TIDMLND
RNS Number : 8600S
Landore Resources Limited
09 November 2023
Landore Resources Limited
LAUNCH OF NON-BROKERED PRIVATE PLACEMENT TO RAISE UP TO C$5.0
MILLION
London, United Kingdom - 9 November 2023 - Landore Resources
Limited (AIM : LND) ("Landore Resources" or the "Company")
announces that it is undertaking a non-brokered private placement
(the "Offering") to raise gross proceeds of, in aggregate, up to
C$5m (approximately GBP2.96m at an FX rate of GBP1:CAD1.69) from
the proposed issue of a combination of:
-- units of the Company (each, a "Unit") at a price of C$0.11
per Unit (approximately GBP0.065 per Unit); and
-- flow-through units of the Company at a price of C$0.12
(approximately GBP0.071) per unit (each, an "FT Unit") and at a
price of C$0.154 (approximately GBP0.091) per unit to charitable
purchasers (each, a "Charity FT Unit" and together with the Units
and FT Units, the "Offered Securities").
Each Unit will consist of one new ordinary share of nil par
value in the capital of the Company ("Ordinary Share") and one
warrant to purchase an additional new Ordinary Share (a "Warrant").
Each FT Unit and Charity FT Unit will consist of one new Ordinary
Share to be issued as a "flow-through share" within the meaning of
the Income Tax Act (Canada) (each, an "FT Share") and one Warrant.
Each Warrant shall entitle the holder to purchase one new Ordinary
Share (each, a "Warrant Share") at a price of C$0.165 at any time
on or before that date which is 2 years after the closing date of
the Offering.
The directors and officers of the Company intend to invest, in
aggregate, C$365,000 by way of participation in the Offering.
Eligible investors located in the United Kingdom who wish to
participate in the Offering should contact the Company's Joint UK
Broker, Novum Securities Limited, on the contact details set out
below. Eligible UK investors will be those who the Company
reasonably believes to be (a) persons having professional
experience in matters relating to investments and as described in
Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the "Financial Promotion Order")
and/or (b) high net worth companies, unincorporated associations,
partnerships or trusts or their respective directors, officers or
employees as described in Article 49(2) of the Financial Promotion
Order and/or (c) existing members of the Company as described in
Article 43(2) of the Financial Promotion Order.
As detailed in the Company's announcement of 6 October 2023, the
Offering is being undertaken in order to facilitate Landore
Resources' proposed dual listing on the TSX Venture Exchange (the
"TSX-V") in Canada (the "Dual Listing"). It is a pre-condition of
the Dual Listing, inter alia, that the Company is able to provide
to the TSX-V satisfactory confirmation of certain minimum working
capital and financial resources at the time of listing.
Accordingly, in order to satisfy this pre-condition, the Company is
seeking to undertake the Offering.
Proceeds from the proposed issue of FT Shares will be used to
incur "Canadian exploration expenses" as defined in subsection
66.1(6) of the Income Tax Act and "flow through mining
expenditures" as defined in subsection 127(9) of the Income Tax
Act. Such proceeds will be renounced to the subscribers with an
effective date not later than 31 December 2023, in the aggregate
amount of not less than the total amount of gross proceeds raised
from the proposed issue of the FT Shares.
The Company may pay to eligible persons in accordance with
applicable securities laws and regulatory policies (each, a
"Finder") a cash finder's fee of up to 6.0% of the gross proceeds
of the Offering placed by the Finder and also issue warrants (the
"Finder Warrants") at an exercise price equal to C$0.11 per share
(approximately GBP0.065 per share), exercisable for a period of 24
months following the closing date of the Offering, to acquire in
aggregate that number of new Ordinary Shares which is equal to 6.0%
of the number of Offered Securities attributable to the Finder.
The new Ordinary Shares to be issued in respect of the Offered
Securities will be subject to a restricted or 'lock-in' period in
Canada ending four months and a day after the later of the
distribution date and the date the Company becomes a reporting
issuer in any province or territory of Canada. The Company will
become a reporting issuer in Ontario upon listing of the Ordinary
Shares on the TSX-V, which is currently expected to take place
shortly after closing of the Offering.
The Company intends to use the net proceeds from the Offering
for further exploration of the Company's BAM Gold Project in
Northwestern Ontario and for its general working capital purposes.
The Offering is scheduled to close on or around 30 November 2023
and is subject to certain conditions including, but not limited to,
receipt of all necessary regulatory approvals.
Further details and results of the Offering will be announced in
due course.
For further information, please contact :
Landore Resources Limited
Tania Barreto, Corporate Communications/Marketing
Tel: +1-289-248-3675
IR@Landore.com
Strand Hanson Limited (Nominated Adviser and Joint Broker)
James Dance/Matthew Chandler/Robert Collins
Tel: 020 74093494
Novum Securities Limited (Joint Broker)
Jon Belliss/Colin Rowbury
Tel: 020 73999402
About Landore Resources
Landore Resources Limited is an exploration/development company
that seeks to grow shareholder value through the advanced
exploration and development of precious and battery metals projects
in eastern Canada. The Company is primarily focused on the
development of its 100% owned BAM Gold Project, located on its
Junior Lake Property in Northwestern Ontario.
Cautionary Statements
This announcement may contain forward--looking statements that
may involve a number of risks and uncertainties. Actual events or
results could differ materially from the expectations and
projections set out herein. The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU)
No. 596/2014 as it forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended by
virtue of the Market Abuse (Amendment) (EU Exit) Regulations
2019.
This announcement is for information purposes only and does not
constitute an offer to sell or issue or a solicitation of offers to
buy, subscribe for or otherwise acquire any securities in any
jurisdiction in which any such offer or solicitation would be
unlawful. Neither this announcement nor anything contained herein
shall form the basis of, or be relied upon in connection with, any
such offer, solicitation or commitment whatsoever in any such
jurisdiction.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEBPBLTMTAMBJJ
(END) Dow Jones Newswires
November 09, 2023 02:00 ET (07:00 GMT)
Landore Resources (LSE:LND)
Historical Stock Chart
From Mar 2024 to Apr 2024
Landore Resources (LSE:LND)
Historical Stock Chart
From Apr 2023 to Apr 2024
