Subscription

RNS Number : 6399Z

Landore Resources Limited

11 March 2013

 



11 March 2013

Landore Resources Limited

("Landore" or the "Company")

Subscription

Landore, the Canadian mining explorer, is pleased to announce that it has raised gross proceeds of £835,000 through a subscription (the "Subscription") of 16,700,000 new ordinary shares of 1p each in the Company (the "Subscription Shares") at a price of 5 pence per Subscription Share (the "Issue Price"). The Issue Price represents a discount of approximately 4.8 per cent. to the closing middle market price of 5.25 pence per ordinary share on 8 March 2013, being the last trading day prior to this announcement.

The net proceeds of the Subscription will be used to finance working capital, in addition to pre-feasibility and technical studies, and exploration expenditures on the nickel deposits at the Junior Lake project in the Province of Ontario, Canada.

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	3,000,000	32,710,000	9.01
Richard Prickett	410,000	7,355,899	2.03

The Subscription Shares will represent approximately 4.60% 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").

The Subscription Shares will rank pari passu in all respects with existing ordinary shares of the Company. 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 19 March 2013. Following Admission, the Company will have 362,983,825 ordinary shares in issue. This figure 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.

The participation of certain of the Directors in the Subscription is deemed to be a related party transaction under the AIM Rules. The independent Directors consider, having consulted with Strand Hanson Limited, the Company's nominated adviser, that the terms of the Subscription are fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:

Bill Humphries / Richard Prickett

Landore Resources Limited

Tel: [phone]

Tel: [phone]

Angela Hallett / James Dance

Strand Hanson Limited

Nominated Adviser

Tel: [phone]

Dominic Morley / Adam Pollock

Panmure Gordon & Co.

Broker

Tel: [phone]

David Bick

Financial PR Tel: [phone]

 

END

 

 

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