projects in the Athabasca Basin, corporate development and
general and administrative purposes.
Jonathan Armes, President and CEO
of Lakeland Resources Inc. commented: "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."
About Lakeland Resources Inc.
Lakeland Resources Inc. is a uranium and mineral exploration
company focused on the Athabasca
Basin in Saskatchewan, Canada,
home to some of the world's largest and richest high-grade uranium
deposits. The Company is well funded to carry out its near term
exploration programs.
For more information, please visit the corporate website at
http://www.lakelandresources.com or contact Roger Leschuk, Corporate Communications at Ph:
604.681.1568 or TF: 1.877.377.6222 or email:
roger@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 for example include
the proposed use of proceeds; incurring of qualified exploration
expenditures and any references to future drilling or exploration
programs.
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.
SOURCE Lakeland Resources Inc.