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Landore Resources receives £2.6mln from oversubscribed placing

Published: 03:16 07 Jul 2014 EDT

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Nickel explorer Landore Resources (LON:LND) has raised £2.6mln through an oversubscribed placing at 2.5p to fund a new drilling campaign at Junior Lake in Ontario.

The issue price was a 20% discount to last Friday’s close, while the new shares amount to 20.1% of the enlarged issued share capital. 

A 6,000 metre drilling programme starts immediately to test the prospective targets identified by a ground geophysics survey carried out earlier this year.

Directors subscribed for 2.4mln of the 36.6mln new shares issued.

Bill Humphries, Landore Resources’ chairman, said: "The directors are very pleased with the high level of support given to Landore with this fundraise by both existing and new shareholders. 

“We are now fully funded and the additional funds from the oversubscription will all be put into the ground with follow up drilling on our exciting geophysical anomalies between the B4-7 and VW nickel deposits."

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