Completion of Disposal

RNS Number : 1322D

Ormonde Mining PLC

17 February 2020

 

17 February 2020

Ormonde Mining plc

("Ormonde" or "the Company")

Completion of Disposal and Confirmation of Board Changes

Ormonde confirms that it has completed the disposal of its 30% interest in the Barruecopardo Tungsten Mine and the Company has received the €6 million cash consideration.

Ormonde also confirms the following Board changes, including previously proposed Board retirements and appointments, effective immediately:

·     Mr. Michael Donoghue and Mr. John Carroll retire from the Board and the Company;

·     Mr. Jonathan Henry, previously non-executive director, is appointed Executive Chairman;

·     Mr. Tim Livesey and Mr. Richard Brown are appointed non-executive directors (see announcement of 10 February 2020 for details).

Commenting on the completion of the disposal and the subsequent Board changes, Jonathan Henry, Executive Chairman, stated:

"Following completion of the Barruecopardo disposal and receipt by Ormonde of the €6 million proceeds, a number of previously proposed Board changes can now take effect.

I would like to take the opportunity to thank both Mike Donoghue and John Carroll, who are stepping down from the Board, for their years of service to the Company and wish them well on their retirement, and welcome Tim Livesey and Richard Brown to the Board.  I believe that Tim and Richard's extensive experience and contacts in the resource sector will assist the Company greatly in its future development.

With the new Board in place, we are now fully focused on taking the Company forward into its next chapter and are already considering a number of initiatives we believe can deliver value to the Company and its stakeholders."

About the new board

Jonathan Henry has been a non-executive director of Ormonde since 2015. He has over 25 years of experience as a mining executive, including leadership of public companies involved in exploration, feasibility studies, mine development, mine asset acquisitions and disposals. He is currently the non-executive chairman of TSX Venture Exchange listed Giyani Metals Corp.

Tim 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).

Richard 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.

Enquiries to:

Ormonde Mining plc

Paul Carroll, Chief Financial Officer

Fraser Gardiner, Chief Operating Officer

Tel: [phone]

Davy (Nomad, Euronext Growth Advisor and Joint Broker)

John Frain / Barry Murphy

Tel: [phone]

SP Angel Corporate Finance LLP (Joint Broker)

Ewan Leggat

Tel: [phone]

 

END

 

 

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