Business
Proposed Cancellation of Trading on AIM & Euronext
Proposed Cancellation of Trading on AIM & Euronext.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n\n27 July 2023\n \n \nOrmonde Mining plc\n \n(Ormonde or the Company)\n \nProposed Cancellation of Admission to Trading on AIM and Euronext Growth\n \nAs stated in the announcement of the Company's proposed investment in TRU Precious Metals Corp (TRU) on 30 June 2023, the Board of Ormonde proposes to seek Shareholder approval to cancel the admission of the Company's ordinary shares (the Ordinary Shares) to trading on AIM and Euronext Growth (the Cancellation). The Company will be posting a circular to shareholders next week in connection with the proposed Cancellation (the Circular).\n \nThe Circular will set out the background to and reasons for the Cancellation and additional information on the implications of the Cancellation for the Company and its Shareholders.\n \nCancellation of Admission\nReasons for the proposed Cancellation\nOrmonde proposes to invest CAD$3 million in TRU (the Investment) in return for a 36.2% interest in its current issued share capital. This amounts to 80% of Ormonde's available current cash resources. Subject to the exercise of the warrants Ormonde has the opportunity to invest a further $2.25million in TRU to increase its interest in the issued share capital of TRU to 46%.\nPost completion of the Investment in TRU the Company's other investments will be:\n· Investment in Peak Nickel Ltd (cost £512,500)\n· Deferred consideration receivable from sale of La Zarza property (€1.5million)\n· Interests in Spanish licenses (currently lapsed, in course of renewal) (Book asset value of €157,000)\nTRU is listed on the TSX-V in Canada and it is intended that post completion of the Investment a substantial element of the strategic focus of Ormonde's exploration activity will be in TRU's future activity. Taking all this into account the Board, in determining the future trajectory and strategic focus of activity of the enlarged Group and the most appropriate market for listing, has given consideration to the following factors:\n \ni. A substantial proportion of the Company's activities will comprise the exploration activity undertaken through TRU, which is located in Newfoundland, Canada, a region which is experiencing vibrant exploration and mining M&A activity;\nii. ...