LONDON, March 11, 2013 /CNW/ - Landore Resources Limited ("Landore" or
the "Company") (AIM: LND), 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.
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
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.
About Landore Resources Ltd.
Landore Resources Ltd. 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 Nickel Project,
anticipated to enter into pre-feasibility stage Q1 2013. Landore
Resources has mineral rights to 5 properties in eastern Canada. The
Company is headquartered in London, UK, with an exploration office
located in Thunder Bay, Ontario, Canada.
Landore Resources is listed on the AIM market of the London Stock
Exchange under the symbol LND.
For more information, visit www.landore.com.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain information that may constitute
"forward-looking information" under applicable securities legislation.
Forward looking information includes, but is not limited to, forecasts
as to free-cash flow, strategic plans, mineral resources estimates,
future operations, results of exploration, future works programs,
capital expenditures and objectives. Forward-looking information is
necessarily based on a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results and
future events to differ materially from those expressed or implied by
such forward-looking information, including the risks identified in the
Company's public disclosure. There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance on
forward-looking information. All forward-looking information contained
in this press release is given as of the date hereof and is based upon
the opinions and estimates of management and information available to
management at the date hereof. The Company disclaims any intention or
obligation to update or revise any forward-looking information, whether
as a result of new information, future events or otherwise, except as
required by law.
SOURCE: Landore Resources Limited
For further information:
Landore Resources Limited
Bill Humphries, Chairman
Tel: 07734 681262
Richard Prickett, Chief Executive Officer
Tel: 07775 651421
Strand Hanson Limited
Angela Hallett/James Dance
Tel: 020 7409 3494
Panmure Gordon & Co.
Dominic Morley/Adam Pollock
Tel: 020 7886 2500
Tel: 07831 381201