Last checked at 21 Feb 2012 10:42
Landore Resources Limited
("Landore" or the "Company")
Subscription
Landore, the Canadian mining explorer, today announces that it has agreed a subscription of 30,100,000 new ordinary shares of 1p each in the Company ("Subscription Shares") at a price of 7.5p per Subscription Share (the "Subscription") to raise approximately £2.25 million before expenses. The proceeds from the Subscription will be used to finance working capital and exploration and drilling expenditures on the Nickel deposits at the Junior Lake project in the Province of Ontario, Canada. The focus for the drilling will be to expand and upgrade the Nickel resources at the B4-7 and VW deposits on the Junior Lake project.
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 Richard Prickett | 3,350,000 707,335 | 23,710,000 6,439,859 | 8.07 2.2
|
The Subscription Shares will represent 10.2% 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 293,810,325. 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 6 March 2012.
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