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

Landore ResourcesAnnouncement

05/07/2023 07:00

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RNS Number : 9472E  Landore Resources Limited  05 July 2023

LANDORE RESOURCES LIMITED

(AIM Ticker: LND.L)

 

FURTHER AMENDMENT TO OPTION AGREEMENT OVER MIMINISKA LAKE AND KEEZHIK
PROPERTIES

 

London, United Kingdom - 5 July 2023 - Landore Resources Limited (AIM: LND)
("Landore Resources" or the "Company") announces that further to its
announcements of 10 May 2021 and 31 January 2023, the Company and Storm
Exploration Inc. ("Storm", a TSX-V company, formerly named Lithoquest
Resources Inc.) have agreed a further variation of four months to the
scheduling of each of the remaining payments due from Storm in respect of the
pre-existing option arrangement 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:

 

·     A Cash Payment of CAN$250,000 and a Convertible Cash Payment of
CAN$500,000 on or before 24 November 2023; and

·     A Cash Payment of CAN$500,000 and a Convertible Cash Payment of
CAN$750,000 on or before 24 May 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 of the other details of the option agreement remain unaltered.

 

 

- ENDS -

 

For further information, please contact:

 Landore Resources Limited
 Glenn Featherby, Finance Director                               Tel: 07730 420318
 Strand Hanson Limited (Nominated Adviser and Joint Broker)
 James Dance/Matthew Chandler/Robert                             Tel: 020 74093494
 Collins

 Novum Securities Limited (Joint Broker)
 Jon Belliss/Colin Rowbury                                       Tel: 020 73999402

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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