Lands End Resources Ltd.
CNSX : LND

Lands End Resources Ltd.

May 03, 2010 19:58 ET

Lands End Resources Announces Planned Private Placement

CALGARY, ALBERTA--(Marketwire - May 3, 2010) - Lands End Resources Ltd. ("Lands End" or the "Company"), (CNSX:LND) announced today that it is undertaking a $500,000 non-brokered private placement. The offering will be on a best efforts basis in respect of the issuance of a maximum of 10 million class A Common shares at an issue price of $0.05 per share (the "Offering").

Should an agent or firm participate in the offering, the Company will pay a finders fee or commission in cash of 10% on the gross proceeds of the proportionate share amounts purchased through that agent or firm in this offering.

Net proceeds from this Offering will be used to commence a two well Cardium reenhancement program at Edson Alberta, as well as for general working capital purposes.

Upon completion of the Offering, assuming the Offering is fully subscribed, Lands End will have a total of 22.4 million shares outstanding and 660,000 million employee stock options outstanding.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The securities offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

ABOUT LANDS END RESOURCES LTD.

Lands End Resources Ltd. is a Canadian oil and gas exploration, development and production company with producing assets in Southern and West Central Alberta. The Company's primary focus is reenhancement and exploitation of its Cardium well interests through the use of an economical "Radial Drilling" technology. This economical and proven technology will enable the Company to increase the reserves and production in its land holdings in the Edson, Alberta region.

ADVISORY: This press release contains forward looking statements. More particularly, this press release contains statements concerning the anticipated closing date of the Offering and the anticipated use of the proceeds of the Offering. Although Lands End believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Lands End can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The closing of the Offering could be delayed if Lands End is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The Offering will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the Offering will not be completed within the anticipated time or at all. The intended use of the proceeds of the Offering by Lands End might change if the board of directors of Lands End determines that it would be in the best interests of Lands End to deploy the proceeds for some other purpose.

The forward looking statements contained in this press release are made as of the date hereof and Lands End undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • Lands End Resources Ltd.
    David W. Harrison
    President
    403-532-8755
    403-266-1709 (FAX)
    dwharrison@landsendresources.com
    or
    Lands End Resources Ltd.
    Suite 240, 340 - 12th Avenue S.W.
    Calgary, Alberta T2R 1L5 Canada