Landore Resources Limited Subscription to raise £250,000 (2556E)
03 July 2019 - 4:00PM
UK Regulatory
TIDMLND
RNS Number : 2556E
Landore Resources Limited
03 July 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) ("MAR").
Landore Resources Limited
("Landore Resources" or the "Company")
(AIM Ticker: LND.L)
Subscription to raise GBP250,000
Landore Resources Limited (AIM:LND), is pleased to announce it
has raised, conditional on Admission, gross proceeds of GBP250,000
through a subscription of 35,714,286 new Ordinary Shares at a price
of 0.7 pence per new Ordinary Share with James Hudleston, an
existing investor in the Company (the "Subscription").
James Hudleston is a substantial shareholder of the Company and
is a related party for the purposes of the AIM Rules for Companies.
Following the Subscription, he will have a beneficial interest in
215,394,266 Ordinary Shares in the Company, representing
approximately 17.4 per cent. of the enlarged issued share capital
of the Company on Admission.
The independent directors consider, having consulted with the
Company's nominated adviser, Cenkos, that the terms of James
Hudleston's participation in the Fundraising are fair and
reasonable insofar as Shareholders are concerned.
The proceeds of the Subscription are to be used to further fund
the working capital of the Company and its exploration
programme.
Admission
Application has been made to the London Stock Exchange for the
35,714,286 new Ordinary Shares to be admitted to trading on AIM. It
is currently expected that Admission will become effective, and
that dealings in the New Ordinary Shares will commence on AIM, at
8.00 a.m. on 18 July 2019 ("Admission"). The Subscription is
conditional upon Admission and the new Ordinary Shares will, when
issued, rank pari passu with the Company's existing Ordinary
Shares.
Following Admission, the Company's enlarged issued share capital
will consist of 1,238,772,922 Ordinary Shares with voting rights.
Landore Resources does not hold any Ordinary Shares in
treasury.
Following Admission, the aforementioned figure of 1,238,772,922
Ordinary Shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, Landore Resources under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
For more information, please contact:
Landore Resources Limited
Bill Humphries, Chief Executive Tel: 07734 681262
Officer
Richard Prickett, Finance Director Tel: 07775 651421
www.landore.com
Cenkos Securities plc (Nominated Adviser and Sole Broker)
Derrick Lee / Beth McKiernan Tel: 0131 220 6939
/ Pete Lynch
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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