Lead agent Secutor sells two types of units, has 30-day 20% greenshoe
By Toni Weeks
San Luis Obispo, Calif., March 20 - Lakeland Resources Inc. announced it has closed its C$2.83 million private placement of units.
The deal was announced on Feb. 24 as a C$2 million offering consisting of 3 million flow-through units and up to 5,952,380 units, but the oversubscribed financing was upsized on March 19 with the addition of a non-brokered component.
The company sold 5.58 million flow-through units and 6,147,795 units for C$2.69 million of proceeds in the brokered portion of the placement via lead agent Secutor Capital Management Corp. and 305,000 flow-through units and 325,000 units in the non-brokered portion of the deal, raising another C$144,500.
The price is C$0.25 per flow-through unit and C$0.21 per unit.
Each flow-through unit consists of one flow-through common share and half of a non-flow-through 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 share price on Feb. 21.
At closing, the company granted a 20% 30-day over-allotment option to the agent.
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: | Flow-through units of one flow-through common share and half of a non-flow-through common share warrant, units of one common share and one warrant
|
| Amount: | C$2,830,536.95
|
| Prices: | C$0.25 per flow-through unit and C$0.21 per unit
|
| Greenshoe: | 30-day over-allotment option for 20% of amount sold
|
| Warrants: | Half a warrant per non-flow-through unit and one warrant per unit
|
| Warrant expiration: | 12 months
|
| Warrant strike price: | C$0.30
|
| Pricing date: | Feb. 24
|
| Upsized: | March 19
|
| Settlement date: | March 20
|
| Stock symbol: | TSX Venture: LK
|
| Stock price: | C$0.22 at close Feb. 21
|
| Market capitalization: | C$7.78 million
|
|
|
| Brokered placement
|
| Amount: | C$2,686,037
|
| Flow-through units: | 5.58 million
|
| Units: | 6,147,795
|
| Lead agent: | Secutor Capital Management Corp.
|
|
|
| Non-brokered placement
|
| Amount: | C$144,500
|
| Flow-through units: | 305,000
|
| Units: | 325,000
|
© 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.
