TIDMORM
RNS Number : 4121C
Ormonde Mining PLC
10 February 2020
10 February 2020
Ormonde Mining plc
("Ormonde" or "the Company")
New Non-Executive Director Nominees
As indicated as part of Ormonde's announcement of 27 January
2020, both Mr. Michael Donoghue and Mr. John Carroll intend to
retire from the Board and Company following the completion of the
proposed disposal of the Company's 30% interest in the
Barruecopardo Tungsten Mine ("Proposed Disposal"), assuming the
Proposed Disposal is approved by shareholders at an extraordinary
general meeting to be held in Dublin on 13 February 2020.
In preparation for these changes, Ormonde is pleased to announce
that it has identified two new non-executive director nominees, who
will replace Mr. Donoghue and Mr. Carroll, assuming completion of
the Proposed Disposal. The nominees are Mr. Tim Livesey and Mr.
Richard Brown, who both will bring extensive mining industry
executive experience and a combination of strong technical,
commercial and governance credentials to the Ormonde Board.
Mr. 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).
Mr. 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.
Assuming completion of the Proposed Disposal and their
subsequent appointments, Tim and Richard, together with Mr.
Jonathan Henry, who will move from non-executive director to
Executive Chairman, will provide Ormonde with the appropriate
leadership, governance, experience and strategic direction as it
targets a new phase for the Company, focussing on the creation of
value from its current assets, together with pursuing growth
through M&A, supported with the cash proceeds from the Proposed
Disposal of EUR6 million.
Commenting on the proposed Board changes, Jonathan Henry,
director and incoming Executive Chairman, stated:
"We are very pleased that Ormonde is able to present to
shareholders the Board restructuring planned once the Proposed
Disposal is approved by shareholders. With individuals of the
calibre of Tim and Richard ready to join the Board as non-executive
directors, the Company will benefit from their vital combination of
skills, experience and mining business acumen, which will assist
the Company greatly as it seeks to transition into a new phase.
It is our intention, in the short term, for the new Board to
work together with executive management to build a fresh and
exciting vision and strategy for Ormonde, absolutely focused on
value creation for shareholders including, if appropriate, through
the pursuit of M&A opportunities."
Additional Disclosures in relation to appointments:
The new non-executive director appointees will be subject to
re-election by shareholders at the next Annual General Meeting of
the Company, which will be held at the earliest practicable date
following preliminary announcement of the Company's results for the
year ended 31 December 2019.
Mr. Tim Livesey
Tim Livesey is an experienced geologist and mining company
executive with 30 years of experience in gold and base metals. With
a focus on Africa, Europe and Asia, he has worked at all stages of
exploration, development and mining operations, and brings a strong
technical acumen and track record of commercial delivery. Tim is
currently Chief Executive Officer and director of Oriole Resources
PLC, an AIM quoted exploration company operating in Africa and
Europe. He also holds the position of non-executive chairman of
Minexia Limited, a mining investment, development and advisory
company. Previous roles include exploration manager (Eurasia) and
Managing Director Saudi Arabia for Barrick Gold Corp, CEO of
Tethyan Copper Company Pty Ltd (a Joint Venture between Antofagasta
Minerals and Barrick Gold Corp, owner of the Reko Diq project in
Pakistan), Chief Operating Officer of Reservoir Minerals Inc, (sold
in June 2016 to Nevsun Resources Ltd for US$365 million) and
Managing Director Rakita Exploration d.o.o., (the Serbian entity
controlling the Cukaru Peki project).
Full name: Timothy James Livesey
Age: 52
The following are the directorships and partnerships held by Tim
within the past five years:
Current directorships / partnerships Past directorships / partnerships:
Minexia Limited Tethyan Copper Company Pty Ltd
Lelantos Consulting Limited Rakita Exploration d.o.o. (Serbia)
Oriole Resources PLC Stratex International PLC
Stratex Madencilik
------------------------------------
Tim does not hold any ordinary shares in Ormonde. There are no
further details that are required to be disclosed pursuant to
paragraph (g) of Schedule 2 of the AIM Rules and Euronext Growth
Rules.
Mr. Richard Brown
Richard Brown is a chartered accountant with 28 years of
experience in business and corporate advisory roles. He brings
proven commercial and financial oversight skills, risk management
and planning expertise, in addition to a diversity of perspective
having worked within the mining industry as well as a variety of
other global industries. Richard is currently Chief Financial
Officer of TSX Venture Exchange quoted Gabriel Resource Ltd, and
prior to joining Gabriel in 2011 Richard spent 15 years in
corporate finance advisory roles to the boards of private and
public companies in the UK, Canada and Australia, specialising in
M&A, equity capital markets, regulatory and takeover advice.
Roles included Head of Corporate Finance and Chief Operating
Officer at mining focused investment bank Ambrian Partners, Lead
Advisory at KPMG Corporate Finance and Equity & Capital Markets
Group of the London Stock Exchange. Richard is a member of the
Institute of Chartered Accountants in England and Wales.
Full name: Richard Paul Brown
Age: 50
The following are the directorships and partnerships held by
Richard within the past five years:
Current directorships / partnerships Past directorships / partnerships:
RM Gold (Services) Ltd. -
-----------------------------------
Richard does not hold any ordinary shares in Ormonde. There are
no further details that are required to be disclosed pursuant to
paragraph (g) of Schedule 2 of the AIM Rules and Euronext Growth
Rules.
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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