Ormonde Mining PLC Completion of Sale of La Zarza Assets (5620B)
October 03 2022 - 6:11AM
UK Regulatory
TIDMORM
RNS Number : 5620B
Ormonde Mining PLC
03 October 2022
3 October 2022
Ormonde Mining plc
("Ormonde" or the "Company")
Completion of Sale of La Zarza Assets
Ormonde is pleased to announce completion of the sale of its
land, data and drillcore assets at its La Zarza project in Spain
("Completion"). La Zarza's assets are being sold for a cash
consideration of EUR2.3 million to La Zarza Mineria Metalica S.L.U.
a subsidiary of Tharsis Mining S.L.
The Company has now received EUR800,000 with the balance to be
paid in three equal payments of EUR500,000 on the first, second and
third anniversaries of Completion. Ormonde holds security over the
deferred cash payments.
Following Completion, Ormonde has become an AIM Rule 15 cash
shell and, as such, will be required to make an acquisition or
acquisitions constituting a reverse takeover under AIM Rule 14 and
Euronext Growth Market rules on or before the date falling six and
twelve months respectively from Completion.
Enquiries:
Ormonde Mining plc
Brian Timmons, Non-Executive Chairman
Tel: +353 (0)1 801 4184
Vigo Consulting (Investor Relations)
Ben Simons / Charlie Neish
Tel: 44 (0)20 7390 0230
Davy (Nomad, Euronext Growth Listing Sponsor and Broker)
Barry Murphy
Tel: +353 (0)1 679 6363
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