Landore Resources Limited (LON:LND) has raised gross proceeds of £1mln through a subscription of 50,000,000 new ordinary shares at a price of 2.0p each.
The subscription price represents a premium of approximately 3.9% to last night’s closing middle market price of 1.93p per ordinary share.
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In a brief statement, the Canada-focused miner said the monies raised will be used by the company to finance working capital and exploration expenditure.
Landore said three of its directors - William Humphries, Richard Pricket, and Helen Green - will see their disclosable interests in the firm rise after taking part in the subscription.