Subscription to raise £250,000

RNS Number : 2556E

Landore Resources Limited

03 July 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 £250,000

Landore Resources Limited (AIM:LND), is pleased to announce it has raised, conditional on Admission, gross proceeds of £250,000 through a subscription of 35,714,286 new Ordinary Shares at a price of 0.7 pence per new Ordinary Share with James Hudleston, an existing investor in the Company (the "Subscription").

James Hudleston is a substantial shareholder of the Company and is a related party for the purposes of the AIM Rules for Companies. Following the Subscription, he will have a beneficial interest in 215,394,266 Ordinary Shares in the Company, representing approximately 17.4 per cent. of the enlarged issued share capital of the Company on Admission.

The independent directors consider, having consulted with the Company's nominated adviser, Cenkos, that the terms of James Hudleston's participation in the Fundraising are fair and reasonable insofar as Shareholders are concerned.

The proceeds of the Subscription are to be used to further fund the working capital of the Company and its exploration programme.

Admission

Application has been made to the London Stock Exchange for the 35,714,286 new Ordinary 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 18 July 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 1,238,772,922 Ordinary Shares with voting rights. Landore Resources does not hold any Ordinary Shares in treasury.

Following Admission, the aforementioned figure of 1,238,772,922 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 Officer	Tel: [phone]
Richard Prickett, Finance Director	Tel: [phone]
	www.landore.com
Cenkos Securities plc (Nominated Adviser and Sole Broker)
Derrick Lee / Beth McKiernan / Pete Lynch	Tel: [phone]

 

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