Landore raises ?0.2m with new and existing investors

24th Apr 2020 13:46

(Sharecast News) - Landore Resources has raised ?0.2m through the issue of 38,518,519 subscription securities, it announced on Friday, each of which would comprise one ordinary share and one 1p warrant, at a price of 0.675p each.
The AIM-traded firm said the fundraising was carried out with new investors and existing shareholders.

It said the net proceeds of the fundraising, along with its existing cash resources, would be used to finance exploration activities and to fund its working capital.

"Participants in the fundraising will be issued with one warrant for every subscription share acquired," the board explained in its statement.

"Each warrant held will entitle the holder to subscribe for one new ordinary share at an exercise price of 1p per ordinary share at any time for a period of 24 months following admission of the subscription shares to trading on AIM."

Landore said application had been made to the London Stock Exchange for 38,518,519 ordinary shares to be admitted to trading on AIM, which was expected to occur at 0800 BST on 4 May.

At 1153 BST, shares in Landore Resources were up 3.94% at 0.66p.