(Sharecast News) - Mining company Landore Resources announced the termination of its proposed non-brokered private placing and the deferment of its application to dual list its shares on the TSX Venture Exchange on Friday.
The AIM-traded firm initiated the private placing on 9 November, intending to raise up to CAD 5m to support its dual listing application.
However, amid turbulent global market conditions, particularly affecting the junior natural resource sector, Landore said it had decided to halt the offering.
To manage its financial situation, Landore said it was implementing cost-reduction measures and taking steps to preserve its cash resources.
The company planned to revisit financing opportunities in the first quarter of next year and was actively exploring alternative funding options.
Those efforts were aimed at enabling the firm to proceed with a drilling campaign on its flagship BAM Gold Project, located at the Junior Lake property in northwestern Ontario, as soon as market conditions improved.
At 1310 GMT, shares in Landore Resources were down 37.18% at 3.68p.
Reporting by Josh White for Sharecast.com.
Landore (LND)