Business
Oversubscribed Placing and Subscription
Oversubscribed Placing and Subscription.
About this update from Landore Resources Limited
[{"type":"text","content":"\n \nRNS Number : 5514L Landore Resources Limited 07 July 2014 \n \n\nNEITHER THIS ANNOUNCEMENT NOR ANY PART OF IT CONSTITUTES AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE OR ACQUIRE ANY NEW ORDINARY SHARES IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. \n \n \n7 July 2014 \n \n \nLANDORE RESOURCES LIMITED\n(\"Landore Resources\" or the \"Company\")\n \nDrilling commences\nand\nOversubscribed Placing and Subscription to raise £2.6m\n \nLandore Resources (AIM: LND) is pleased to announce it has raised, through its broker Hume Capital Securities plc, gross proceeds of £2.6 million through an oversubscribed placing (the \"Placing\") of 36,600,000 new ordinary shares of 1p each in the Company (the \"Placing Shares\") and subscription (the \"Subscription\") of 67,400,000 new ordinary shares of 1p each in the Company (together with the Placing Shares, the \"New Ordinary Shares\") each at a price of 2.5 pence per New Ordinary Share (the \"Issue Price\"). \nThe Issue Price represents a discount of 20 per cent. to the closing middle market price of 3.125 pence per ordinary share on 4 July 2014, being the last trading day prior to this announcement and the New Ordinary Shares represent approximately 20.1% of the enlarged issued share capital. \nThe net proceeds of the Placing and Subscription will be used to fund a 6,000 metre drilling programme, which is commencing today to test the prospective targets identified by the 2014 3D DCIP+MT ground geophysics survey and to provide general working capital for the Company.\nChanges in Directors' disclosable interests pursuant to the Subscription are as set out below. \n \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\n1,200,000\n\n\n38,160,000\n\n\n7.37\n\n\n\n\nRichard Prickett\n\n\n400,000\n\n\n8,255,899\n\n\n1.60\n\n\n\n\nCharles Wilkinson\n\n\n400,000\n\n\n2,154,04...