Disposal of 30% Interest in West Graham Property

RNS Number : 8788U

Landore Resources Limited

08 April 2021

 

8 April 2021

Landore Resources Limited

("Landore Resources" or the "Company")

Disposal of 30% Interest in West Graham Property

London, United Kingdom - 8 April 2021 - Landore Resources Limited (AIM:LND) announces that through its wholly owned subsidiary, Landore Resources Canada Inc., it has disposed of its 30% interest in the West Graham Property ("West Graham") to SPC Nickel Corp. (TSX.V - SPC)(the, "Disposal"). As a result of the Disposal, Landore no longer has an interest in West Graham.

Following Completion of the Disposal, Landore has received:

· CAN$250,000 in cash;

· 1,000,000 warrants in SPC Nickel Corp., with each warrant convertible to one common share in SPC Nickel Corp. at a price of CAN$0.25 within a period of one year from December 7, 2020; and

· A 1% net smelter return royalty on West Graham.

West Graham is a Ni Cu property located in the Sudbury Mining District of Ontario, Canada, and was 30% owned by Landore Resources Canada Inc, which is in turn 100% owned by Landore Resources Limited. In Landore's financial statements as at 30^th June 2020, West Graham had a book value of nil, and in the year ended 31 December 2019 there was £3,609 expenditure undertaken on the West Graham property.

The Board of Landore considered the Company's 30% interest in West Graham to be non-core to its property portfolio and believes that evaluation of West Graham will be optimally progressed now it is 100% owned by SPC Nickel Corp.

SPC Nickel Corp is a battery metals company focused on nickel and copper exploration in the Sudbury Mining Camp and now owns a 100% interest in West Graham. More information about SPC Nickel Corp. can be found on its website www.spcnickel.com  

The cash consideration received by the Company from the Disposal will be applied towards its working capital requirements.

-ENDS-

For more information, please contact:

Landore Resources Limited
Bill Humphries, Chief Executive Officer	Tel: [phone]
Glenn Featherby, Finance Director	Tel: [phone]
Cenkos Securities (Nominated Advisor and Broker)
Derrick Lee / Peter Lynch	Tel: [phone]

 

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