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Ormonde Mining Shares Up On Nomination Of New Non-Executive Directors

Mon, 10th Feb 2020 10:55

(Alliance News) - Ormonde Mining PLC said Monday it has nominated Tim Livesey and Richard Brown as non-executive directors, with effect after the disposal of Ormonde's 30% interest in the Barruecopardo tungsten mine in Spain.

Shares in Ormonde Mining - which is based in Meath, Ireland - were 14% higher at 0.74 pence on Monday in London.

They will be replacing Non-Executive Chair Michael Donoghue and Non-Executive Director John Carroll. However, Non-Executive Director Jonathan Henry will become chair.

Livesey is chief executive officer at Oriole Resources PLC, while Brown is chief financial officer at TSX-listed Gabriel Resource Ltd.

Earlier in January, Ormonde said it had struck an agreement to sell its 30% stake in a Tungsten mine in Salamanca, northwestern Spain, to American asset manager Oaktree Capital Management for EUR6 million.

The disposal needs the permission of shareholders, which Ormonde will look to secure at a general meeting on February 13.

"We are very pleased that Ormonde is able to present to shareholders the board restructuring planned once the proposed disposal is approved by shareholders. With individuals of the calibre of Tim and Richard ready to join the board as non-executive directors, the company will benefit from their vital combination of skills, experience and mining business acumen, which will assist the company greatly as it seeks to transition into a new phase," Henry added.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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