Landore Resources Inc.

Published : June 13th, 2016

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Keywords :   Gold Discovery | Junior | London | Transparency |

Subscription

10 June 2016

LANDORE RESOURCES LIMITED

('Landore Resources' or the 'Company')

Landore Resources raises C$2.259 million

Drilling to commence on Junior Lake BAM East Gold prospect on 30 June

Landore Resources (AIM: LND) is pleased to announce it has raised gross proceeds of approximately C$2.259 million (approximately £1.221 million) through a subscription (the 'Subscription') of 71,843,000 new ordinary shares of 1p each in the Company (the 'New Ordinary Shares') at a price of 1.7 pence per New Ordinary Share (the 'Issue Price').

The Issue Price represents a premium of approximately 1.5 per cent. to the closing middle market price of 1.675 pence per ordinary share on 9 June 2016, being the last trading day prior to this announcement and the New Ordinary Shares represent approximately 10.3 per cent. of the enlarged issued share capital.

The net proceeds of the Subscription will be used by the Company to finance working capital and exploration expenditure on the Junior Lake BAM East Gold prospect.

Changes in Directors' disclosable interests pursuant to the Subscription are as set out below.

Director

New Ordinary Shares subscribed

Shareholding immediately following admission

Percentage of enlarged issued share capital

William Humphries

7,400,000

57,314,119

8.19

Richard Prickett

1,188,977

11,144,876

1.59

Helen Green

590,000

1,617,583

0.23

Commenting on today's announcement, Bill Humphries, Chief Executive of Landore Resources, said:

'We are delighted with the strong support our shareholders continue to provide through this latest fund raise, which enables our operations team to continue the drilling campaign on the exciting new BAM East Gold discovery on our highly prospective Junior Lake Property. Drilling is expected to recommence on 30 June with results and news flow expected during August.'

The accompanying investor presentation used for the Subscription is available on the Company's website:www.landore.com

Further details on the Subscription

The Subscription is conditional on admission of the New Ordinary Shares to trading on AIM ('Admission'). The New Ordinary Shares will be fully paid and will rank pari passuin all respects with the Company's existing ordinary shares of 1p each ('Ordinary Shares'). Application will be made to the London Stock Exchange for Admission. It is expected that Admission of the New Ordinary Shares will become effective and that dealings in such New Ordinary Shares will commence at 8.00 a.m. on 14 June 2016. Following Admission of the New Ordinary Shares the Company's issued share capital will consist of 700,046,825 Ordinary Shares with voting rights. Landore Resources does not hold any Ordinary Shares in treasury.

The aforementioned figure of 700,046,825 Ordinary Shares may be used by shareholders in the Company 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, Landore Resources under the Financial Service Authority's Disclosure and Transparency Rules.

The participation of certain of the Directors and certain substantial shareholders in the Subscription is deemed to be a related party transaction under the AIM Rules. Accordingly, Charles Wilkinson, the independent Director, confirms that, having consulted with Strand Hanson Limited, the Company's nominated adviser, he considers that their participation in the Subscription is fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:

Bill Humphries/Richard Prickett

Landore Resources Limited

M: +44(0)7734 681262

M: +44(0)7775 651421

James Spinney/Jack Botros

Strand Hanson Limited

Nominated Adviser and Broker

Tel: +44(0)20 7409 3494

Read the rest of the article at www.publicnow.com

Landore Resources Inc.

EXPLORATION STAGE
CODE : LND.L
ISIN : GB00B06VJ325
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Landore Res. is a nickel and palladium exploration company based in Canada.

Landore Res. holds various exploration projects in Canada.

Its main exploration properties are CIMARRON, VINDICATOR and SPRUCE MOUNTAIN in USA and LESSARD, SEELEY LAKE, ROOT LAKE, MOUNT FRONSAC, HIHO, CHARLEY, CHEM, IOWA HIGH, WILDHORSE CANYON, MIMINISKA LAKE, JUNIOR LAKE and WEST GRAHAM in Canada.

Landore Res. is listed in United Kingdom. Its market capitalisation is GBX 2.6 billions as of today (US$ 3.0 billions, € 2.7 billions).

Its stock quote reached its lowest recent point on April 08, 2016 at GBX 0.20, and its highest recent level on September 19, 2023 at GBX 9.98.

Landore Res. has 835 915 779 shares outstanding.

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Project news of Landore Resources Inc.
1/29/2015Landore commences winter exploration campaign Junior Lake Ni...
12/5/2014Junior Lake drilling results
9/30/2008(Junior Lake) Junior Lake Progress
Corporate news of Landore Resources Inc.
7/13/2016Option agreement to sell Root Lake Property
6/27/2016Award of Share Options
6/23/2016Issue of Shares
6/23/2016Result of AGM
6/23/2016Award of Share Options
6/13/2016Subscription
5/19/2016Update on BAM East Gold and Junior Lake Lithium
5/16/2016Final Results
10/12/2015Landore Resources Limited (AIM Ticker: LND.L) - Junior Lake ...
4/13/2015Landore Resources Limited (AIM Ticker: LND.L) - Results from...
11/19/2014Landore Resources Limited (AIM Ticker: LND.L) - Drilling int...
8/19/2014Landore Resources Limited (AIM Ticker: LND.L) - Drilling Upd...
4/23/2014Landore Resources Limited - New Potential Nickel Sulphide Mi...
11/18/2008latest press release
9/17/2007Ascent Resource One2One Forum
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