StockMarketWire.com - Landore Resources has raised, conditional on Admission, gross proceeds of £470,000 through a subscription of 64,827,586 new Ordinary Shares at a price of 0.725 pence.

The net proceeds of the subscription, along with the company's existing cash resources, are to be used to further fund the working capital of the Company and its exploration programme, which includes 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.

Bill Humphries, CEO of Landore Resources, and James Hudleston, a substantial shareholder of the Company, have agreed to subscribe for 13,793,103 and 43,448,276 of the Subscription Shares respectively at the Subscription Price.

It is expected that the new Ordinary Shares will become admitted on 24 September at 08.00am.



At 9:24am: [LON:LND] Landore Resources Ltd share price was 0p at 0.73p



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