Recaudación de fondos, cambios en la junta directiva y actualización operativa
Landore recursos limitados
£600,000 Equity fundraise, board changes and operational update
Londres, Reino Unido - 4 de enero de 2024 - Landore Resources Limited (AIM: ND) ("Landore Resources" or the "Company") announces that it has conditionally raised £600,000 before expenses by way of a placing (the "Placing") and a subscription (the "Subscription") of, in aggregate, 25,000,000 new ordinary shares of nil par value each in the capital of the Company ("Ordinary Shares") at a price of 2.4 pence per share (the "New Ordinary Shares") (together, the "Fundraising").
The New Ordinary Shares will represent approximately 17.01 per cent. of the Company's enlarged issued share capital. The Fundraising price of 2.4 pence (the "Fundraising Price") represents a discount of approximately 22.58 per cent. to the mid-market closing price on AIM of 3.1 pence per Ordinary Share on 3 January 2024, being the latest practicable business day prior to the publication of this announcement.
Of the, in aggregate, 25,000,000 New Ordinary Shares, 14,700,000 New Ordinary Shares have been placed utilising the Company's existing authority to allot shares for cash on a non-pre-emptive basis (the "Firm Placing Shares"). The issue of the balance of 10,300,000 New Ordinary Shares (comprising 7,383,333 New Ordinary Shares to be issued pursuant to the Placing (the "Conditional Placing Shares") and 2,916,667 New Ordinary Shares to be issued pursuant to the Subscription (the "Subscription Shares"), together the "Conditional Fundraising Shares") is conditional, Entre otros, on the Company obtaining the requisite shareholder approvals in respect of the issue of such shares from its Accionistas at a forthcoming general meeting to be convened shortly (the "General Meeting").
Novum Securities Limited ("Novum") has entered into an agreement with Landore Resources (the "Placing Agreement") pursuant to which, subject to the conditions set out therein, Novum has been instructed by Landore Resources to assume the duties of placing agent to procure subscribers for the Firm Placing Shares and the Conditional Placing Shares. The Placing Agreement contains customary provisions including that the Placing Agreement can be terminated, Entre otros, if (i) there is a breach of any material warranty, or any of the other obligations on the Company which is material in the context of the Placing; (ii) in the reasonable opinion of Novum there has occurred a material adverse change in the business of, or the financial or trading position of, the Company, or (iii) the name or reputation of Novum is likely to be prejudiced if it continues to act as placing agent. In addition, the Company has entered into subscription letters with certain individuals in respect of the issue of the Subscription Shares. The Company has also agreed, subject to shareholder approval at the General Meeting, to issue 1,500,000 'broker' warrants to Novum, giving them the right to acquire such number of new Ordinary Shares at an exercise price of 2.4 pence for a period of three years from the date of admission of the Conditional Fundraising Shares.
The net proceeds of the Fundraising will be used for general working capital purposes and to progress the Company's strategy of focusing on the advancement of its flagship BAM Gold Project at the Junior Lake property in Northwestern Ontario.
Directors' Participation in the Fundraising
The following directors of the Company are participating in the Subscription for an investment, in aggregate, of £40,000.
Director | No. of Subscription Shares subscribed for pursuant to the Fundraising | Tenencia resultante de Acciones Ordinarias | Resulting percentage of enlarged share capital held on completion of the Fundraising |
helen verde | 416,667 | 664,307 | 0.45 |
Glenn Featherby | 1,250,000 | 4,976,053 | 3.38 |
Transacciones con partes relacionadas
Helen Green and Glenn Featherby have subscribed for, in aggregate, 1,666,667 new Ordinary Shares pursuant to the Subscription as set out above. In addition, William Humphries, a former director of the Company within the last 12 months, has subscribed for 1,250,000 new Ordinary Shares pursuant to the Subscription. The participation in the Subscription by Helen Green and Glenn Featherby, as directors of the Company, and William Humphries as a former director of the Company, are deemed to constitute related party transactions under the AIM Rules for Companies. Accordingly, the independent director, being Huw Salter, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, considers the terms of such participations to be fair and reasonable insofar as the Company's shareholders are concerned.
Circular
A circular relating to the Fundraising (the "Circular") will be posted to shareholders shortly, and a further announcement will be made in due course in this regard. The Circular will contain formal notice convening the requisite General Meeting to approve, Entre otros, issue of the Conditional Fundraising Shares. The General Meeting is currently expected to be held in late January 2024 at La Tonnelle House, Les Banques, St Sampson, Guernsey, GY1 3HS which shareholders will also be permitted to attend online in accordance with the instructions to be set out in the notes to the formal notice. The Circular will be made available to view on the Company's website at: www.landore.com once published.
Cambios de junta
In light of the termination of the proposed non-brokered private placement in Canada and postponement of the proposed dual listing on the TSX Venture Exchange, as announced on 8 December 2023, and in order to reduce costs and maximise deployment of cash resources on operational activities, the Company's CEO, Claude Lemasson, and Non-Executive Director, Larry Strauss, have resigned from their respective positions effective immediately. Accordingly, Glenn Featherby has assumed the role of interim CEO with Helen Green and Huw Salter continuing to serve as Non-Executive Directors. Michele Tuomi will continue as CEO of Landore Resources Canada Inc. and will be responsible for the Company's project operations. The composition of the Board will be reviewed on a regular basis and it is currently intended to appoint an additional Non-Executive Director with technical expertise to strengthen the Board in due course. The Board would like to thank Claude and Larry for their efforts.
Actualización operacional
During 2023 an infill and extension soil sampling programme was conducted over 17 kilometres of the Junior Lake shear zone, from the Placer Dome Gold prospect in the west to east of the BAM Gold Deposit. This regional shear zone has previously proven to be highly prospective for gold and battery metals hosting the 1.5 million ounce BAM Gold Deposit, the B4-7 Nickel-Copper-Cobalt-PGE Deposit, and the VW Nickel Deposit. Preliminary results from the 2023 soil sampling programme have been encouraging and will be reported once fully collated and interpreted. In addition, a drill core infill sampling programme was also carried out in 2023 on an area from the BAM Gold Deposit through to the Lamaune Gold Prospect approximately 11 kilometres along strike west of the BAM Gold Deposit. This programme was designed to further test for gold mineralisation and refine the Junior Lake geological model by obtaining further mineralisation, lithology and structural data. Results of the infill core sampling programme will also be reported in due course. The Company expects all of the results from the abovementioned work to be received and reported on during Q1 2024.
A drilling programme to advance the Company's flagship BAM Gold Project has been prepared for implementation in 2024. Accordingly, the Company will be exploring additional funding options to enable it to, Entre otros, proceed with such drilling campaign at the earliest opportunity in 2024, as well as exploring potential strategic investor, merger or sale opportunities in relation to its Canadian subsidiary. The Company will provide further updates in due course as appropriate.
Admisión y derechos totales de voto
Application will be made to the London Stock Exchange for admission of the Firm Placing Shares to trading on AIM ("Admission"). The Firm Placing Shares will rank al mismo ritmo con las Acciones Ordinarias existentes y se espera que la Admisión entre en vigor y las transacciones comiencen a las 8.00:18 a. m. del 2024 de enero de XNUMX o alrededor de esa fecha.
Al momento de la admisión, el capital social emitido de la Compañía estará compuesto por 136,713,058 acciones ordinarias con derecho a voto. Landore Resources no posee acciones ordinarias en tesorería. Por tanto, esta cifra de 136,713,058 podrá ser utilizada por los accionistas de la Sociedad tras su Admisión como denominador para los cálculos mediante los cuales determinarán si están obligados a notificar su participación o un cambio en su participación en el capital social de la Sociedad. bajo las Normas de Transparencia y Orientación de Divulgación de la Autoridad de Conducta Financiera del Reino Unido.
A further announcement will be made in due course with respect to application for admission of the Conditional Fundraising Shares which will, Entre otros, be conditional on the receipt of shareholder approval at the forthcoming General Meeting.
Interim Chief Executive Officer, Glenn Featherby, said:
"Despite a period of significant challenges and difficult market conditions, I believe the opportunity exists for the Company to reset its goals and restore value for shareholders. The Board of Directors are confident that we will have a year of progress in 2024, with our operational focus being on the Company's highly prospective BAM Gold Deposit, seeking to bring the Resource to the development stage. We appreciate the continued patience and support of our shareholders during this transition period."
Para mayor información, favor de contactar: :
Landore recursos limitados
Glenn Featherby (CEO interino)
Tel +44 7730420318
Strand Hanson Limited (Asesor designado y Broker)
James Dance/Matthew Chandler/Robert Collins
Tel: 020 74093494
Novum Securities Limited (conjunto Broker)
Jon Belliss/Colin Rowbury
Tel: 020 73999402
Acerca de Landore Resources
Landore Resources Limited es una empresa de exploración y desarrollo que busca aumentar el valor para los accionistas a través de la exploración y el desarrollo avanzados de proyectos de metales preciosos y de baterías en el este de Canadá. La Compañía se centra principalmente en el desarrollo de su proyecto BAM Gold, de propiedad absoluta, ubicado en la propiedad Junior Lake en el noroeste de Ontario.
La Compañía considera que la información contenida en este anuncio constituye información privilegiada según lo estipulado en el Reglamento de Abuso de Mercado (UE) No. 596/2014, ya que forma parte de la legislación nacional del Reino Unido en virtud de la Ley de (Retirada) de la Unión Europea de 2018 , modificada en virtud del Reglamento sobre abuso de mercado (modificación) (salida de la UE) de 2019.
Formularios de notificación de PDMR
1. | Detalles de la persona que cumple con las responsabilidades de gestión / persona estrechamente asociada | |||||
a) | Nombre | 1. Helen Green 2. Glenn Featherby | ||||
2. | Razón de la notificación | |||||
a) | Posición / estado | 1. Consejero no ejecutivo 2. Director ejecutivo | ||||
b) | Notificación / enmienda inicial | Notificación inicial | ||||
3. | Datos del emisor, participante en el mercado de derechos de emisión, plataforma de subastas, subastador o supervisor de subastas | |||||
a) | Nombre | Landore recursos limitados | ||||
b) | LEY | 21380019CJ5T1PNY3Q69 | ||||
4. | Detalles de la (s) transacción (es): sección que se repetirá para (i) cada tipo de instrumento; (ii) cada tipo de transacción; (iii) cada fecha; y (iv) cada lugar donde se han realizado transacciones | |||||
a) | Descripción del instrumento financiero, tipo de instrumento | Acciones ordinarias de valor nominal nulo cada una en el capital social de Landore Resources Limited | ||||
Código de identificación | GG00BMX4VR69 | |||||
b) | Naturaleza de la transacción | Participation in Subscription for new Ordinary Shares | ||||
c) | Precio (s) y volumen (es) |
| ||||
d) | Información agregada Precio por volumen agregado | Volumen agregado: 1,666,667 Aggregate price: 2.4p | ||||
e) | Fecha de la transacción | 3 de enero de 2024 | ||||
f) | Lugar de la transacción | Fuera de un intercambio |
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