Business
Completion of Disposal
Completion of Disposal.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \nRNS Number : 1322D Ormonde Mining PLC 17 February 2020 \n\n17 February 2020\n \nOrmonde Mining plc\n(\"Ormonde\" or \"the Company\")\n \nCompletion of Disposal and Confirmation of Board Changes\n \nOrmonde 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.\n \nOrmonde also confirms the following Board changes, including previously proposed Board retirements and appointments, effective immediately:\n \n· Mr. Michael Donoghue and Mr. John Carroll retire from the Board and the Company;\n· Mr. Jonathan Henry, previously non-executive director, is appointed Executive Chairman;\n· Mr. Tim Livesey and Mr. Richard Brown are appointed non-executive directors (see announcement of 10 February 2020 for details).\n \n \nCommenting on the completion of the disposal and the subsequent Board changes, Jonathan Henry, Executive Chairman, stated:\n \n\"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.\n \nI 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.\n \nWith 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.\"\n \n \nAbout the new board\n \nJonathan 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.\n \nTim Livesey is a geologist and mining e...