Business
Placing
Placing.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \nRNS Number : 2510O Ormonde Mining PLC 18 September 2013 \n \n\n18 September, 2013\n \nOrmonde Mining plc\n (\"Ormonde\" or \"the Company\")\n \nPlacing raising Stg£1.07 Million (€1.27 Million)\n \n \nDUBLIN & LONDON: 18 September, 2013 - Ormonde Mining plc announces that it has procured placing commitments in respect of 22,442,422 new ordinary shares of nominal value €0.025 each in the capital of the Company. The Placing was conducted by Davy and SP Angel, with shares placed with new and existing institutional and private investors, at a price of Stg4.75p per share (the \"Placing\") raising in aggregate Stg£1.07 million (approximately €1.27 million) (before expenses).\n \nThe net proceeds from the Placing will enable Ormonde to commence the definitive engineering work required to allow for the placement of process plant priority equipment orders at Barruecopardo. The balance of the net proceeds will be available for other preparatory activities including ongoing land rental payments under the land acquisition procedure, and for working capital. \n \nThe Company is continuing discussions in respect of the provision of project funding to the Barruecopardo project with active engagement and detailed due diligence in progress against the backdrop of the strong tungsten APT price (US$415/mtu relative to US$350/mtu used as the base case in the Barruecopardo definitive feasibility study) and the ongoing progression of the permitting process. As previously announced, the Review of Environmental Assessment has been completed by the provincial authorities with a draft declaration forwarded to the Regional Government, raising favourable related commentary in the Spanish media in July, 2013. Final permitting requires a positive definitive Declaration of Environmental Impact by the Regional Government and the subsequent granting of a Mining Concession by the Mining Authorities.\n \nThe four directors of Ormonde also participated in the Placing: Mike Donoghue in respect of 168,421 ordinary shares, Kerr Anderson in respect of 84,211 ordinary shares, John Carroll in respect of 63,158 ordinary shares and Steve Nicol in respect of 42,105 ordinary shares. Following completion of the Placing their respective interests in the enlarged issued share capital of the Company will be 3,595...