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Landore Resources sells interest in West Graham property

Landore Resources Limited (LON:LND) said it has disposed of its 30% interest in the West Graham property in Ontario, Canada, to SPC Nickel Corp (CVE:SPC).

Under the terms of the disposal, Landore said it will receive C$250,000 in cash, a 1% net smelter return royalty on the project and 1mln warrants in SPC Nickel, each of which is convertible to one share in SPC at a price of C$0.25 for a period of one year from December 7, 2020.

READ: Landore Resources says drilling results ‘highly encouraging’ from west pit of BAM gold deposit

Landore said its interest in West Graham is considered to be non-core to its portfolio and believes the evaluation of the property will be “optimally progressed” now it is wholly owned by SPC Nickel.

The firm added that the cash proceeds of the disposal will be used for working capital.

Shares in Landore rose 5.6% to 32p in late-afternoon trading on Thursday.

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