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Pin to quick picksLandore Regulatory News (LND)

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Option Payment

31 Jan 2023 07:00

RNS Number : 3179O
Landore Resources Limited
31 January 2023
 

 

 

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

 

OPTION PAYMENTMIMINISKA LAKE AND KEEZHIK PROPERTY

 

Landore Resources Limited ("Landore Resources" or "the Company") is pleased to confirm that following the granting of an option in May 2021 to Lithoquest Resources Inc (the "Option") to purchase Landore's 100% interest in the Miminiska Lake and Keezhik Lake properties in the Thunder Bay Mining district, Northern Ontario (together, the "Property"), the Company has received a further payment under the Option agreement, comprising of CAN$251,824 cash and 2,175,939 new common shares in Storm Exploration Inc ("Storm", a TSX-V company, formerly known as Lithoquest Resources Inc)) to the value of CAN$248,176.

Landore has agreed to amend the terms of the Option agreement such that Storm can now acquire a 100% interest in the Property by making staged payments to Landore totalling CAN$1,625,000 in cash and an additional CAN$2,400,000 either in cash or by issuing Landore with new common shares in Storm (previously these payments were to comprise CAN$1,375,000 in cash and CAN$2,625,000 in shares), with the remaining payments now to be made in accordance with the schedule below:

· A Cash Payment of CAN$250,000 and a Convertible Cash Payment of CAN$500,000 on or before 24th July 2023

· A Cash Payment of CAN$500,000 and a Convertible Cash Payment of CAN$750,000 on or before 24th January 2024.

Storm has exclusive discretion to determine if each tranche of the Convertible Cash Payments is settled in cash or in Storm shares.

Following receipt of the remaining Cash Payments, Convertible Cash Payments, and the exercise of the Option by Storm, Landore shall be entitled to receive a 2% net smelter returns royalty ("NSR") from the Property. Storm retains the right to reduce the NSR to 1% by paying Landore the sum of CAN$1,000,000 in cash.

Further information on the property is available on Landore's website www.landore.com.

The cash consideration received by the Company pursuant to the Option agreement will be applied towards Landore's working capital requirements.

ENDS

For more information, please contact:

Landore Resources Limited

 

Bill Humphries, Chief Executive Officer

Tel: 07734 681262

Glenn Featherby, Finance Director

Tel: 07730 420318

 

 

Cenkos Securities (Nominated Advisor and Broker)

 

Derrick Lee / Peter Lynch

Tel: 0131 220 9100

 

 

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MSCFLFSDLEIIVIV
Date   Source Headline
8th Dec 20057:00 amRNSDrilling Update
24th Nov 20057:01 amRNSHolding(s) in Company
22nd Nov 20057:01 amRNSExercise of Warrants
8th Nov 200512:03 pmRNSDirector/PDMR Shareholding
19th Oct 20059:00 amRNSDirector/PDMR Shareholding
17th Oct 20055:48 pmRNSDirector/PDMR Shareholding
12th Oct 20057:00 amRNSDrilling Report
9th Sep 200510:13 amRNSHolding(s) in Company
8th Sep 20053:12 pmRNSHolding(s) in Company
25th Aug 200511:10 amRNSInterim Results
3rd Aug 20052:00 pmRNSRe Agreement
23rd Jun 20057:00 amRNSProgress Report
23rd May 200511:12 amRNSDirector Shareholding
12th Apr 200512:29 pmRNSDirector Shareholding
6th Apr 20058:55 amRNSAIM Admission

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