Landore Resources Limited Acquisition of Royalty Rights at Lamaune Lake (4948Z)
September 21 2020 - 2:00AM
UK Regulatory
TIDMLND
RNS Number : 4948Z
Landore Resources Limited
21 September 2020
21 September 2020
Landore Resources Limited
("Landore Resources" or the "Company")
Acquisition of Royalty Rights at Lamaune Lake Property
Landore Resources Limited (AIM:LND) is pleased to announce that
the Company's wholly owned subsidiary Landore Resources Canada Inc.
("Landore Canada") has entered into an agreement to acquire half of
the 2% Net Smelter Returns Royalty ("NSR") that is held on Landore
Canada's 90.2% owned Lamaune Lake Property, Ontario.
In October 2008, Landore Canada entered into an agreement with
Stares Contracting Corp, Stephen Stares, Michael Stares and James
Dawson (together, the "Vendors") through which Landore Canada
purchased the remaining 20% stake in the Lamaune Lake Property from
the Vendors. As part of the agreement, the Vendors retained a 2%
NSR on the 8 original Lamaune claims and 9 claims staked by Landore
Canada, and Landore Canada was entitled to purchase half of the 2%
NSR from the Vendors for C$1 million in certain specified
circumstances.
Following discussions with the Vendors, Landore Canada has
elected to purchase half of the Vendors' NSR for a reduced price of
C$150,000 (the "Consideration"). The Consideration will be
satisfied through a cash payment of C$75,000 and the issuance of
227,733 new Ordinary Shares in Landore Resources Limited at a price
of 19.25 pence per share (the "Consideration Shares").
Following the agreement, the Vendors will remain holders of a 1%
NSR in the Lamaune Lake Property.
Application will be made for the admission of the Consideration
Shares to trading on AIM ("Admission"). The Consideration Shares
will rank pari passu with the existing Ordinary Shares and it
expected that Admission will become effective at 8.00 a.m. on 25
September 2020.
Following Admission, the Company's issued share capital will
consist of 90,181,568 Ordinary Shares with voting rights. Landore
Resources does not hold any Ordinary Shares in treasury. This
figure of 90,181,568 may be used by shareholders in the Company as
the denominator for the calculations by which they will determine
if they require to notify their interest in, or a change to their
interest in, the share capital of the Company under the UK
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules.
-ENDS-
For more information, please contact:
Landore Resources Limited
Bill Humphries, Chief Executive Officer Tel: 07734 681262
Glenn Featherby, Finance Director Tel: 07730 420318
Cenkos Securities plc (Nominated Advisor and Broker)
Derrick Lee / Peter Lynch Tel: 0131 220 9100
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END
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