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Last checked at 
25 Jan 2011 07:00
25 January 2011
Landore Resources Limited
("Landore" or the "Company")
Subscription
Landore, the Canadian mining explorer, today announces that it has agreed a subscription of 11,340,000 new ordinary shares of 1p each in the Company ("Subscription Shares") at a price of 15p per Subscription Share (the "Subscription") to raise approximately £1.7 million before expenses. The proceeds from the Subscription will be used to finance working capital and exploration expenditure. The principal focus of the exploration activities for the first half of 2011 will be on the nickel and lithium projects at the Junior Lake and Root Lake properties in Ontario.
The Subscription is conditional on admission of the Subscription Shares to trading on AIM. Changes in discloseable interests are as set out below.
Director | Subscription Shares Subscribed | Shareholding immediately following Admission | Percentage of enlarged issued share capital |
William Humphries | 1,130,000 | 19,695,000 | 7.92 |
The Subscription Shares will represent 4.56% of the enlarged issued share capital of the Company. The number of ordinary shares in issue following the Subscription, and the total number of voting rights, will be 248,525,325. The Subscription Shares will rank pari passu with existing ordinary shares of 1p each in the Company. Application will be made for admission of the Subscription Shares to trading on AIM, and is expected to take place on 1 February 2011.
Enquiries:
Bill Humphries / Richard Prickett
Landore Resources Limited
Tel: 07734 681262
Tel: 07775 651421
Simon Raggett / Angela Peace
Strand Hanson Limited
Nomad / Joint Broker
Tel: 020 7409 3494
David Bick
Financial PR
Tel: 07831 381201
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