Landore Resources Ltd - precious and base metal project explorer and developer in Canadian province of Ontario - Hires Claude Lemasson as chief executive officer, starting on Tuesday next week. Lemasson is based in Toronto and will remain there, as Landore announces plans for a dual listing on the TSX Venture Exchange in the third quarter. Lemasson replaces Bill Humphries, who retires at Landore's annual general meeting on Thursday. Lemasson was CEO of TSX-listed Eastmain Resources Inc.
To assist with its own TSX listing, Landore raises GBP600,000 before expenses from a placing of 6.7 million shares at 9 pence each. The placing is run by Novum Securities Ltd, which is appointed broker immediately. The new shares represent 5.5% of Landore's enlarged total share capital, and the price is a 13% discount to the stock's closing price on Wednesday on AIM. Each placing share comes with a warrant to buy one more share at 18p within the next two years.
Current stock price: 8.70p, down 16% on Thursday in London
12-month change: down 57%
By Tom Waite, Alliance News editor
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Landore (LND)