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Landore Resources raises funds to support exploration activities

The equity funding is backed by chief executive Bill Humphries and major shareholder James Hudleston

Landore Resources Ltd - Landore Resources raises funds to support exploration activities

Landore Resources Ltd (LON:LND) said it has raised gross proceeds of £260,000 in an equity issue to support the funding of exploration activities and working capital.

Some 38.5mln subscription securities – comprising one share and one share warrant – are being sold to new investors and existing shareholders at a price of 0.675p each.

The 1p warrants are exercisable at any time over a 24 month period.

READ: Landore pushes gold resource at BAM over 1mln ounces

In a statement, Landore said its chief executive Bill Humphries is among the subscribers, taking 3.7mln units, along with substantial shareholder James Hudleston who is taking 5.9mln units, subsequently, they will respectively hold 105mln and 279mln Landore shares.

Back in January, Landore raised £250,000 in a share subscription that was also backed by Humphries and Hudleston.

Early in the year, the explorer upped its NI 43-101 resource at the BAM Gold project at its wholly-owned Junior Lake property, Canada to just over 31mln tonnes of ore grading 1.02 grams per tonne gold.

That gives a total of 1.015mln ounces of gold in the ground. 747,000 ounces is in the indicated category.

The BAM Gold deposit now extends for 3,700 metres, but remains open down-dip and along strike to the east and the west.

Quick facts: Landore Resources Ltd

Price: 20.35 GBX

Market: AIM
Market Cap: £18.46 m

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