Business
Update on Option Agreement
Update on Option Agreement.
About this update from Landore Resources Limited
[{"type":"text","content":"\n\nLANDORE RESOURCES LIMITED\nFURTHER UPDATE ON OPTION AGREEMENT OVER MIMINISKA LAKE\nAND KEEZHIK LAKE PROPERTIES\n \nLondon, United Kingdom - 19 August 2024 - Landore Resources Limited (AIM: LND) (\"Landore Resources\" or the \"Company\"), further to its previous announcement of 3 July 2024 in relation to the Option Agreement to dispose of a 100% interest in its Miminiska Lake and Keezhik Lake properties in the Thunder Bay Mining District, Northern Ontario between Landore Resources Canada Inc. (\"Landore\") and Storm Exploration Inc. (TSX-V: STRM) (\"Storm\"), announces that it has agreed a rescheduling and extension of up to 18 months in respect of the remaining amount payable by Storm to Landore.\nThe remaining payments due to Landore are now scheduled for receipt as follows*:\n\n\n\n\nPayment Date\n\n\nCash\n\n\nConvertible Cash**\n\n\n\n\n20-Sep-2024\n\n\n$262,500\n\n\n$250,000\n\n\n\n\n20-Mar-2025\n\n\nNil\n\n\n$275,000\n\n\n\n\n20-Mar-2026\n\n\n$525,000\n\n\n$787,500\n\n\n\n\nNotes:\n* - all amounts shown are in Canadian dollars.\n** - Storm can elect to make Convertible Cash payments in cash or new Storm shares with the number of shares to be determined by reference to the 30-day volume weighted average price prior to the date of election.\nAll other details of the Option Agreement remain unaltered and a further update will be provided in due course as appropriate.\nThe Company's primary focus remains on the further exploration and development of its 100% owned BAM Gold Project, Northwest Ontario, Canada, on which a separate progress update will be provided in the near term.\n- ENDS -\nFor further information, please contact:\nLandore Resources Limited\nAlexander Shaw (CEO)\nTel: +44 (0)7799 005916\n \nStrand Hanson Limited (Nominated Adviser and Joint Broker)\nJames Dance/Matthew Chandler/Robert Collins \nTel: 020 74093494\n \nNovum Securities Limited (Joint Broker)\nJon Belliss/Colin Rowbury\nTel: 020 73999402\n \nBurson Buchanan (Financial PR)\nBobby Morse ([email protected])\nTel: 020 74665000\n \nAbout Landore Resources\nLandore Resources (AIM: LND) is the 100% owner of the highly prospective BAM Gold Project, Northwestern Ont...