Landore Resources Limited (LON:LND) has raised £470,000 through a share subscription to fund exploration of its BAM Gold deposit in Ontario, Canada.
The AIM-listed miner said it raised the funds through a subscription of around 64.8mln new shares with certain existing shareholders at a price of 0.725p each, around the same level as it’s last close price.
Bill Humphries, Landore’s chief executive, had subscribed for 13.7mln shares, while James Hudleston, one of the company’s substantial shareholders, had agreed to subscribe for 43.4mln.
The money will be used as working capital for drilling to extend the BAM deposit to the east and west as well as test mineralisation between BAM and the nearby Lamaune exploration target.
The shares are due to be admitted to trading on AIM at 8am on 24 September.