Ormonde Mining Raises GBP642,000 Via Placing AT 3.5P >ORQ.DB

LONDON (Dow Jones)--Ormonde Mining PLC (ORQ.DB), a mineral development and exploration company focused on Spain, said Wednesday it has procured placing commitments in respect of 18.35 million new ordinary shares with new and existing institutional and private investors at 3.5p per share, raising GBP642,100. MAIN FACTS: -Proceeds will be used to carry out an infill drilling program targeted at optimizing the mining plan and schedule for the initial years of the mining operation at Barruecopardo. -Also proposed to proceed with the permitting documentation and advance arrangements for the funding of both the engineering design and capital development stages of the project (capital costs are estimated at EUR20 million - EUR25 million). -These activities, including the advancement of ongoing discussions with a number of parties to finance the engineering design stage of the project, are now the immediate priority of the Company and the funds raised pursuant to the placing will facilitate addressing these objectives over the next few months. -Shares at 0715 GMT down 0.05 cents, or 1.4%, at 3.32 cents valuing the company at EUR9.47 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com (END) Dow Jones Newswires June 30, 2010 03:17 ET (07:17 GMT)