t
Landore Resources Limited announced on 5 July 2023 that it has agreed with Storm Exploration Inc. a four-month variation to the scheduling of remaining payments for an existing option agreement over the Miminiska Lake and Keezhik Lake properties. Under the revised terms, Storm is to make a cash payment of CAN$250,000 and a convertible cash payment of CAN$500,000 by 24 November 2023, and a cash payment of CAN$500,000 and a convertible cash payment of CAN$750,000 by 24 May 2024.
| Date | 5 Jul 2023 |
| Time | 07:00:02 |
| Category | Miscellaneous |
| ID | 9472E |
LANDORE RESOURCES LIMITED
(AIM Ticker: LND.L)
FURTHER AMENDMENT TO OPTION AGREEMENT OVER MIMINISKA LAKE AND KEEZHIK PROPERTIES
London, United Kingdom - 5 July 2023 - Landore Resources Limited (AIM: LND) ("Landore Resources" or the "Company") announces that further to its announcements of 10 May 2021 and 31 January 2023, the Company and Storm Exploration Inc. ("Storm", a TSX-V company, formerly named Lithoquest Resources Inc.) have agreed a further variation of four months to the scheduling of each of the remaining payments due from Storm in respect of the pre-existing option arrangement with Landore Resources Canada Inc. over 100% of the Miminiska Lake and Keezhik Lake properties in the Thunder Bay Mining district, Northern Ontario, as follows:
· A Cash Payment of CAN$250,000 and a Convertible Cash Payment of CAN$500,000 on or before 24 November 2023; and
· A Cash Payment of CAN$500,000 and a Convertible Cash Payment of CAN$750,000 on or before 24 May 2024.
Storm has exclusive discretion to determine if each tranche of the Convertible Cash Payments is settled in cash or in new common shares in the capital of Storm with the number of common shares to be determined by way of the 30-day volume weighted average price prior to the date of election.
All of the other details of the option agreement remain unaltered.
- ENDS -
For further information, please contact:
|
Landore Resources Limited |
|
|
|
|
Glenn Featherby, Finance Director |
Tel: 07730 420318 |
||
|
Strand Hanson Limited (Nominated Adviser and Joint Broker) |
|
||
|
James Dance/Matthew Chandler/Robert Collins |
Tel: 020 74093494
|
||
|
Novum Securities Limited (Joint Broker) |
|
||
|
Jon Belliss/Colin Rowbury |
Tel: 020 73999402 |
||
|
|
|
||
|
|
|
||
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.