Business
Landore Resources raises £1 million
Landore Resources raises £1 million.
About this update from Landore Resources Limited
[{"type":"text","content":"\n \nRNS Number : 0118U Landore Resources Limited 19 October 2017 \n\n \n \nLANDORE RESOURCES LIMITED\n(\"Landore Resources\" or \"the Company\")\n(AIM Ticker: LND.L)\n \n \n \nLandore Resources raises £1 million\n \n \nLondon, United Kingdom - October 19 2017 - Landore Resources Limited (AIM:LND) (\"Landore Resources\" or \"the Company\") is pleased to announce it has raised gross proceeds of £1 million through a subscription of 50,000,000 new ordinary shares of no par value in the Company (the \"Subscription Shares\") at a price of 2.0 pence per Subscription Share (the \"Issue Price\") (the \"Subscription\").\n \nThe net proceeds of the Subscription will be used by the Company to finance working capital and exploration expenditure.\n \nChanges in Directors' disclosable interests pursuant to the Subscription are as set out below.\n\n\n\n\nDirector\n\n\nSubscription Shares subscribed\n\n\nShareholding immediately following Admission\n\n\nPercentage of enlarged issued share capital\n\n\n\n\nWilliam Humphries\n\n\n1,750,000\n\n\n70,644,119\n\n\n8.5%\n\n\n\n\nRichard Prickett\n\n\n1,250,000\n\n\n13,394,876\n\n\n1.6%\n\n\n\n\nHelen Green\n\n\n500,000\n\n\n2,857,583\n\n\n0.3%\n\n\n\n\n \nIn addition, 375,000 new ordinary shares of no par value in the Company have been issued to an adviser at the Issue Price in lieu of cash fees (the \"Fee Shares\").\n \nThe Subscription Shares and the Fee Shares (together, the \"New Ordinary Shares\") represent approximately 6.0 per cent. of the enlarged issued share capital (as enlarged by the New Ordinary Shares). The Issue Price represents a premium of approximately 3.9 per cent. to the closing middle market price of 1.93 pence per ordinary share on 18 October 2017, being the last trading day prior to this announcement.\n \n \nFurther details on the Subscription\nThe Subscription is conditional on admission of the New Ordinary Shares to trading on AIM (\"Admission\"). The New Ordinary Shares will be fully paid and will rank pari passu in all respects with the Company's existing ordinary shares of no par value (\"Ordinary Shares\"). Application will be made to the London Stock Exchange for Admission. It is expected that Admission of the New Ordinary Shares will become effective and that dealings in such New Ordinary Shares will ...