Item 3.02 Unregistered Sales of Equity Securities.

Effective on August 15, 2008, Douglas Lake Minerals Inc. (the "Company") completed a non-brokered private placement pursuant to which the Company has now issued from treasury an aggregate of:

(a) 6,666,680 common shares of the common stock of the Company (each a "Share"), at a subscription price of $0.15 per Share; and

(b) the following units of the Company (each a "Unit"):

(i) 1,000,000 Units of the Company, at a subscription price of $0.10 per Unit, with each such Unit being comprised of one common share of common stock of the Company (each a "Unit Share") and one-half of one common stock share purchase warrant of the Company (each a "Unit Warrant"), and with each such whole Unit Warrant being exercisable for one additional common share of the Company (each a "Warrant Share") at an exercise price of $0.25 per Warrant Share for a period of one year from closing;

(ii) 2,000,000 Units of the Company, at a subscription price of $0.15 per Unit, with each such Unit being comprised of one Unit Share and one-half of one Unit Warrant, and with each such whole Unit Warrant being exercisable for one Warrant Share at an exercise price of $0.30 per Warrant Share for a period of one year from closing;

(iii) 1,462,500 Units of the Company, at a subscription price of $0.20 per Unit, with each such Unit being comprised of one Unit Share and one-half of one Unit Warrant, and with each such whole Unit Warrant being exercisable for one Warrant Share at an exercise price of $0.40 per Warrant Share for a period of one year from closing; and

(iv) 187,500 Units of the Company, at a subscription price of $0.40 per Unit, with each such Unit being comprised of one Unit Share and one-half of one Unit Warrant, and with each such whole Unit Warrant being exercisable for one Warrant Share at an exercise price of $0.50 per Warrant Share for a period of one year from closing.

The Company relied on exemptions from registration under the United States Securities Act of 1933, as amended, provided by Regulation D and Regulation S, based on representations and warranties provided by the purchasers of the Units in their respective subscription agreements entered into between each purchaser and the Company.

The net proceeds of the offering will be used to advance the Company's various resource acquisition, exploration and development activities in Tanzania and for general working capital and corporate purposes.

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