Ormonde Mining PLC - cash shell, former Dublin-based mineral resource company - Completes the sale of its land, data and drillcore assets at its La Zarza project. La Zarza is a copper, gold and zinc mine located in Andalucia, Spain. The assets have been sold for EUR2.3 million in cash to La Zarza Mineria Metalica SLU a subsidiary of Tharsis Mining SL. Ormonde says it has now received EUR800,000 with the balance to be paid in three equal payments of EUR500,000 on the first, second, and third anniversaries of completion.
Ormonde has now become a cash shell and will be required to make an acquisition or undertake a reverse takeover within six months and 12 months, respectively, of the completion date. If it does not its shares will be suspended from AIM.
Current stock price: 0.82 pence, up 9.3% on Monday
12-month change: down 24%
By Sophie Rose; sophierose@alliancenews.com
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