Last checked at 15 Oct 2013 07:00
15 October 2013
Landore Resources Limited
("Landore" or the "Company")
LANDORE SUCCESSFULLY RAISES FINANCE TO EXTEND GEOPHYSICS COVERAGE ON ITS JUNIOR LAKE NICKEL- COPPER PROJECT IN ONTARIO PROVINCE, CANADA
Landore, the Canadian mining explorer, is pleased to announce that it has raised gross proceeds of £1,010,000 through a subscription (the "Subscription") of 50,500,000 new ordinary shares of 1p each in the Company (the "Subscription Shares") at a price of 2 pence per Subscription Share (the "Issue Price"). The Issue Price represents a premium of approximately 4.2 per cent. to the closing middle market price of 1.92 pence per ordinary share on 14 October 2013, being the last trading day prior to this announcement.
The net proceeds of the Subscription will be used to finance working capital and to extend the 3D DCIP and MT ground geophysics survey over the area between the B4-7 Nickel-Copper deposit to immediately east of the VW Nickel deposit, a distance of four kilometres, in order to outline potential extensions of the two resources as well as identifying new mineralisation.
Changes in Directors' disclosable interests pursuant to the Subscription are as set out below.
Director | Subscription Shares subscribed | Shareholding immediately following Admission | Percentage of enlarged issued share capital |
William Humphries | 4,250,000 | 36,960,000 | 8.94 |
Richard Prickett | 500,000 | 7,855,899 | 1.90 |
Charles Wilkinson | 500,000 | 1,754,047 | 0.42 |
The Subscription Shares will represent approximately 12.2%of the enlarged issued share capital of the Company and the Subscription is conditional on admission of the Subscription Shares to trading on AIM ("Admission").
Application will be made for admission of the Subscription Shares to trading on AIM, and is expected that Admission will become effective and dealings in the Subscription Shares will commence at 8.00 a.m. on 22 October 2013. Following Admission, the Company will have 413,483,825 ordinary shares in issue with voting rights. The Company does not hold any ordinary shares in treasury and accordingly there are no voting rights in respect of any treasury shares. The Subscription Shares will rank pari passu in all respects with existing ordinary shares of the Company.
The aforementioned figure of 413,483,825 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.
Enquiries:
Bill Humphries / Richard Prickett
Landore Resources Limited
Tel: 07734 681262
Tel: 07775 651421
Angela Hallett / James Spinney
Strand Hanson Limited
Nominated Adviser and Broker
Tel: 020 7409 3494
David Bick
Financial PR Tel: 07831 381201