Landore Resources Ltd (LON:LAND) has brought in around C$2.2mln million in a premium share subscription so it can start drilling on the exciting BAM East gold discovery at the Junior Lake property in Ontario.
This is a significant gold prospect, just two kilometres to the east of the group's B4-7 Nickel-Copper deposit and one kilometre northwest of the VW Nickel deposit.
Chief executive Bill Humphries said today: "We are delighted with the strong support our shareholders continue to provide through this latest fund raise.."
He added: "Drilling is expected to recommence on 30 June with results and news flow expected during August."
The subscription was for over 71.8mln shares at 1.7 pence each - a premium of around 1.5%to the closing price of 1.675 pence yesterday (June 9).
Humphries took part in the placing and now owns 9.19% of the enlarged share capital. So did finance director Richard Prickett, who now has 1.59%, while Helen Green, a non-executive director, now owns 0.23%.