Business
Acquisition of Additional BAM Mineral Rights
Acquisition of Additional BAM Mineral Rights.
About this update from Landore Resources Limited
[{"type":"text","content":"\n\n26 March 2025\n \nLandore Resources Limited\nAcquisition of Additional BAM Mineral Rights\n \nLondon, United Kingdom - 26 March 2025 - Landore Resources Limited (AIM: LND) (\"Landore Resources\" or the \"Company\") is pleased to announce the acquisition by its subsidiary, Landore Resources Canada, Inc. (\"Landore\"), of a series of mineral claims (together, the \"BAM Extensions\") adjacent to its existing flagship BAM Gold Project (\"BAM\" or \"BAM Gold\") area at its Junior Lake Property, Ontario, Canada.\n \nThe BAM Extensions have been acquired via the acquisition of the entire issued share capital of their British Columbia-based holding company, 1491205 B.C. Ltd. (\"149 Corp\"), a subsidiary of Halyard Consulting SAGL (the \"Vendor\"), for consideration comprising the issue of 13,000,000 new ordinary shares of nil par value each in the capital of Landore Resources (\"Ordinary Shares\") (the \"Consideration Shares\") at an attributed issue price of 3.05 pence per share.\n \nPursuant to the terms of the acquisition agreement, the Vendor has agreed to a lock-up in respect of 75 per cent. of the Consideration Shares, reducing by 25 per cent. at six-monthly intervals following the date of the agreement.\n \nThe BAM Extensions are subject to a pre-existing 2 per cent. net smelter return royalty in favour of a third party.\n \nAdmission to trading and Total Voting Rights\n \nApplication has been made to the London Stock Exchange for admission of the Consideration Shares to trading on AIM (\"Admission\"). It is expected that Admission will become effective and dealings in the Consideration Shares commence at 8.00 a.m. on or around 27 March 2025. The Consideration Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.\n \nFollowing Admission, the Company's issued share capital will consist of 335,024,832 Ordinary Shares with voting rights. Landore Resources does not hold any Ordinary Shares in treasury. This figure of 335,024,832 may therefore 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's share capital under the FCA's Disclosure Guidance and Transparency Rules.\n \nFurther details...