Landore raises £2.25 million to upgrade nickel resources at Junior Lake
Canadian minerals explorer Landore Resources (LON:LND) has raised £2.25 million to fund further exploration of is Junior Lake nickel copper project.
The group has agreed a subscription of 30.1 million new shares at 7.5p per subscription share.
The focus for the drilling will be to expand and upgrade the nickel resources at the B4-7 and VW deposits at Junior Lake project, which is in the Province of Ontario, Canada.
At the end of last year, Landore said its plan was to bring the Junior Lake nickel and copper resources up, so it can move the project into the mine development phase.
"We've always said that if we can increase our deposit from 50,000 to 75,000 tonnes then we've got a very economic nickel-copper mine," said chief executive Richard Prickett then.
The new subscription shares will account for 10.2% of the enlarged issued share capital.
Chairman Bill Humphries is taking up 3.35 million shares to take his stake to 8.07 per cent, while Richard Prickett has taken up 707,335 subscription shares to take his stake to 2.2 per cent.
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