Ormonde Mining PLC Completion of Disposal (1322D)
17 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMORM
RNS Number : 1322D
Ormonde Mining PLC
17 February 2020
17 February 2020
Ormonde Mining plc
("Ormonde" or "the Company")
Completion of Disposal and Confirmation of Board Changes
Ormonde confirms that it has completed the disposal of its 30%
interest in the Barruecopardo Tungsten Mine and the Company has
received the EUR6 million cash consideration.
Ormonde also confirms the following Board changes, including
previously proposed Board retirements and appointments, effective
immediately:
-- Mr. Michael Donoghue and Mr. John Carroll retire from the Board and the Company;
-- Mr. Jonathan Henry, previously non-executive director, is appointed Executive Chairman;
-- Mr. Tim Livesey and Mr. Richard Brown are appointed
non-executive directors (see announcement of 10 February 2020 for
details).
Commenting on the completion of the disposal and the subsequent
Board changes, Jonathan Henry, Executive Chairman, stated:
"Following completion of the Barruecopardo disposal and receipt
by Ormonde of the EUR6 million proceeds, a number of previously
proposed Board changes can now take effect.
I would like to take the opportunity to thank both Mike Donoghue
and John Carroll, who are stepping down from the Board, for their
years of service to the Company and wish them well on their
retirement, and welcome Tim Livesey and Richard Brown to the Board.
I believe that Tim and Richard's extensive experience and contacts
in the resource sector will assist the Company greatly in its
future development.
With the new Board in place, we are now fully focused on taking
the Company forward into its next chapter and are already
considering a number of initiatives we believe can deliver value to
the Company and its stakeholders."
About the new board
Jonathan Henry has been a non-executive director of Ormonde
since 2015. He has over 25 years of experience as a mining
executive, including leadership of public companies involved in
exploration, feasibility studies, mine development, mine asset
acquisitions and disposals. He is currently the non-executive
chairman of TSX Venture Exchange listed Giyani Metals Corp.
Tim Livesey is a geologist and mining executive with 30 years of
experience in gold and base metals. Tim is currently Chief
Executive Officer and director of Oriole Resources PLC and
non-executive chairman of Minexia Limited, a mining investment,
development and advisory company, having previously held several
executive management and board roles with companies such as Barrick
Gold, Tethyan Copper Company, Rakita Exploration and Reservoir
Minerals, (which was sold in June 2016 to Nevsun Resources Ltd. for
US$365 million).
Richard Brown is a chartered accountant with 28 years of
experience in business and corporate advisory roles and is
currently Chief Financial Officer of TSX Venture Exchange quoted
Gabriel Resource Ltd. Prior to his current position, Richard spent
15 years in corporate finance advisory roles, specialising in
M&A/takeovers, equity capital markets, AIM/TSX regulatory
advice, including positions as Head of Corporate Finance and Chief
Operating Officer at mining focused investment bank Ambrian
Partners.
Enquiries to:
Ormonde Mining plc
Paul Carroll, Chief Financial Officer
Fraser Gardiner, Chief Operating Officer
Tel: +353 (0)1 8014184
Davy (Nomad, Euronext Growth Advisor and Joint Broker)
John Frain / Barry Murphy
Tel: +353 (0)1 679 6363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat
Tel: +44 (0)20 3 470 0470
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END
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