Landore Resources Limited Execution of Extinguishment Agreement (8426D)
24 October 2022 - 5:00PM
UK Regulatory
TIDMLND
RNS Number : 8426D
Landore Resources Limited
24 October 2022
This announcement contains inside information
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
Execution of Extinguishment Agreement
London, United Kingdom - 24 October 2022 - Landore Resources
Limited (AIM: LND) ("Landore Resources" or "the Company") is
pleased to confirm that further to the announcement on the 10(th)
October 2022, the Company and ASX-listed Green Technology Metals
Ltd ("GT1") have now finalized and executed the Extinguishment
Agreement. Accordingly, GT1 has now concluded the purchase, and
will extinguish, 50% (1.5%) of the 3% net smelter royalty ("NSR")
that Landore holds over the Root Lake property (the "Root Lake
Property"). In return for entering into the Extinguishment
Agreement, GT1 has agreed to pay Landore CAN$2 million in cash.
The Extinguishment Agreement also provides for the acquisition
by GT1 of the remaining 1.5% NSR over Root Lake, which is currently
held by Ardiden Limited ("Ardiden"), pursuant to the option
agreement between Landore and Ardiden (the "Option Agreement")
which was notified by Landore on 10 February 2016. Under the terms
of the Option Agreement, the Company's remaining 1.5% NSR over Root
Lake could be acquired from Landore in return for a cash payment of
CAN$1 million.
Earlier today, GT1 announced that it was to acquire Ardiden's
20% interest in the Root Lake Property (the "GT1 Acquisition").
Subject to completion of the GT1 Acquisition, which is scheduled to
complete on 28 October 2022, GT1 has agreed to exercise the option
to purchase the remaining 1.5% of the NSR in return for a further
cash payment to Landore of CAN$1 million.
Following completion of the transaction, Landore will receive a
total of CAN$3 million in cash and will no longer have an interest
in the Root Lake Property. The cash proceeds of CAN$3 million are
payable no later than 31st October 2022 and will be used to fund
additional exploration activities at Felix, Lamaune and BAM at the
Junior Lake property and the Company's ongoing working capital
requirements.
- ENDS -
For more information, please contact:
Landore Resources Limited
Bill Humphries, Chief Executive Tel: 07734 681262
Officer
Glenn Featherby, Finance Director Tel: 07730 420318
Cenkos Securities (Nominated Advisor
and Broker)
Derrick Lee / Peter Lynch Tel: 0131 220 6939
Strand Hanson Limited (Financial
Adviser) Tel: 020 7409 3494
James Dance / James Spinney / Robert
Collins
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGRKZMZGKDVGZZG
(END) Dow Jones Newswires
October 24, 2022 02:00 ET (06:00 GMT)
Landore Resources (LSE:LND)
Historical Stock Chart
From Jun 2024 to Jul 2024
Landore Resources (LSE:LND)
Historical Stock Chart
From Jul 2023 to Jul 2024