LANDORE RESOURCES LIMITED – £600,000 EQUITY FUNDRAISE, BOARD CHANGES AND OPERATIONAL UPDATE

London, United Kingdom – 4 January 2024 – Landore Resources Limited (AIM: LND) (“Landore Resources” or the “Company”) announces that it has conditionally raised £600,000 before expenses by way of a placing (the “Placing”) and a subscription (the “Subscription”) of, in aggregate, 25,000,000 new ordinary shares of nil par value each in the capital of the Company (“Ordinary Shares”) at a price of 2.4 pence per share (the “New Ordinary Shares”) (together, the “Fundraising”).

The New Ordinary Shares will represent approximately 17.01 per cent. of the Company’s enlarged issued share capital.  The Fundraising price of 2.4 pence (the “Fundraising Price”) represents a discount of approximately 22.58 per cent. to the mid-market closing price on AIM of 3.1 pence per Ordinary Share on 3 January 2024, being the latest practicable business day prior to the publication of this announcement.

Of the, in aggregate, 25,000,000 New Ordinary Shares, 14,700,000 New Ordinary Shares have been placed utilising the Company’s existing authority to allot shares for cash on a non-pre-emptive basis (the “Firm Placing Shares”). The issue of the balance of 10,300,000 New Ordinary Shares (comprising 7,383,333 New Ordinary Shares to be issued pursuant to the Placing (the “Conditional Placing Shares”) and 2,916,667 New Ordinary Shares to be issued pursuant to the Subscription (the “Subscription Shares”), together the “Conditional Fundraising Shares”) is conditional, inter alia, on the Company obtaining the requisite shareholder approvals in respect of the issue of such shares from its Shareholders at a forthcoming general meeting to be convened shortly (the “General Meeting”).

Novum Securities Limited (“Novum”) has entered into an agreement with Landore Resources (the “Placing Agreement”) pursuant to which, subject to the conditions set out therein, Novum has been instructed by Landore Resources to assume the duties of placing agent to procure subscribers for the Firm Placing Shares and the Conditional Placing Shares.  The Placing Agreement contains customary provisions including that the Placing Agreement can be terminated, inter alia, if (i) there is a breach of any material warranty, or any of the other obligations on the Company which is material in the context of the Placing; (ii) in the reasonable opinion of Novum there has occurred a material adverse change in the business of, or the financial or trading position of, the Company, or (iii) the name or reputation of Novum is likely to be prejudiced if it continues to act as placing agent. In addition, the Company has entered into subscription letters with certain individuals in respect of the issue of the Subscription Shares. The Company has also agreed, subject to shareholder approval at the General Meeting, to issue 1,500,000 ‘broker’ warrants to Novum, giving them the right to acquire such number of new Ordinary Shares at an exercise price of 2.4 pence for a period of three years from the date of admission of the Conditional Fundraising Shares.

The net proceeds of the Fundraising will be used for general working capital purposes and to progress the Company’s strategy of focusing on the advancement of its flagship BAM Gold Project at the Junior Lake property in Northwestern Ontario.

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