By Devika Patel
Knoxville, Tenn., Nov. 4 - Landore Resources Ltd. said it has raised £3.11 million in a private placement of shares.
The company sold 31.1 million ordinary shares at 10p per share.
As part of the placing the company will issue a warrant for 3 million ordinary shares, exercisable at 15p for three years.
Proceeds will be used to finance working capital and continuing exploration expenditures.
Guernsey, United Kingdom-based Landore explores and develops a portfolio of precious and base metal properties in North America.
| Issuer: | Landore Resources Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | £3.11 million
|
| Shares: | 31.1 million
|
| Price: | 10p
|
| Warrants: | For 3 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | 15p
|
| Settlement date: | Nov. 4
|
| Stock symbol: | London: LND
|
| Stock price: | 13.5p at close Nov. 3
|
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