REG - Landore Resources Ld - Completion of Disposal of NSR at Root Lake

Landore ResourcesAnnouncement

31/10/2022 07:00

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RNS Number : 5712E  Landore Resources Limited  31 October 2022

 

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

Completion of Disposal of NSR at Root Lake Property

 

 

London, United Kingdom - 31 October 2022 - Landore Resources Limited (AIM:
LND) ("Landore Resources" or "the Company") is pleased to confirm that further
to the announcement on 24(th) October 2022 (the "Announcement"), ASX-listed
Green Technology Metals Ltd ("GT1") completed the acquisition of Ardiden
Limited's 20% interest in the Root Lake property (the "GT1 Acquisition") on
28(th) October 2022.

 

As set out in the Announcement, GT1 had concluded the purchase of 50% (1.5%)
of the 3% net smelter royalty ("NSR") that Landore held over the Root Lake
Property for CAN$2 million in cash and, subject to completion of the GT1
Acquisition, had agreed to exercise an option to purchase the remaining 1.5%
NSR in return for a further cash payment of CAN$1 million.

 

With all conditions now met, GT1 has concluded the acquisition of the entire
3% NSR. Landore has received a total of CAN$3 million in cash and will no
longer have an interest in the Root Lake Property.  The cash proceeds of will
be used to fund additional exploration activities at Felix, Lamaune and BAM at
the Junior Lake property and the Company's ongoing working capital
requirements.

 

Commenting on the receipt of the C$3 million, Chief Executive Office of
Landore Resources, Bill Humphries, said:

 

"The proceeds from the sale of the Root Lake NSR have provided the Company
with significant funding, without diluting our shareholders, at a time of
difficult market conditions for junior exploration companies. In addition,
further funds of C$250,000, plus shares to the value of C$750,000, are
expected to be received from Lithoquest on the 6th January 2023, subject to
the terms of the option agreement entered into in respect Landore's Miminiska
Lake and Kheezik Lake properties, further details of which are set out in the
announcement released by the Company on 10(th) May 2021. Landore is well
funded into the New Year."

 

- 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 (Nominated Advisor and Broker)
 Derrick Lee / Peter Lynch                                 Tel: 0131 220 6939

 Strand Hanson Limited (Financial Adviser)

 James Dance / James Spinney / Robert                      Tel: 020 7409 3494
 Collins

 

 

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