Landore Resources raises £0.47m as it expands exploration programme

Landore Resources has raised gross proceeds of £0.47m through a subscription of 64,827,586 new ordinary shares at a price of 0.725p each, it announced on Wednesday, with certain existing shareholders.

The AIM-traded company said the net proceeds of the subscription, along with its existing cash resources, were to be used to further fund its working capital requirements and its exploration programme.

That would include drilling to further extend the BAM Gold Deposit to the east, and to test mineralisation identified by the ongoing exploration along the “highly prospective” area between the BAM Gold Deposit and Lamaune Gold Exploration Target.

“Application has been made to the London Stock Exchange for the 64,827,586 subscription shares to be admitted to trading on AIM,” the Landore board confirmed in its statement.

“It is currently expected that admission will become effective, and that dealings in the new ordinary shares will commence on AIM, at 0800 BST on 24 September.”