Subscription

RNS Number : 0029A

Landore Resources Limited

25 January 2011

 



25 January 2011

Landore Resources Limited

("Landore" or the "Company")

Subscription

Landore, the Canadian mining explorer, today announces that it has agreed a subscription of 11,340,000 new ordinary shares of 1p each in the Company ("Subscription Shares") at a price of 15p per Subscription Share (the "Subscription") to raise approximately £1.7 million before expenses. The proceeds from the Subscription will be used to finance working capital and exploration expenditure. The principal focus of the exploration activities for the first half of 2011 will be on the nickel and lithium projects at the Junior Lake and Root Lake properties in Ontario.

The Subscription is conditional on admission of the Subscription Shares to trading on AIM.  Changes in discloseable interests are as set out below. 

Director	Subscription Shares Subscribed	Shareholding immediately following Admission	Percentage of enlarged issued share capital
William Humphries	1,130,000	19,695,000	7.92

The Subscription Shares will represent 4.56% of the enlarged issued share capital of the Company.  The number of ordinary shares in issue following the Subscription, and the total number of voting rights, will be 248,525,325. The Subscription Shares will rank pari passu with existing ordinary shares of 1p each in the Company. Application will be made for admission of the Subscription Shares to trading on AIM, and is expected to take place on 1 February 2011.

Enquiries:

Bill Humphries / Richard Prickett

Landore Resources Limited

Tel: [phone]

Tel: [phone]

Simon Raggett / Angela Peace

Strand Hanson Limited

Nomad / Joint Broker

Tel: [phone]

David Bick

Financial PR

Tel: [phone]

 

END

 

 

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