TIDMLND
RNS Number : 7219K
Landore Resources Limited
24 April 2020
24 April 2020
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 GBP260,000
Landore Resources Limited (AIM:LND), is pleased to announce it
has raised, conditional on Admission, gross proceeds of GBP260,000
through the issue of 38,518,519 Subscription Securities, each of
which will comprise one ordinary share ("Subscription Share") and
one 1p warrant ("Warrant"), at a price of 0.675 pence each (the
"Subscription Price") to new investors and existing shareholders of
the Company (the "Fundraising").
The net proceeds of the Fundraising, along with the Company's
existing cash resources, are to be used to finance exploration
activities and to fund the working capital of the Company.
Related Party Transactions
Bill Humphries (CEO of Landore Resources) and James Hudleston, a
substantial shareholder of the Company, have agreed to subscribe
for 3,703,704 and 5,925,926 Subscription Securities, respectively,
each at the Subscription Price.
The participation in the Fundraising by each of Bill Humphries
and James Hudleston is deemed to be related party transactions for
the purposes of the AIM Rules for Companies. The Directors, with
the exception of Bill Humphries, consider, having consulted with
the Company's nominated adviser, Cenkos Securities plc, that the
terms of the participation by each of Bill Humphries and James
Hudleston in the Fundraising are fair and reasonable insofar as
Shareholders are concerned.
Following Admission, Bill Humphries will have a beneficial
interest in 105,283,783 ordinary shares in the Company,
representing approximately 7.61 per cent. of the enlarged share
capital of the Company and James Hudleston will have a beneficial
interest in 279,054,182 ordinary shares in the Company,
representing approximately 20.16 per cent. of the enlarged share
capital of the Company.
Terms of the Warrants
Participants in the Fundraising will be issued with one Warrant
for every Subscription Share acquired. Each Warrant held will
entitle the holder to subscribe for one new ordinary share at an
exercise price of GBP0.01 per ordinary share at any time for a
period of 24 months following Admission of the Subscription Shares
to trading on AIM ("Admission").
If the Warrants are not exercised by their respective final
exercise dates (being the date falling 24 months following
Admission) the Warrants shall lapse and shall no longer be capable
of being exercised.
The Warrants will be non-transferable and issued in registered
form, with the register of Warrants being kept by the registrar of
the Company.
Admission
Application has been made to the London Stock Exchange for
38,518,519 ordinary shares to be admitted to trading on AIM, being
the Subscription Shares. It is currently expected that Admission
will become effective, and that dealings in the Subscription Shares
will commence on AIM at 8.00 a.m. on 4 May 2020. The Fundraising is
conditional upon Admission and the Subscription 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 1,384,261,884 ordinary shares with voting rights.
Landore Resources does not hold any ordinary shares in
treasury.
The aforementioned figure of 1,384,261,884 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 Officer Tel: 07734 681262
Glenn Featherby, Finance Director Tel: 07730420318
Cenkos Securities plc (Nominated Advisor and Broker)
Derrick Lee / Peter Lynch Tel: 0131 220 9771
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: William Humphries
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2. Reason for the notification
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a) Position/status: Chief Executive Officer
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b) Initial notification/Amendment: Initial Notification
------------------------------------------------ ----------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name: Landore Resources Limited
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b) LEI: 21380019CJ5T1PNY3Q69
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4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
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a) Description of the financial Ordinary shares of no par value
instrument, type of instrument: in Landore Resources Limited
Identification code: GB00B06VJ325
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b) Nature of the transaction: Subscription
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c) Price(s) and volume(s): Price Volume
------------------------------------------------
0.675p 3,703,704
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d) Aggregated information:
Aggregated volume: 3,703,704 shares
Price: GBP25,000
------------------------------------------------ ----------------------------------
e) Date of the transaction: 23 April 2020
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f) Place of the transaction: Outside a trading venue
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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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