Landore Resources Ltd - Ontario, Canada-focused precious and base metal project explorer and developer - Decides to terminate proposed non-brokered private placement intended to raise up to CAD5 million, around GBP2.9 million. Offering was announced in early November and proceeds were intended to facilitate Landore's application to dual list on the TSX Ventures Exchange. However, "turbulent market conditions worldwide" have since "created significant fundraising challenges, particularly for the junior natural resource sector".
Landore has now decided to postpone fundraising efforts and the proposed dual listing until market conditions show a sustained improvement. Says it is working to reduce costs and preserve cash resources, and will revisit fundraising opportunities during the first quarter of 2024. It is also exploring alternative options to fund a drilling campaign on its flagship BAM gold project at the Junior Lake property.
Current stock price: 3.32 pence, down 43% in London on Friday morning
12-month change: down 75%
By Emma Curzon, Alliance News reporter
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Landore (LND)