Landore Resources Limited Option Payment (3179O)
31 January 2023 - 6:00PM
UK Regulatory
TIDMLND
RNS Number : 3179O
Landore Resources Limited
31 January 2023
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
OPTION PAYMENT
MIMINISKA LAKE AND KEEZHIK PROPERTY
Landore Resources Limited ("Landore Resources" or "the Company")
is pleased to confirm that following the granting of an option in
May 2021 to Lithoquest Resources Inc (the "Option") to purchase
Landore's 100% interest in the Miminiska Lake and Keezhik Lake
properties in the Thunder Bay Mining district, Northern Ontario
(together, the "Property"), the Company has received a further
payment under the Option agreement, comprising of CAN$251,824 cash
and 2,175,939 new common shares in Storm Exploration Inc ("Storm",
a TSX-V company, formerly known as Lithoquest Resources Inc)) to
the value of CAN$248,176.
Landore has agreed to amend the terms of the Option agreement
such that Storm can now acquire a 100% interest in the Property by
making staged payments to Landore totalling CAN$1,625,000 in cash
and an additional CAN$2,400,000 either in cash or by issuing
Landore with new common shares in Storm (previously these payments
were to comprise CAN$1,375,000 in cash and CAN$2,625,000 in
shares), with the remaining payments now to be made in accordance
with the schedule below:
-- A Cash Payment of CAN$250,000 and a Convertible Cash Payment
of CAN$500,000 on or before 24(th) July 2023
-- A Cash Payment of CAN$500,000 and a Convertible Cash Payment
of CAN$750,000 on or before 24(th) January 2024.
Storm has exclusive discretion to determine if each tranche of
the Convertible Cash Payments is settled in cash or in Storm
shares.
Following receipt of the remaining Cash Payments, Convertible
Cash Payments, and the exercise of the Option by Storm, Landore
shall be entitled to receive a 2% net smelter returns royalty
("NSR") from the Property. Storm retains the right to reduce the
NSR to 1% by paying Landore the sum of CAN$1,000,000 in cash.
Further information on the property is available on Landore's
website www.landore.com .
The cash consideration received by the Company pursuant to the
Option agreement will be applied towards Landore's 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 9100
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END
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