Oversubscribed deal finances company's Barruecopardo Tungsten Project
By Devika Patel
Knoxville, Tenn., March 12 - Ormonde Mining plc said it raised £3.39 million in an oversubscribed private placement through Davy and Fairfax. Mike Donoghue invested £50,000.
The company sold 33,910,896 ordinary shares at 10p each. The per-share price is a 2.44% discount to the March 9 closing share price of 10.25p.
Proceeds will be used to develop Ormonde's flagship Barruecopardo Tungsten Project in Spain and for general working capital purposes.
Based in Navan, Ireland, Ormonde Mining and its subsidiaries acquire, explore and develop mineral resource projects.
| Issuer: | Ormonde Mining plc
|
| Issue: | Ordinary shares
|
| Amount: | £3,391,090
|
| Shares: | 33,910,896
|
| Price: | 10p
|
| Warrants: | No
|
| Agent: | Davy and Fairfax
|
| Investor: | Mike Donoghue (for £50,000)
|
| Settlement date: | March 12
|
| Stock symbol: | London: ORM
|
| Stock price: | 10.25p at close March 9
|
| Market capitalization: | £34.54 million
|
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