Agent to receive 30-day greenshoe for 20% of flow-through units, units
By Susanna Moon
Chicago, Feb. 24 - Lakeland Resources Inc. said it plans to raise up to C$2 million from a private placement of units and flow-through units.
The company plans to sell up to 3 million flow-through units at a price of C$0.25 each and up to 5,952,380 units at C$0.21 each, according to a company press release.
Secutor Capital Management Corp. is the lead agent.
Each flow-through unit consists of one flow-through common share and one half-share non flow-through common share purchase warrant.
Each unit consists of one common share and one warrant.
Each warrant is exercisable for 12 months at a price of C$0.30 per share, which is a 36.36% premium to the company's closing price on Feb. 21.
At closing, the company will grant to the agent a 30-day over-allotment option for 20% of the flow-through units and units that are purchased under the private placement.
Proceeds from the flow-through units will be used for qualified Canadian exploration expenses, and the proceeds from the units issue will be used for exploration of the company's uranium projects in the Athabasca Basin, for corporate development and for general and administrative purposes.
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 half-share warrant
|
| Amount: | Up to C$2 million
|
| Greenshoe: | 30-day over-allotment option for 20% of amount sold
|
| Warrants: | One half-share warrant per non flow-through unit; one warrant per unit
|
| Warrant expiration: | 12 months
|
| Warrant strike price: | C$0.30
|
| Agent: | Secutor Capital Management Corp.
|
| Pricing date: | Feb. 24
|
| Stock symbol: | TSX Venture: LK
|
| Stock price: | C$0.22 at close Feb. 21
|
| Market capitalization: | C$7.78 million
|
|
|
| Flow-through units
|
| Amount: | C$750,00
|
| Units: | 3 million
|
| Price: | C$0.25
|
|
|
| Units
|
| Amount: | C$1.25 million
|
| Units: | 5,952,380
|
| Price: | C$0.21
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
