Business
Placing Raising StgGBP3.04 m
Placing Raising StgGBP3.04 m.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n Ormonde Mining PLC\n12 May 2006\n\n Ormonde Mining plc\n\n Placing Raising Stg£3.04 million (€4.47 million)\n\n\nDUBLIN & LONDON: 12 May 2006 - The Board of Ormonde Mining plc (\"Ormonde\" or\n\"the Company\") is pleased to announce the conditional placing of 15,202,871 new\nordinary shares of nominal value €0.025 (\"New Ordinary Shares\") in the capital\nof the Company at Stg20.0p (29.4c) per share, equating to approximately 10 per\ncent of the existing issued share capital of the Company and raising in\naggregate approximately Stg£3.04 million (approximately €4.47 million) before\nexpenses (\"the Placing\"). The New Ordinary Shares will, when issued and fully\npaid, rank pari passu in all respects with the existing issued ordinary shares.\nThe Placing is conditional only on the New Ordinary Shares being admitted to\ntrading on the Alternative Investment Market of the London Stock Exchange\n(\"AIM\") and on the Irish Enterprise Exchange of the Irish Stock Exchange\n(\"IEX\"). The Placing was arranged by Davy and Seymour Pierce. The New Ordinary\nShares were placed primarily with institutional investors in London and Dublin.\n\nPaul Mihalop, a Non-Executive Director of the Company, subscribed for 500,000\nNew Ordinary Shares as part of the Placing. This represents approximately 0.30%\nof the enlarged issued share capital of the Company (his total shareholding in\nthe Company).\n\nThe Company intends to use the net proceeds of the Placing, amounting to\napproximately Stg£2.92 million (approximately €4.29 million), to further its\nstrategy of building a gold mining business in Spain. In particular, proceeds\nwill be used to conduct the Feasibility Study on the La Zarza Copper-Gold\nProject and advance the Company's gold-tungsten interests in Salamanca. This\nwork will include drilling of the newly-identified gold targets and full\nassessment of the tungsten tailings project. Remaining funds will be used for\ngeneral corporate and working capital purposes.\n\nApplication will be made to the London Stock Exchange and to the Irish Stock\nExchange for the New Ordinary Shares to be admitted to trading on AIM and IEX,\nrespectively. Dealing is expected to commence in these shares on 17 May 2006.\n\nThe Board also wishes to advise that the Company's Chairman, Mike Donoghue, a\nmining engineer of 30 years global experien...