Lakota Resources Inc.

Lakota Resources Inc.

September 14, 2011 15:39 ET

Lakota Announces Results of Annual and Special Meeting of Shareholders and Updates Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Sept. 14, 2011) - LAKOTA RESOURCES INC. (the "Company" or "Lakota") is pleased to announce that at the Company's Annual and Special Meeting (the "Meeting"), held on August 31, 2011 shareholders elected Messrs. David Scott, David Anthony, Marc Cernovitch, Pierre Julien, Robert Sedgemore and Colin Taylor to the Board of Directors. The shareholders also approved all other resolutions including the change of the Company's name to Tembo Gold Corp., a share consolidation on an 18:1 basis and the ratification of the Company's stock option plan.

At a directors meeting held subsequent to the Meeting the directors appointed Mr. David Scott as President and CEO, Mr. John Seaman as CFO, Mr. Nick DeMare as Corporate Secretary and Mr. Marc Cernovitch as Vice President, Business Development.

Due to increased demand, the Company will be increasing its most recent offering as outlined in Lakota's press release dated August 29, 2011 from 66,700,000 units to 78,334,000 units ("Units"). Each $0.03 Unit is comprised of one pre-consolidated common share and one half of one common share purchase warrant (a "Warrant"). One full Warrant will entitle the holder to purchase one additional pre-consolidated common share at a price of $0.045 per share for a period of 2 years from the closing of the offering. The use of proceeds from this financing will be for working capital and ongoing exploration on the Company's exploration properties.

The common shares and warrants will be subject to a four month hold period. A finder's fee of 7% cash and 7% warrants will be paid on a portion of this financing.

The share consolidation and name change will be implemented following the closing of this financing.

For further information regarding Lakota, see Lakota's disclosure documents on SEDAR at www.sedar.com.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

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 the release.

Contact Information

  • Lakota Resources Inc.
    Marc Cernovitch
    (647) 203-7868

    Lakota Resources Inc.
    Colin Taylor
    (306) 664-4626