REG - Landore Resources Ld - £1,465,000 Equity Fundraise

Landore ResourcesAnnouncement

27/10/2025 07:00

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RNS Number : 8534E  Landore Resources Limited  27 October 2025

27 October 2025

LANDORE RESOURCES LIMITED

£1,465,000 Equity Fundraise

 

London, United Kingdom - 27 October 2025 - Landore Resources Limited
(AIM: LND) ("Landore Resources" or the "Company") is pleased to announce
that it has conditionally raised £1,465,000 before expenses, by way of a
subscription (the "Subscription") for 35,515,151 new ordinary shares of nil
 par value each in the capital of the Company ("Ordinary Shares") at a price
of 4.125 pence per share (the "Subscription Shares"). Pursuant to the terms of
the Subscription, each subscriber will also receive one warrant for every
Subscription Share. Each warrant will be exercisable at a price of 6 pence per
share and will expire three years from the date of issuance.

The Subscription Shares will, in aggregate, represent approximately 9.56 per
cent. of the Company's enlarged issued share capital. The Subscription price
of 4.125 pence (the "Subscription Price") represents a discount of
approximately 8.94 per cent. to the 30-day VWAP up to and including 23 October
2025 of 4.53 pence per Ordinary Share, being the latest practicable date prior
to the commencement of the fundraising.

The subscribers comprised certain new institutional investors as well as
existing long-term shareholders, including former director William Humphries,
and was significantly oversubscribed. The Board welcomes such strong support
for Landore's development strategy in respect of its Junior Lake portfolio and
looks forward to the forthcoming publication of an updated Mineral Resource
Estimate ("MRE") for the Company's flagship BAM Gold Project at the Junior
Lake Property in Northwestern Ontario ("BAM" or the "Project").

H&P Advisory Limited ("Hannam & Partners") has entered into an
agreement with Landore Resources (the "Subscription Agreement") pursuant to
which it has, inter alia, agreed to procure subscribers for the Subscription
Shares on behalf of the Company.  The Subscription Agreement contains
customary provisions including that the Subscription Agreement can be
terminated, inter alia, 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 Subscription; (ii) in the reasonable opinion of Hannam & Partners
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 Hannam & Partners is likely to be prejudiced if it continues to act.
The Company has agreed to issue 2,130,909 'broker' warrants to Hannam &
Partners, affording them the right to acquire such number of new Ordinary
Shares at an exercise price of 6 pence for a period of three years from the
date of admission of the Subscription Shares.

The net proceeds of the Subscription will be utilised for general working
capital purposes and advancing the ongoing MRE work including infill sampling
and environmental baseline studies at BAM.

Directors' Participation in the Subscription

The following directors of the Company are participating in the Subscription
for an aggregate investment of approximately £55,000.

 Director         Number of shares being subscribed for pursuant to the Subscription  Resultant holding of Ordinary Shares  Percentage of

                                                                                                                            enlarged share

                                                                                                                            capital held on

                                                                                                                            completion of the

                                                                                                                            Subscription
 Glenn Featherby  484,848                                                             8,260,901                             2.22%
 Alexander Shaw   606,060                                                             1,647,727                             0.44%
 Helen Green      242,424                                                             1,323,398                             0.36%

 

Related Party Transactions

Glenn Featherby, Alexander Shaw and Helen Green have subscribed for, in
aggregate, 1,333,332 new Ordinary Shares pursuant to the Subscription (the
"Participating Directors") as set out above. Such investments by the
Participating Directors constitute related party transactions pursuant to the
AIM Rules for Companies. Accordingly, the independent director for the
purposes of the Subscription, 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.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for admission of the
Subscription Shares to trading on AIM ("Admission"). The Subscription Shares
will rank pari passu with the existing Ordinary Shares and it is expected
that Admission will become effective and dealings commence at 8.00 a.m. on or
around 30 October 2025.

On Admission, the Company's enlarged issued share capital will consist of
371,422,483 Ordinary Shares with voting rights. Landore Resources does not
hold any Ordinary Shares in treasury. This figure of 371,422,483 may therefore
be used by shareholders in the Company following Admission as the denominator
for the calculations by which they will determine if they are required 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.

 

Landore Resources' CEO, Alexander Shaw, commented:

"I am delighted to have secured backing from two new institutional funds as
well as continued support from our existing shareholder base, which serves to
illustrate the tremendous potential and inherent value of our diverse asset
portfolio at Junior Lake, Ontario including our flagship BAM Gold Project. The
new funds will, inter alia, be used to advance our ongoing MRE studies, with
the updated MRE scheduled to be released this quarter, ahead of undertaking an
enlarged drilling campaign in 2026.

"I would like to thank our shareholders for their ongoing support and look
forward to advancing BAM and Junior Lake to the next stage of development
against a backdrop of unprecedented strong gold prices, making BAM's economics
ever more compelling which, along with the impending updated MRE will, I
believe justify a re-rating of the BAM Project by the market."

 

Engage with us by asking questions, watching video summaries and seeing what
other shareholders have to say on our Interactive Investor hub here: Landore
Resources Investor Hub (https://investors.landore.com/link/XyM8bP)

 

- ENDS -

 

For further information, please contact:

 

 Landore Resources Limited

 Alexander Shaw (CEO)                                        contact@landore.com

 Engage with the company directly                            Landore Resources Investor Hub (https://investors.landore.com/link/XyM8bP)
 Strand Hanson Limited (Nominated Adviser and Joint Broker)

 James Dance/Matthew Chandler/Harry Marshall                 Tel: 020 7409 3494
 Hannam & Partners (Joint Broker)

 Andrew Chubb/Matt Hasson                                    Tel: 020 7907 8500
 AlbR Capital Limited (Joint Broker)                            cr@albrcapital.com (mailto:cr@albrcapital.com)

 Colin Rowbury                                               Tel: 020 7469 0930

 Burson Buchanan (Financial PR)

 Bobby Morse/Oonagh Reidy                                    landore@buchanancomms.co.uk

                                                             Tel: 020 7466 5000

 

Subscribe to our news alert service: https://investors.landore.com/auth/signup

 

About Landore Resources

Landore Resources (AIM: LND) is the 100% owner of the highly prospective BAM
Gold Project, Northwestern Ontario, Canada, which has an NI 43-101 compliant
resource estimate of 1.5m oz Au (Indicated: 1.03m oz from 30.96Mt @ 1.0g/t;
Inferred: 467,000oz from 18.3M/t @ 0.8g/t). Ontario is Canada's largest gold
producing province, and produced 3.9m oz, accounting for 41% of Canada's total
gold production in 2023. Landore Resource's strategic objective is to
crystallise value from BAM's last estimated NPV of US$333.6m @ US$1,800/oz
spot (from May 2022 PEA), as well as generating additional value from its
non-core portfolio of precious and battery metals projects in eastern Canada
and the USA.

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.

 

PDMR Notification Forms

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         1.    Glenn Featherby

                                                                  2.    Alexander Shaw

                                                                  3.    Helen Green
 2.  Reason for the Notification
 a)  Position/status                                              1.    Finance Director

                                                                  2.    Chief Executive Officer

                                                                  3.    Non-Executive Director
 b)  Initial notification/amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Landore Resources Limited
 b)  LEI                                                          21380019CJ5T1PNY3Q69
 4.  Details of the transaction(s):section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
     where transactions have been conducted
 a)  Description of the Financial instrument, type of instrument  Ordinary shares of nil par value each in the share capital of Landore
                                                                  Resources Limited
     Identification code                                          GG00BMX4VR69
 b)  Nature of the Transaction                                    Participation in Subscription for new Ordinary Shares
 c)  Price(s) and volume(s)                                       Price(s)          Volume(s)
                                                                  1.    4.125p      1.    484,848

                                                                  2.    4.125p      2.    606,060

                                                                  3.    4.125p      3.    242,424
 d)  Aggregated information                                       Aggregate volume: 1,333,332

     Aggregated volume Price                                      Aggregate price: 4.125p
 e)  Date of the transaction                                      24 October 2025
 f)  Place of the transaction                                     Outside of an exchange

d)

Aggregated information

Aggregated volume Price

Aggregate volume: 1,333,332

Aggregate price: 4.125p

e)

Date of the transaction

24 October 2025

f)

Place of the transaction

Outside of an exchange

 

 

 

 

 

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