Landore Resources Limited Disposal of 30% Interest in West Graham Property (8788U)
08 Aprile 2021 - 4:09PM
UK Regulatory
TIDMLND
RNS Number : 8788U
Landore Resources Limited
08 April 2021
8 April 2021
Landore Resources Limited
("Landore Resources" or the "Company")
Disposal of 30% Interest in West Graham Property
London, United Kingdom - 8 April 2021 - Landore Resources
Limited (AIM:LND) announces that through its wholly owned
subsidiary, Landore Resources Canada Inc., it has disposed of its
30% interest in the West Graham Property ("West Graham") to SPC
Nickel Corp. (TSX.V - SPC)(the, "Disposal"). As a result of the
Disposal, Landore no longer has an interest in West Graham.
Following Completion of the Disposal, Landore has received:
-- CAN$250,000 in cash;
-- 1,000,000 warrants in SPC Nickel Corp., with each warrant
convertible to one common share in SPC Nickel Corp. at a price of
CAN$0.25 within a period of one year from December 7, 2020; and
-- A 1% net smelter return royalty on West Graham.
West Graham is a Ni Cu property located in the Sudbury Mining
District of Ontario, Canada, and was 30% owned by Landore Resources
Canada Inc, which is in turn 100% owned by Landore Resources
Limited. In Landore's financial statements as at 30(th) June 2020,
West Graham had a book value of nil, and in the year ended 31
December 2019 there was GBP3,609 expenditure undertaken on the West
Graham property.
The Board of Landore considered the Company's 30% interest in
West Graham to be non-core to its property portfolio and believes
that evaluation of West Graham will be optimally progressed now it
is 100% owned by SPC Nickel Corp.
SPC Nickel Corp is a battery metals company focused on nickel
and copper exploration in the Sudbury Mining Camp and now owns a
100% interest in West Graham. More information about SPC Nickel
Corp. can be found on its website www.spcnickel.com
The cash consideration received by the Company from the Disposal
will be applied towards its working capital requirements.
-ENDS-
For more information, please contact:
Landore Resources Limited
Bill Humphries, Chief Executive Tel: 07734 681262
Officer
Glenn Featherby, Finance Director Tel: 07730 420318
Cenkos Securities (Nominated Advisor
and Broker)
Derrick Lee / Peter Lynch Tel: 0131 220 9100
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END
DISUPUMUCUPGGCR
(END) Dow Jones Newswires
April 08, 2021 10:09 ET (14:09 GMT)
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