10th Jun 2016 07:56
LONDON (Alliance News) - Miner Landore Resources Ltd on Friday said it raised CAD2.3 million through the subscription of 71.8 million shares at 1.7 pence each.
The issue price represents a premium of around 1.5% to Landore's closing price of 1.675p on Thursday. Landore shares were untraded on Friday morning.
Landore said it will use the proceeds of the raising to finance working capital and exploration expenditure on the Junior Lake BAM East Gold prospect in Ontario, Canada.
Chief Executive William Humphries has subscribed for 7.4 million shares, taking his total holding to 57.3 million shares, representing 8.2% of Landore's issued share capital.
Finance Director Richard Prickett has subscribed for 1.2 million shares, increasing his stake to 11.1 million shares, or 1.6%.
Finally, Non-Executive Director Helen Green has subscribed for 590,000 shares, giving her a total holding of 1.6 million shares, or 0.2% of the company.
"We are delighted with the strong support our shareholders continue to provide through this latest fund raise, which enables our operations team to continue the drilling campaign on the exciting new BAM East Gold discovery on our highly prospective Junior Lake Property. Drilling is expected to recommence on June 30 with results and news flow expected during August," Humphries said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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