Orosur Mining Orosur Mining Inc. - Change of Nominated Adviser & Update
April 01 2019 - 2:00AM
UK Regulatory
TIDMOMI
Orosur Mining Inc. ("Orosur" or "the Company") (TSX/AIM: OMI), a
South American-focused gold developer and explorer is pleased to
announce that the Company has appointed, with immediate effect, SP
Angel Corporate Finance LLP as the Company's nominated adviser and
joint broker.
Update on Colombia
Orosur has received from Newmont Mining the first of four half
yearly US$500,000 cash payments as part of the previously announced
Exploration Agreement with Venture Option for the Anzá project, as
well as US$240,000 to fund the property maintenance costs in
Colombia during the first 6 months of the exploration period. In
cooperation with Orosur, Newmont is performing a strategic review
of the project to define an exploration program in the area.
Update on Uruguay
As announced on 18 December 2018, Loryser SA ("Loryser"), the
Company's Uruguayan subsidiary, reached an agreement with the
majority of its creditors ("the Agreement"). At that time, 68% of
the creditors by value had executed the Agreement. Loryser has
continued to receive support for its plan in recent months from
additional creditors, increasing the endorsement of the Agreement
at the date of this announcement to approximately 72% of creditors
by value, comprising 67 different creditors.
Pursuant to the Uruguayan Reorganization Act, the reorganisation
process and the Agreement are subject to consideration by the Court
and the Intervenor, and the normal formal procedures for approval.
As part of the reorganisation process, the Intervenor has been
reviewing the legitimity of the creditors´ debt claim in order to
prepare the final list of creditors. Out of more than 150
creditors, only a small minority is still under discussion and
review due to minor formalities. The process will continue by the
Court confirming formally that the majorities required for the
Agreement were effectively obtained, which will be followed by
public notice of the Agreement to all interested parties. Provided
there is no valid opposition, the Court will proceed to ratify the
Agreement and the ratification process is expected to conclude
during the first half of 2019. Once approved by the Court, the
Agreement will be legally binding on all the creditors and
Loryser's creditor protection status will cease together with
Intervenor's control over Loryser.
Loryser has started part of the work included in the Agreement,
specifically advancing the remediation of the tailings dam and
dewatering approximately 700,000 cubic metres, equivalent to 26
hectares of the total 40 hectares covered by the dam. In parallel,
Loryser is starting to cover with gravel the dry area of the
tailings dam.
Loryser has been running a process to recover the scavenger gold
from the San Gregorio CIL plant in cooperation with Goldplat
Recovery Ghana Ltd/Goldplat Plc and some 160 Au oz have been
recovered so far. The analysis continues of the potential
additional gold remaining in the San Gregorio complex.
Update on Chile
Following the relinquishment by Fortune Valley Resources Chile
S.A. ("FVRC") (an indirect, wholly-owned subsidiary of Orosur) of
the Pantanillo project located in Chile, Anglo American Inversiones
SA, sought the payment of minimum royalties totalling US$3 million
and requested arbitration in September, 2017. Arbitration
proceedings were conducted in Santiago, Chile. On March 28, 2019,
the Arbitral Tribunal rendered its decision, ruling that FVRC is
required to pay Anglo approximately US$1.6 million plus interests
at Chile´s current interest rate calculated from December 2015
until its effective payment. The Tribunal´s decision is exclusively
against FVRC. Orosur was not named in the decision from the
Tribunal nor was Orosur a party to the relevant agreements. FVRC is
evaluating its options with its Chilean lawyers.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX: OMI; AIM: OMI) is a precious metals
developer and explorer focused on identifying and advancing gold
projects in South America. The Company operates in Colombia and
Uruguay.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain. If you
have any queries on this, then please contact Ryan Cohen, VP
Corporate Development of the Company (responsible for arranging
release of this announcement on behalf of the Company) on: +1 (778)
373-0100.
For further information, please contact:
Orosur Mining Inc. Ignacio Salazar, Chief Executive OfficerRyan
Cohen, VP Corporate Developmentinfo@orosur.caTel: +1 (778)
373-0100
SP Angel Corporate Finance LLP - Nomad & Joint Broker Jeff
Keating/ Stephen WongTel: +44 (0)20 3 470 0470
Numis Securities Limited - Joint Broker John Prior / James Black
/ Paul GillamTel: +44 (0) 20 7260 1000
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190331005071/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
April 01, 2019 02:00 ET (06:00 GMT)
Orosur Mining (LSE:OMI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Orosur Mining (LSE:OMI)
Historical Stock Chart
From Jul 2023 to Jul 2024