Landore Resources Ltd on Wednesday said that it has amended the terms of a repayment agreement with Storm Exploration Inc for the Miminiska and Keezhik Lake properties.
Landore is a precious and base metal project explorer and developer, focused in the Canadian province of Ontario. Similarly, Storm Exploration is a mineral exploration company focused on advancing three district-scale gold projects located in northwestern Ontario.
Landore has agreed a further variation of four months to the scheduling of each of the remaining payments due from Storm regarding a pre-existing option arrangement with Landore Resources Canada Inc.
The option arrangement is for 100% of the Miminiska Lake and Keezhik Lake properties in the Thunder Bay Mining district, Northern Ontario.
The first payment includes cash of C$250,000, or £148,040.71, and a convertible cash payment of C$500,000, due on or before November. The second is for a cash payment of C$500,000, and a convertible cash payment of C$750,000, due on or before May 24, 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.
Landore Resources shares were flat at 8.25 pence each in London on Wednesday afternoon.
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