Landore extends payment schedule for Thunder Bay properties sale

19th Aug 2024 11:41

(Sharecast News) - Landore Resources announced an extension of the payment schedule for the sale of its 100% interest in the Miminiska Lake and Keezhik Lake properties on Monday, located in Northern Ontario's Thunder Bay Mining District, to Storm Exploration.

The AIM-traded firm said the revised schedule granted Storm an additional 18 months to complete the remaining payments.

It said the new payment structure would see Landore receive $262,500 in cash and $250,000 in convertible cash by 20 September.

That would be followed by a $275,000 convertible cash payment in March 2025, with the final payment of $525,000 in cash and $787,500 in convertible cash due by March 2026.

All other terms of the original option agreement remained unchanged, and Landore said it would continue to provide updates as necessary.

Landore said its primary focus continued to be the exploration and development of its wholly-owned BAM Gold Project in northwest Ontario, with further progress updates expected soon.

At 1110 BST, shares in Landore Resources were down 11.69% at 3.4p.

Reporting by Josh White for Sharecast.com.