LONDON (ShareCast) - (Sharecast News) - Landore Resources has raised gross proceeds of £0.25m through a subscription of 35,714,286 new ordinary shares at a price of 0.7p each, it announced on Wednesday, with existing investor James Hudleston.
The AIM-traded firm said Hudleston was a "substantial shareholder", and was a related party for the purposes of the AIM Rules.

Following the subscription, he would have a beneficial interest in 215,394,266 ordinary shares, representing approximately 17.4% of Landore's enlarged issued share capital.

"The independent directors consider, having consulted with the company's nominated adviser, Cenkos, that the terms of James Hudleston's participation in the fundraising are fair and reasonable insofar as shareholders are concerned," the Landore board said in its statement.

"The proceeds of the subscription are to be used to further fund the working capital of the company and its exploration programme."

Landore confirmed that application had been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM.

It expected that would become effective, and that dealings in the new shares will commence, at 0800 BST on 18 July.

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