Last checked at 29 Jun 2010 07:00
Landore Resources Limited
("Landore" or the "Company")
Subscription
Landore, the Canadian mining explorer, today announces that it has agreed a subscription of 35,526,000 new ordinary shares of 1p each in the Company ("Subscription Shares") at a price of 7.25p per Subscription Share (the "Subscription") to raise approximately £2,575,635 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 second half of 2010 will be on the gold, nickel and iron projects at the Junior Lake property 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 | 1,400,000 | 18,565,000 | 7.84 |
The Subscription Shares will represent 15% 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 236,685,325. 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 July 2010.
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
Ewan Leggat
Fairfax I.S. PLC
Joint Broker
Tel: 020 7598 5368
David Bick
Financial PR
Tel: 07831 381201