LONDON (Alliance News) - Landore Resources Ltd Friday said it has raised GBP656,820 through the placing of 109.5 million shares at 0.6 pence each.
The issue price represents a discount of 14.3% to the closing middle market price of 0.7 pence per share on October 29. Shares in Landore were untraded on Friday, last quoted at 0.680 pence.
The proceeds will be used to fund a 2,000 metre drill programme, to carry out metallurgical and geotechnical works and to provide general working capital.
Chief Executive William Humphries bought 10 million shares and now holds 49.9 million shares representing 8% of the company's issued share capital.
Finance Director Richard Prickett bought 1.7 million shares, taking his total holding to 10 million shares representing 1.6% of the company's issued share capital.
Non-Executive Director Helen Green purchased 500,000 shares, taking her holding to 1.0 million shares representing 0.2% of the company's issued share capital.
"We are very pleased with the strong support given by our shareholders with this fundraise, the proceeds of which will enable us to drill-test priority exploration targets and continue development studies on the B4-7 and VW deposits on our highly prospective Junior Lake Nickel property. Progress reports on the above programme, scheduled to commence on November 12, 2015, will be issued as results come to hand," Humphries said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Landore (LND)