REG - Landore Resources Ld - Further Amendment to Storm Option Agreement

Landore ResourcesAnnouncement

08/02/2024 18:15

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RNS Number : 5591C  Landore Resources Limited  08 February 2024

Landore Resources Limited

FURTHER AMENDMENT TO OPTION AGREEMENT OVER MIMINISKA LAKE AND KEEZHIK LAKE
PROPERTIES

London, United Kingdom - 08 February 2024 - Landore Resources Limited (AIM:
LND) ("Landore Resources" or the "Company") announces that, further to its
announcements of 10 May 2021, 31 January 2023 and 5 July 2023, the Company and
Storm Exploration Inc. (a TSX-V company, formerly named Lithoquest Resources
Inc.) ("Storm") have agreed a further variation of six months to the
scheduling of each of the remaining payments due from Storm in respect of the
pre-existing option agreement with Landore Resources Canada Inc. over 100% of
the Miminiska Lake and Keezhik Lake properties in the Thunder Bay Mining
district, Northern Ontario, as follows:

·    The final two payments will be increased by 5%. In the event that
either payment is made at least 2 months before the revised payment date, the
increased payment concerned will be reduced to 2.5% for that particular
payment; and

·    Storm will make a good faith payment of CAN$50,000 to Landore
Resources upon completion of CAN$1,500,000 of financings by it, in aggregate,
to be credited towards the first convertible cash payment below, before any
increase is applied.

The revised payment schedule is as follows:

·    A Cash Payment of CAN$262,500 and a Convertible Cash Payment of
CAN$525,000 on or before 24 May 2024; and

·    A Cash Payment of CAN$525,000 and a Convertible Cash Payment of
CAN$787,500 on or before 24 November 2024.

Storm has exclusive discretion to determine if each tranche of the Convertible
Cash Payments is settled in cash or in new common shares in the capital of
Storm with the number of common shares to be determined by way of the 30-day
volume weighted average price prior to the date of election.

All other details of the option agreement remain unaltered.

- ENDS -

For further information, please contact:

Landore Resources Limited

Glenn Featherby (Interim CEO)

Tel: +44 7730420318

Strand Hanson Limited (Nominated Adviser and Joint Broker)

James Dance/Matthew Chandler/Robert
Collins

Tel: 020 74093494

Novum Securities Limited (Joint Broker)

Jon Belliss/Colin Rowbury

Tel: 020 73999402

 

About Landore Resources

Landore Resources Limited is an exploration/development company that seeks to
grow shareholder value through the advanced exploration and development of
precious and battery metals projects in eastern Canada. The Company is
primarily focused on the development of its 100% owned BAM Gold Project,
located on its Junior Lake Property in Northwestern Ontario.

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

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