The private placement also includes about 2,250,000 units at $0.10 per unit with each consisting of one non flow-through common share and one warrant.
Each FT unit comprises one flow-through common share and one half of one non flow-through common share purchase warrant with each whole share purchase warrant exercisable into one common share for 24 months at a price of $0.15 per share.
The company plans to use the proceeds to support Canadian exploration expenses, share issue costs, corporate development and general and administrative purposes.
Lakeland Resources has approached Secutor Capital Management to assess it with private placement.
The private placement is yet to receive approval from the TSX Venture Exchange. Securities will be subject to a four-month hold period.
