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So what will happen to our shares ?
Read comments on ADVFN and you seem to be fixated with Aberdeen Minerals. Why ? Peak Nickel and Aberdeen are not even remotely related.
We're still waiting for Chris King at Peak to release drilling results. Hopefully, they are better than the low grade hits reported by Aberdeen.
Why are you bothered?
No they don't. Cancellation of trading is the default position after 6 months of suspension, which is 7th August.
TRU has been trading at 2.5c, but we are paying 5c per share? They have been on a 2 year trend of value destruction from 25c to 2.5c. Our board with zero geological experience is supposed to turn it around? Two minority shareholdings in no hope companies is not a compelling case, no evidence of any plan to provide shareholders with any prospect of future value or liquidity. Thomas Anderson should have been forced to buy us out two years ago when he took over control.
Well they need 75% of the vote to delist so it will need to be a compelling case made.
TRU trades in Toronto so we will still have market rules in place to protect our investment won't we?
Really.
What will happen to our shares after that?
There won't be an RTO with Peak Nickel. There won't be an RTO with anyone. The company is going to delist and go private so that it doesn't have to follow any rules that are supposed to look after shareholder interests. It is being run by a major shareholder, for that shareholder's interests and total disregard for the rest.
What do we think this will this mean regarding the RTO into Peak Nickel then?
I'm confused as to how the sequencing will work with 2 RTOs happening at the same time
We have some upside again all of a sudden. Wouldn't expect relisting this year but by time they'll have opened up these assets significantly. Looks right place/ time for gold and copper investment
The bit that's of interest to us
Suspension of Listing
Ormonde became an AIM Rule 15 cash shell in October 2022 and is therefore required to make an acquisition or acquisitions constituting a reverse takeover ("RTO") under AIM Rule 14 and the Euronext Growth Market rules on, or before, the dates falling six and twelve months respectively from 3 October 2022.
Following Ormonde's acquisition of a 20% interest in Peak Nickel Limited, as announced on 7 February 2023, the Company's ordinary shares have been suspended from trading on AIM and Euronext Growth Market. As Ormonde is a cash shell, the Subscription for shares in TRU is also deemed to be an RTO under AIM Rules and Euronext Growth Rules and as such trading in the Company's shares will remain suspended until an AIM admission document and a Euronext Growth information document are published.
As TRU is already listed in Canada, the Ormonde Board has decided, subject to shareholder approval, to seek to cancel the Company's admission to trading on AIM and Euronext Growth Market as part of the approval process around this Subscription (the "Cancellation"). An announcement setting out the reasons for the proposed Cancellation, the effect of the proposed Cancellation, and a detailed timetable will be released when finalised. A circular will be prepared and sent to shareholders in due course with a notice convening an Extraordinary General Meeting ("EGM") to approve the Subscription and the Cancellation of the Company's shares to trading on AIM and Euronext Growth Market. The Subscription is conditional on shareholder approval and the completion of the Cancellation.
Brendan McMorrow, Chief Executive Officer, commented:
"We are very excited about the geological prospectivity of the Golden Rose Project, and the future opportunities that a combined TRU and Ormonde could uncover. The proposed investment in TRU, if approved, together with the existing investment in Peak Nickel, provide Ormonde's shareholders with exposure to quality and diverse assets across a range of strategic minerals in Tier 1 jurisdictions, thereby positioning the Company for significant value creation in the short-to-medium term."
Enquiries:
Ormonde Mining plc
Brian Timmons, Chairman
Tel: +353 (0)1 801 4184
Vigo Consulting (Investor Relations)
Ben Simons / Charlie Neish
Tel: 44 (0)20 7390 0230
Davy (Nomad, Euronext Growth Listing Sponsor and Broker)
Anthony Farrell
Tel: +353 (0)1 679 6363
About Ormonde Mining
Ormonde is focussed on the evaluation and execution of new opportunities through which the Company can leverage its balance sheet to generate shareholder value whilst placing a strong emphasis on cash preservation.
Currently, Ormonde has a 20% interest in Peak Nickel Limited, a private UK company which is advancing exploration on a potentially significant battery metals project.
Ormonde's shares
And why is it exciting to have your listing cancelled so you can't trade your shares, and see the directors invest in two junk projects without a shareholder approved investing policy? Whatever is happening here suits Thomas Anderson, somehow, but AIM has allowed the rest of us to be wiped out.
Looks decent, still plenty of cash left....wonder if Aberdeen Minerals come with us?
Well that was out of the Blue. We're buying into a gold prospect in Canada with the application to AIM and Euronext to be cancelled dependent on a vote from shareholders at an EGM!
Seems to be because TRU is already floated on the Toronto exchange.
Exciting times TBH.
Spanish Assets
The Group's interest in a number of gold investigation permits (IPs) situated in Spain, held for over a decade, expired during the Covid period, and the Group has applied for renewal of these exploration licenses. In the event that these IPs are renewed, Ormonde intends to undertake exploration activity on the licenses. There is no certainty, however, regarding to the renewal of the IPs, and, accordingly, these assets have been subject to an impairment of €167,000 as at 31 December 2022.
Financials
Ormonde recorded a total comprehensive loss for the period of €1.1 million for 2022, compared with a loss of €1.6 million in 2021. As of 31 December 2022, the Group had net assets of €4.9 million, including a cash balance of €3.56 million, providing the Group with a platform from which to invest further.
Suspension of Shares
The Board is mindful of the continued suspended status of the Group's shares under market rules pending an announcement and publication of an admission document. As announced on 7 February 2023, following the PNL investment, Ormonde is required to execute a further transaction with PNL or another party, which would be categorised as a reverse takeover under AIM Rule 14. This transaction would require both shareholder approval and the publication of an AIM admission document. Ormonde continues to review its investment options in relation to this requirement and the Board looks forward to sharing its strategy with shareholders in due course.
Conclusions and Outlook
During 2022 and the first part of 2023, the Board has delivered on extracting value from legacy assets to boost the Company's balance sheet and commenced its proposed strategy of leveraging Ormonde's strong balance sheet to generate new value enhancing deals for shareholders.
The sale of the La Zarza assets and subsequent investment into PNL represent the first steps in shareholder value creation and provide the platform for further exciting investments in prospective mining jurisdictions. The Board continues to advance discussions with interested parties to move onto the next stages of this strategy.
On behalf of the Board, I would like to thank our shareholders for their continued support and especially for their patience displayed during the past 18 months. I look forward to updating you all on Ormonde's progress in due course.
Brian Timmons
Chairman
Introduction
I am please to present my second annual review to shareholders since I took over as Ormonde's Chairman in October 2021.
During the year, the Board, with the assistance of our technical advisory team, began delivering upon its commitment to leverage the Group's balance sheet to generate value for shareholders. This has involved extensive review of a range of potential opportunities leading to a shortlist of attractive possible investments.
We are of course cognisant that shareholders have been waiting some time for news of further investments; however, this is a process that requires both time and diligence to ensure the transactions we pursue deliver the maximum opportunity for value creation. I would like to assure shareholders that discussions continue to progress, as does our partnership with our first investee company, Peak Nickel Limited.
The investment in Peak Nickel Limited announced in February 2023 provides Ormonde's shareholders with exposure to the fast growing and active battery metals sector. The Board expects further investments to follow.
This investment activity was undertaken whilst the Board worked to monetise the legacy La Zarza asset in Spain. Ormonde continues to seek value adding options for the Group's remaining Spanish gold assets.
Investment - Peak Nickel Limited
Subsequent to year end, the Group acquired a 20% interest in Peak Nickel Limited ("PNL") for total payments of £512,500. PNL is a UK company which is advancing exploration on a very promising battery metals project. The Group's investment was designed to enable a fast-track initial drilling programme aimed at identifying a modern, code-compliant resource in those minerals.
At the time of investment, Ormonde was granted an exclusive option by PNL to either invest up to a further £4 million in cash in PNL for further exploration work, bringing Ormonde's interest to 49.9%; or acquire the remaining 80% of PLN by way of issuance of ordinary shares in Ormonde to PNL.
La Zarza disposal
While new opportunities with significant value upside potential were being shortlisted, the Board continued to advance negotiations with interested parties towards monetising the value within the legacy La Zarza Copper- Gold Project in Spain ("La Zarza").
On 28 September 2022, shareholders approved at an EGM a proposal from the Board for the sale of the Group's landholding, drill core and data assets associated with La Zarza for a cash consideration of €2.3 million to La Zarza Mineria Metalica S.L.U., a subsidiary of the Spanish company Tharsis Mining S.L., which controls the mining rights to La Zarza.
Under the terms of this sale agreement, the Group received the first tranche payment of €800,000 on closing, with the balance to be paid in three equal payments of €500,000 on the first, second and third anniversaries of completion. The next payment is due to be received on or around 30 September 2023, further boosting the Group's balance sheet.
I see nobody is commenting on the RNS, that's how interesting it is.
Year end financial results next week
Another 3 weeks gone with no news. Clock is ticking.
Significant core analysis results announced by Aberdeen Minerals!!!!!!
Results this month so will get update then
Thats us in to June and still no news. Show a bit decency to your shareholders and tell us something.
Aberdeen, are you sure ? I thought it was Canada
Core results from drilling due anytime. This drilling is taking place in Aberdeen
Let’s hope for good news soon , don’t want August to come and go for this to de-list.
Another Aim stock with questionable comms.
Come on ORM Bod , get your fingers out !!
Since being suspended, my shares in Ormonde have had there best performance ever. They haven't dropped day after day 😂😂.
Enjoy your weekend folks
🍷