(Alliance News) - Landore Resources Ltd has raised nearly GBP500,000 to help fund continued exploration work in Canada.
Landore placed 64.8 million new shares at a price of 0.725 pence each, raising GBP470,000. Shares were untraded on Wednesday in London, last quoted at 0.73p.
"The net proceeds of the subscription, along with the company's existing cash resources, are to be used to further fund the working capital of the company and its exploration programme, which includes drilling to further extend the BAM gold deposit to the east and to test mineralisation identified by the ongoing exploration along the highly prospective area between the BAM gold deposit and Lamaune gold exploration target," said Landore.
Chief Executive Bill Humphries took 21% of the shares in issue, and shareholder James Hudleston subscribed for 67% of the shares. Following this, Humphries will own 6.7% of Landore, and Hudleston just shy of 20%.
Landore (LND)