Ormonde Mining PLC - Spain-focused natural resources firm - Notes recent increased trading and volume of its shares and updates on potential acquisition. Says progress on negotiations and due diligence has slowed due to Covid-19 and in talks with its largest shareholder. Notes that on completion, it will have up to an 80% interest in two "high-grade copper and polymetallic" exploitation licenses in under-explored area in Republic of the Congo. Ormonde notes it may pay USD800,000 for acquisition, in shares, cash or a combination. Ormonde's update on Thursday is first time it has outlined terms of the potential buy.
Current stock price: 2.29 pence, up 16%
Year-to-date change: up 31%
By Eric Cunha; ericcunha@alliancenews.com
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