Business
Equity Fundraising
Equity Fundraising.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n Ormonde Mining PLC\n27 November 2007\n\n27 November 2007\n\n Ormonde Mining plc\n\n Placing by Davy and Brewin Dolphin of 16 Million New Ordinary Shares of €0.025\n each at 10p (€0.14) per Ordinary Share\n\n\nDUBLIN & LONDON: 27 November 2007 - Ormonde Mining plc (\"Ormonde\" or \"the\nCompany\") announces that it has placed 16 million new ordinary shares of €0.025\neach in the Company with institutional and other investors at a price of 10p\n(€0.14) per share (the \"Placing\") to raise £1.6 million (before expenses).\n\n\n\nThe proceeds of the Placing will be utilised by the Company for the following:\n\n\n\n• Barruecopardo Tungsten Project - continue drilling to delineate\nadditional mineralized zones as identified in recent drilling and prepare an\ninitial resource estimate, commence definitive metallurgical testwork programmes\nto define the optimum processing flowsheet, and carry out initial evaluation\nstudies;\n\n\n\n• Pino de Oro Gold Prospect - commence second stage drilling programme\nfollowing up on initial high-grade drilling results, to enable initial resource\nestimation; and\n\n\n\n• Sierro Gold Prospect - initiate follow-up drilling on the first hole,\nwhich has returned gold over an extensive interval in a new sheeted vein system,\nwhich may indicate a bulk tonnage gold target; further geochemical sampling will\nalso be carried out in the Sierro area as this has been highly successful in\nidentifying new gold targets in the Salamanca area.\n\n\n\nThe new ordinary shares will rank pari passu in all respects with the existing\nordinary shares in the Company. Application will be made for the new ordinary\nshares to be admitted to trading on the AIM market of the London Stock Exchange\nand the IEX market of the Irish Stock Exchange and it is expected that trading\nwill commence on 30 November 2007.\n\n\n\n\n\nFor further information:\n\nKerr Anderson, Managing Director\nOrmonde Mining plc Tel: +353 (0)46 9073623\n\nSimon Rothschild\nBankside Consultants Tel: +44 (0)20 7367 8871\n\nFergal Meegan\nDavy Tel: +353 1 679 6363\n\nKen Fleming\nBrewin Dolphin Investment Banking Tel: +44 141 314 8115\n\n\n\n\n\nAdditional Information\n\n\n\nOrmonde Mining plc is quoted on the AIM in London and the IEX in Dublin. Ormonde\nis a mineral development and exploration company focused on Spain, with the\nobject...