EDITOR: | February 24th, 2014

Lakeland Resources Inc. Announces $2 Million Private Placement

| February 24, 2014 | No Comments


Lakeland Resources Inc. (TSXv: LK; FSE: 6LL) (the “Company”) is pleased to announce that it has engaged Secutor Capital Management Corporation (the “Agent”) to act as lead agent in connection with a private placement of up to 3,000,000 flow-through units (“FT Units”) at a price of $0.25 per FT Unit and up to 5,952,380 units (“Units”) at $0.21 per Unit for gross proceeds of up to $2,000,000.

Each FT Unit will consist of one flow-through common share and one half of one non flow-through common share purchase warrant in the capital of the Company. Each whole share purchase warrant (a “Warrant“) is exercisable into one common share of the Company for a period of 12 months from closing at a price of $0.30 per common share.

Each Unit will consist of one common share and one warrant. Each share purchase warrant (a “Warrant“) is exercisable into one common share of the Company for a period of 12 months from closing at a price of $0.30 per common share.

On closing the Company will grant to the Agent an over-allotment option to increase the size of the offering by 20% of the FT Units and Units that are purchased under the private placement. The option is exercisable in whole or in part for a period of 30 days from closing on the same terms as set forth above solely to cover over-allotment.

The Company will pay to the Agent a cash commission of 8% of the gross sales of FT Units and Units and issue to the Agent 8% of the number of FT Units and Units sold in Compensation Options, with each Compensation Option being exercisable for 12 months at a price of $0.30.

All the securities issuable will be subject to a four-month hold period from the date of closing.  The private placement is subject to the approval of the TSX Venture Exchange.

The proceeds received from the FT Units will be used by the Company to incur qualified Canadian Exploration Expenses and the proceeds raised by the issuance of Units will be utilized for exploration of the Company’s uranium projects in the Athabasca Basin, corporate development and general and administrative purposes.

Also, Lakeland has entered into a consulting agreement with Momentum Public Relations Inc. (http://www.momentumpr.com/) commencing January 1, 2014 for a period of twelve months for corporate development, financing and investor relations services. The consultant will be paid $5,000 per month for services and will receive 100,000 incentive stock options based on the market price at the date of this announcement exercisable under the terms of the Company’s Stock Option Plan and the rules of the TSX Venture Exchange.  The agreement may be canceled by 30 days’ notice by either party.

The Company has discontinued the Investor Relations contract with Network IR that was announced on July 3, 2013.

About Lakeland Resources Inc.

Lakeland Resources Inc. is a pure play uranium exploration company focused on the Athabasca Basin in Saskatchewan, Canada, home to some of the world’s largest and richest high-grade uranium deposits. The Company’s common shares trade on the TSX Venture Exchange under the symbol “LK” and on the Frankfurt Stock Exchange under the symbol “6LL”.

On Behalf of the Board of Directors

“Jonathan Armes”

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include that the company will successfully raise $2 million dollars; agents’ commissions will be payable; securities will be issuable; qualified exploration expenditures will be incurred; any other future event related to this proposed financing.

It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company’s operations, markets, products and prices. Factors that could cause actual results to differ materially may include misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties.


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