Subscription

RNS Number : 3814O

Landore Resources Limited

29 June 2010

 



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: [phone]

Tel: [phone]

Simon Raggett / Angela Peace

Strand Hanson Limited

Nomad / Joint Broker

Tel: [phone]

Ewan Leggat

Fairfax I.S. PLC

Joint Broker

Tel: [phone]

David Bick

Financial PR

Tel: [phone]

 

END

 

 

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