Business
Sale of La Zarza & Notice of EGM
Sale of La Zarza & Notice of EGM.
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 29 July 2022\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 Sale of La Zarza Landholding, Drillcore and Data Assets, Spain\n \n \n \n \n \n \n \n \n Ormonde is pleased to announce that it is has entered into a conditional framework agreement for the sale of its interests in the La Zarza Copper-Gold Project in Spain (\"La Zarza\") for a cash consideration of EUR 2.3 million (the \"Sale\") to La Zarza Mineria Metalica S.L.U., a subsidiary of Spanish company Tharsis Mining S.L., which controls the mining rights to La Zarza.\n \n \n \n \n \n The Sale relates to the Company's landholding, drill core and data assets associated with La Zarza\n . The Company has, for some time, been advancing a disposal process in relation to La Zarza\n and the Board, since its reconstruction in 2021, has been working to monetise its interest in La Zarza.\n The Company valued its La Zarza interests at EUR 2.0 million as at 31 December 2021, with the assets represented in the financial statements as \"Assets held for sale\". There were no profits or losses attributable to the La Zarza assets for the year ended 31 December 2021.\n \n \n \n \n \n Under the terms of the Sale agreement, which has been concluded at a premium to the book value of EUR 2.0 million, the Company will receive EUR 800,000 on completion of the Sale (\"Completion\"), with the balance to be paid in three equal payments of EUR 500,000 on the first, second and third anniversaries of Completion. Ormonde will hold security over the deferred cash payments.\n \n \n \n \n \n The sale is conditional on approval by Ormonde shareholders at an Extraordinary General Meeting, details of which appear further below.\n \n \n \n \n \n \n Brendan McMorrow, Chief Executive Officer, commented:\n \n \n \n \n \n \n \n \"This is an important milestone for Ormonde in positioning the Company to\n \n e\n \n xecute new opportunities which leverage our financial strength and have the prospect of generating value for shareholders in the medium term.\n \n \n \n \n \n \n \n \n \n Ormonde prepared a feasibility study for an underground mining operation at La Zarza in 2008 which highlighted the need for a larger resource ...