TIDMLND
RNS Number : 0118U
Landore Resources Limited
19 October 2017
LANDORE RESOURCES LIMITED
("Landore Resources" or "the Company")
(AIM Ticker: LND.L)
Landore Resources raises GBP1 million
London, United Kingdom - October 19 2017 - Landore Resources
Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased
to announce it has raised gross proceeds of GBP1 million through a
subscription of 50,000,000 new ordinary shares of no par value in
the Company (the "Subscription Shares") at a price of 2.0 pence per
Subscription Share (the "Issue Price") (the "Subscription").
The net proceeds of the Subscription will be used by the Company
to finance working capital and exploration expenditure.
Changes in Directors' disclosable interests pursuant to the
Subscription are as set out below.
Shareholding Percentage
immediately of enlarged
Subscription following issued share
Director Shares subscribed Admission capital
William Humphries 1,750,000 70,644,119 8.5%
Richard Prickett 1,250,000 13,394,876 1.6%
Helen Green 500,000 2,857,583 0.3%
In addition, 375,000 new ordinary shares of no par value in the
Company have been issued to an adviser at the Issue Price in lieu
of cash fees (the "Fee Shares").
The Subscription Shares and the Fee Shares (together, the "New
Ordinary Shares") represent approximately 6.0 per cent. of the
enlarged issued share capital (as enlarged by the New Ordinary
Shares). The Issue Price represents a premium of approximately 3.9
per cent. to the closing middle market price of 1.93 pence per
ordinary share on 18 October 2017, being the last trading day prior
to this announcement.
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 passu in all respects with
the Company's existing ordinary shares of no par value ("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 26 October 2017. Following Admission
of the New Ordinary Shares, the Company's issued share capital will
consist of 835,915,779 Ordinary Shares with voting rights. Landore
Resources does not hold any Ordinary Shares in treasury.
The aforementioned figure of 835,915,779 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 Conduct Authority's Disclosure
Guidance and Transparency Rules.
Related Party Transactions
As Directors of the Company, the participation of William
Humphries, Richard Prickett and Helen Green in the Subscription
(the "Director Subscription") is deemed to be a related party
transaction pursuant to Rule 13 of the AIM Rules for Companies.
In addition, Arconas International Limited and Taheh
International Holdings, which currently have interests in the
Company of 13.6 per cent. and 13.3 per cent respectively, have
subscribed for 4,500,000 Subscription Shares and 12,500,000
Subscription Shares respectively pursuant to the Subscription (the
"Shareholder Subscription"), which, as Substantial Shareholders in
the Company, are also deemed to be related party transactions
pursuant to Rule 13 of the AIM Rules for Companies.
Charles Wilkinson, Independent Director, having consulted with
the Company's Nominated Adviser, Strand Hanson Limited, considers
that the terms of the Director Subscription and the Shareholder
Subscription are fair and reasonable insofar as the Company's
shareholders are concerned.
- ENDS -
About Landore Resources
Landore Resources is an exploration company that seeks to grow
shareholder value through the acquisition, exploration and
development of precious and base metal projects in eastern Canada.
The Company is primarily focused on the development of the Junior
Lake Project. Landore Resources has mineral rights to 5 properties
in eastern Canada. The Company is headquartered in Guernsey, with
an exploration office located in Thunder Bay, Ontario, Canada.
For more information, please contact:
Bill Humphries, Chief Executive Officer Tel: 07734 681262
Richard Prickett, Finance Director Tel: 07775 651421
Landore Resources Limited www.landore.com
Angela Hallett / James Spinney / Jack Botros Tel: 020 7409
3494
Strand Hanson Limited
Nominated Advisor and Broker
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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