Non-brokered component added, will raise C$199,490
By Angela McDaniels
Tacoma, Wash., March 19 - Lakeland Resources Inc.'s previously announced private placement of units and flow-through units is oversubscribed, and a non-brokered component has been added to the financing, according to a company news release.
Secutor Capital Management Corp. is the lead agent for the brokered part of the placement, in which the company is selling 5.58 million flow-through units and 5,883,795 units for C$2.63 million of proceeds.
The company had planned to raise up to C$2 million through the sale of up to 3 million flow-through units and up to 5,952,380 units.
The company will also close on a non-brokered private placement of 305,000 flow-through units and 589,000 units for C$199,940 of proceeds.
The brokered and non-brokered financings will together provide C$2.83 million of proceeds.
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 will grant a 20% 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
|
| Price: | 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
|
| Stock symbol: | TSX Venture: LK
|
| Stock price: | C$0.22 at close Feb. 21
|
| Market capitalization: | C$7.78 million
|
|
|
| Brokered placement
|
| Amount: | C$2,630,596.95
|
| Flow-through units: | 5.58 million
|
| Units: | 5,883,795
|
| Lead agent: | Secutor Capital Management Corp.
|
|
|
| Non-brokered placement
|
| Amount: | C$199,940
|
| Flow-through units: | 305,000
|
| Units: | 589,000
|
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