Landore Resources Limited (LND.L) Wednesday said it named Alexander Shaw, Managing Director & CEO of Luso Global Mining B.V. (LGM) as the Chief Executive Officer of the company effective June 17. Shaw comes with more than 15 years of experience in global exploration and production projects.
In January this year, the company's previous CEO had resigned and consequently Glenn Featherby assumed the role of interim CEO.
The company is also raising 3.683 million pounds by issuing 153.47 million shares at 2.4 pence per share. In that, LGM, a unit of Mota-Engil SGPS S.A., has invested for 1 million pounds by way of 26.875 million shares and 14.792 Conditional Subscription Shares, in total about 13.45 percent stake.
The company plans to use the net proceeds for a drill programme to advance its flagship BAM Gold Project at the Junior Lake property in Northwestern Ontario.
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