Business
Investment & Suspension of Listing
Investment & Suspension of Listing.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \n \n \n This announcement contains inside information\n \n \n \n \n \n \n 7 February 2023\n \n \n \n \n \n \n Ormonde Mining plc\n \n \n \n (\"Ormonde\" or the \"Company\")\n \n \n \n \n \n \n \n \n Investment in UK Metals Explorer, Option Agreement\n \n \n \n \n &\n \n \n \n \n Suspension of Listing Pending Possible RTO\n \n \n \n \n \n \n \n \n Ormonde is pleased to announce that it is has acquired a 20 percent interest in Peak Nickel Limited (\"PNL\"), a UK-based entity with expertise and interests in battery metal mining prospects. The Company's investment will enable a fast-track initial work programme aimed at identifying modern, code-compliant resources in those interests. \n \n \n \n \n \n \n Key Terms:\n \n \n \n \n \n \n ·\n Ormonde to acquire the initial 20 percent of PNL for £450,000 (the \"Investment Proceeds\")\n \n \n ·\n Ormonde granted an exclusive option by PNL (the \"Option\") to either:\n \n \n o \n invest up to a further £4 million in cash in PNL for further exploration work, bringing Ormonde's interest to 49.9%; or\n \n \n o \n acquire the remaining 80% of PLN by way of issuance to PNL of Ormonde ordinary shares.\n \n \n \n \n \n \n Initial Work Programme\n \n \n \n The Investment Proceeds will be expended under an agreed work programme (the \"Initial Work Programme\"). The Initial Work Programme, which is anticipated to commence imminently and complete within three months, will include approximately 1,350 metres of diamond core drilling, following which it is anticipated that a code-compliant resource estimate will be completed for the purposes of preparing a Competent Person's Report.\n \n \n \n \n \n \n Option\n \n \n \n Subject to certain conditions, the Company has been granted a conditional exclusive Option which can be exercised following completion of the Initial Work Programme\n . The exercise by Ormonde of the Option would be subject to the results of the Initial Work Programme and other factors, including, inter alia, an evaluation of the mineral resource prospects, the completion of\n further\n due diligence, regulatory approvals, and, potentially, seeking a \"whitewash\" under the Irish Takeover Rules.\n \n \n \n \n \n As an\n exploration\n company, PNL does not currently have any material revenues, profits or losses, ...