Landore Resources Limited Subscription to raise £470,000 (7879M)
September 18 2019 - 3:13AM
UK Regulatory
TIDMLND
RNS Number : 7879M
Landore Resources Limited
18 September 2019
18 September 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) ("MAR").
Landore Resources Limited
("Landore Resources" or the "Company")
(AIM Ticker: LND.L)
Subscription to raise GBP470,000
Landore Resources Limited (AIM:LND), is pleased to announce it
has raised, conditional on Admission, gross proceeds of GBP470,000
through a subscription of 64,827,586 new Ordinary Shares
("Subscription Shares") at a price of 0.725 pence per new Ordinary
Share (the "Subscription Price") with certain existing shareholders
of the Company (the "Subscription").
The net proceeds of the Subscription, along with the Company's
existing cash resources, are to be used to further fund the working
capital of the Company and its exploration programme, which
includes drilling to further extend the BAM Gold Deposit to the
east and to test mineralisation identified by the ongoing
exploration along the highly prospective area between the BAM Gold
Deposit and Lamaune Gold Exploration Target.
Related Party Transactions
Bill Humphries, CEO of Landore Resources, and James Hudleston, a
substantial shareholder of the Company, have agreed to subscribe
for 13,793,103 and 43,448,276 of the Subscription Shares
respectively at the Subscription Price. Following Admission, Bill
Humphries will have a beneficial interest in 87,294,365 Ordinary
Shares in the Company, representing approximately 6.70 per cent. of
the enlarged share capital of the Company, and James Hudleston will
have a beneficial interest in 258,842,542 Ordinary Shares in the
Company, representing approximately 19.86 per cent. of the enlarged
share capital of the Company.
The participation in the Subscription by each of Bill Humphries
and James Hudleston is deemed a related party transaction for the
purposes of the AIM Rules for Companies. The Directors, with the
exception of Bill Humphries, consider, having consulted with the
Company's nominated adviser, Cenkos Securities plc, that the terms
of the participation by each of Bill Humphries and James Hudleston
in the Subscription are fair and reasonable insofar as Shareholders
are concerned.
Admission
Application has been made to the London Stock Exchange for the
64,827,586 Subscription Shares to be admitted to trading on AIM. It
is currently expected that Admission will become effective, and
that dealings in the New Ordinary Shares will commence on AIM, at
8.00 a.m. on 24 September 2019 ("Admission"). The Subscription is
conditional upon Admission and the new Ordinary Shares will, when
issued, rank pari passu with the Company's existing Ordinary
Shares.
Following Admission, the Company's enlarged issued share capital
will consist of 1,303,600,508 Ordinary Shares with voting rights.
Landore Resources does not hold any Ordinary Shares in
treasury.
Following Admission, the aforementioned figure of 1,303,600,508
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.
For more information, please contact:
Landore Resources Limited
Bill Humphries, Chief Executive Tel: 07734 681262
Officer
Richard Prickett, Finance Director Tel: 07775 651421
www.landore.com
Cenkos Securities plc (Nominated Adviser and Broker)
Derrick Lee / Pete Lynch Tel: 0131 220 6939
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: William Humphries
----------------------------------- ---------------------------------------
2. Reason for the notification
----------------------------------------------------------------------------
a) Position/status: Chief Executive Officer
----------------------------------- ---------------------------------------
b) Initial notification/Amendment: Initial Notification
----------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------
a) Name: Landore Resources Limited
----------------------------------- ---------------------------------------
b) LEI: 21380019CJ5T1PNY3Q69
----------------------------------- ---------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------------------
a) Description of the Ordinary shares of no par value
financial instrument, in Landore Resources Limited
type of instrument:
GB00B06VJ325
Identification code:
----------------------------------- ---------------------------------------
b) Nature of the transaction: Subscription
----------------------------------- ---------------------------------------
c) Price(s) and volume(s): Price Volume
-----------------------------------
0.725p 13,793,103
------------------------------------------- -------- -----------------------------
d) Aggregated information:
Aggregated volume: 13,793,103 shares
Price: GBP100,000
----------------------------------- ---------------------------------------
e) Date of the transaction: 18 September 2019
----------------------------------- ---------------------------------------
f) Place of the transaction: Outside a trading venue
----------------------------------- ---------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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