Deal finances activities at company's Barruecopardo Tungsten Project
By Devika Patel
Knoxville, Tenn., Sept. 30 - Ormonde Mining plc said it sold 45,454,544 ordinary shares in a private placement through Davy and Fairfax.
The company sold the shares at 5.5p each, raising £2.5 million. The per-share price is a 20.29% discount to the Sept. 29 closing share price of 6.9p.
Proceeds will be used predominantly to advance Ormonde's flagship Barruecopardo Tungsten Project in Spain, to advance the processing plant and infrastructure design work and to continue to advance the environmental and mine permitting process. Proceeds also will be used for general working capital.
"Following the Scott Wilson study and this placing, we can now rapidly progress our flagship tungsten project into the final evaluation and design stage which will form the basis for project development," managing director Kerr Anderson said in a press release. "Market demands and pricing trends for tungsten continue to be very positive and our clear focus remains delivering initial tungsten production from Barruecopardo by the end of 2012.
"The board is particularly pleased to broaden its institutional shareholder base at this time," Anderson said.
Based in Navan, Ireland, Ormonde Mining and its subsidiaries acquire, explore and develop mineral resource projects.
| Issuer: | Ormonde Mining plc
|
| Issue: | Ordinary shares
|
| Amount: | £2.5 million
|
| Shares: | 45,454,544
|
| Price: | 5.5p
|
| Warrants: | No
|
| Broker: | Davy and Fairfax
|
| Settlement date: | Sept. 30
|
| Stock symbol: | London: ORM
|
| Stock price: | 6.25p at close Sept. 30
|
| Market capitalization: | £16.83 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
