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(Alliance News) - Landore Resources Ltd on Thursday said its first-half results were "in line with expectations", as it posted a sharply narrowed loss on lower exploration expenses.
The North America-focused precious and base metals explorer also said it will need to issue more equity to carry out future exploration activities and for additional working capital. At present, Landore has no debt and has sufficient capital to complete the current exploration programme and have working capital up to the end of November.
Landore in June raised GBP958,688 via a share placing and subscription and then in July raised a further GBP250,000. As of the end of June, the company had GBP689,089 in cash and cash equivalents versus GBP2.2 million a year ago and GBP277,458 at December 31.
Shares in the company were untraded at 0.77 pence each in London on Thursday morning.
For the six months to June 30, the company recorded a pretax loss of GBP697,542 versus the GBP1.3 million loss recorded a year ago period. No revenue was generated in either financial period.
First half exploration costs were reduced to GBP262,254 from GBP892,124, while administrative expenses increased to GBP435,350 from GBP370,700.
