Landore Resources has raised C$3.3m, gross, through a subscription of 74,075,000 new ordinary shares at 2.7p apiece. The issue price represents a discount of approximately 7.5% to last night’s closing middle market price of 2.92p.
The new ordinary shares represent approximately 9.5% of the enlarged issued share capital. Landore said the net proceeds would, albeit on a more focused basis, be used to finance drilling and exploration at the BAM East gold deposit and working capital.
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