Subscription

RNS Number : 8066X

Landore Resources Limited

21 February 2012

 



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: [phone]

Tel: [phone]

Simon Raggett / Angela Peace

Strand Hanson Limited

Nomad / Joint Broker

Tel: [phone]

David Bick

Financial PR

Tel: [phone]

 

END

 

 

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