Business
Landore Resources raises C$3.3 million
Landore Resources raises C$3.3 million.
About this update from Landore Resources Limited
[{"type":"text","content":"\n \nRNS Number : 4428Y Landore Resources Limited 03 March 2017 \n\n \n \nLANDORE RESOURCES LIMITED\n(\"Landore Resources\" or \"the Company\")\n(AIM Ticker: LND.L)\n \n \n \nLandore Resources raises C$3.3 million\n \n \nLondon, United Kingdom - March 3 2017 - Landore Resources Limited (AIM:LND) (\"Landore Resources\" or \"the Company\") is pleased to announce it has raised gross proceeds of approximately C$3.3 million (£2 million) through a subscription of 74,075,000 new ordinary shares of no par value in the Company (\"New Ordinary Shares\") at a price of 2.7 pence per New Ordinary Share (the \"Issue Price\") (the \"Subscription\"). \n \nThe Issue Price represents a discount of approximately 7.5 per cent. to the closing middle market price of 2.92 pence per ordinary share on 2 March 2017, being the last trading day prior to this announcement and the New Ordinary Shares represent approximately 9.5 per cent. of the enlarged issued share capital (as enlarged by the New Ordinary Shares).\n \nThe net proceeds of the Subscription will, albeit on a more focused basis, be used by the Company to finance drilling and exploration at the BAM East Gold Deposit and working capital, as outlined in the announcement made by the Company on 17 February 2017.\n \nAs announced on 17 February 2017, the Company had intended to raise between £3 million to £4.5 million. However, in consultation with existing and potential shareholders it was agreed that a smaller fundraise at the current time maximises shareholder value. \n \nChanges in Directors' disclosable interests pursuant to the Subscription are as set out below.\n\n\n\n\nDirector\n\n\nNew Ordinary Shares subscribed\n\n\nShareholding immediately following Admission\n\n\nPercentage of enlarged issued share capital\n\n\n\n\nWilliam Humphries\n\n\n4,580,000\n\n\n68,894,119\n\n\n8.8%\n\n\n\n\nRichard Prickett\n\n\n1,000,000\n\n\n12,144,876\n\n\n1.6%\n\n\n\n\nHelen Green\n\n\n740,000\n\n\n2,357,583\n\n\n0.3%\n\n\n\n\n \nCommenting on today's announcement, Bill Humphries, Chief Executive of Landore Resources, said:\n \n\"The Directors and Management are delighted with the strong support for this fundraise by both existing and new Investors.\n \nDrilling is scheduled to commence in early April on the BAM East Gold deposit...