(Alliance News) - Landore Resources Ltd on Tuesday said it has raised GBP225,000 through the subscription of 32.1 million shares at 0.7 pence per share.
Shares in the North America-focused precious and base metals explorer were flat at 0.68p each on Tuesday afternoon in London.
Landore intends to use the proceeds to fund working capital requirements. Following the admission of the shares, the company's share capital will be comprised of 1.3 billion shares.
Landore said Chief Executive Bill Humphries and substantial shareholder James Hudleston subscribed for 14.3 million shares each at a price of 0.7p per share for the total amount of GBP100,000 each.
Following admission, Humphries will hold 101.6 million shares, reflecting 7.6% of the company's enlarged share capital. Hudleston will hold 273.1 million shares, reflecting around 21% of the Landore's enlarged share capital.
By Ife Taiwo; ifetaiwo@alliancenews.com
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