Deal funds Athabasca uranium properties exploration, working capital
By Devika Patel
Knoxville, Tenn., Sept. 3 - Lakeland Resources Inc. said it raised C$738,770 in the first tranche of a C$1.25 million non-brokered private placement of units. The deal priced Aug. 16.
The company is selling 10 million units of one common share and one warrant at C$0.10 per unit and 2 million flow-through units of one flow-through common share and one warrant at C$0.125 per unit.
Lakeland sold 5,702,700 units and 1,348,000 flow-through units in the initial tranche.
The warrants are each exercisable at C$0.15 for one year. The strike price represents a 36.36% premium to the Aug. 15 closing share price of C$0.11.
Proceeds will be used for exploration on the company's Athabasca uranium properties and for general working capital.
The uranium exploration company is based in Vancouver, B.C.
| Issuer: | Lakeland Resources Inc.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one warrant
|
| Amount: | C$1.25 million
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 16
|
| Settlement date: | Sept. 3 (for C$738,770)
|
| Stock symbol: | TSX Venture: LK
|
| Stock price: | C$0.11 at close Aug. 15
|
| Market capitalization: | C$2.88 million
|
|
|
| Flow-through units
|
| Amount: | C$250,000
|
| Units: | 2 million
|
| Price: | C$0.125
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 10 million
|
| Price: | C$0.10
|
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