Landore Resources
Limited
FURTHER AMENDMENT TO OPTION
AGREEMENT OVER MIMINISKA LAKE AND KEEZHIK LAKE
PROPERTIES
London, United
Kingdom - 08 February 2024 - Landore Resources Limited
(AIM: LND) ("Landore Resources" or the
"Company") announces that, further to its announcements of 10 May
2021, 31 January 2023 and 5 July 2023, the Company and Storm
Exploration Inc. (a TSX-V company, formerly named Lithoquest
Resources Inc.) ("Storm") have agreed a further variation of six
months to the scheduling of each of the remaining payments due from
Storm in respect of the pre-existing option agreement 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:
· The
final two payments will be increased by 5%. In the event that
either payment is made at least 2 months before the revised payment
date, the increased payment concerned will be reduced to 2.5% for
that particular payment; and
·
Storm will make a good faith payment of CAN$50,000 to Landore
Resources upon completion of CAN$1,500,000 of financings by it, in
aggregate, to be credited towards the first convertible cash
payment below, before any increase is applied.
The revised payment schedule is as
follows:
· A
Cash Payment of CAN$262,500 and a Convertible Cash Payment of
CAN$525,000 on or before 24 May 2024; and
· A
Cash Payment of CAN$525,000 and a Convertible Cash Payment of
CAN$787,500 on or before 24 November 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 other details of the option agreement
remain unaltered.
- ENDS -
For further
information, please contact:
Landore
Resources Limited
Glenn Featherby (Interim CEO)
Tel: +44 7730420318
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
About Landore
Resources
Landore Resources Limited is an
exploration/development company that seeks to grow shareholder
value through the advanced exploration and development of precious
and battery metals projects in eastern Canada. The Company is
primarily focused on the development of its 100% owned BAM Gold
Project, located on its Junior Lake Property in
Northwestern Ontario.
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.