13 Apr 2015 07:00
13 April 2015
Ormonde Mining plc
("Ormonde" or "the Company")
Barruecopardo Project Financing Update
The Board of Ormonde provides the following update in relation to the proposed project financing with Oaktree Capital Management, L.P. ("Oaktree") for its flagship Barruecopardo Tungsten Project in Salamanca, Spain ("Barruecopardo" or "the Project").
As announced on 18 February 2015, the Company entered into an exclusivity period with Oaktree, extending to 10 April 2015, in relation to a financing package that would secure the funding requirements for the development of Barruecopardo. The exclusivity period was to enable the advancement of the project financing arrangements including drafting of long form documentation and signing of binding agreements.
Very significant progress has been made during the exclusivity period, and the parties are expected to be in a position to finalise agreements shortly. A further announcement will be made in due course.
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director Tel: +353 (0)1 8253570
Capital M Consultants
Simon Rothschild Mob: +44 (0)7703 167065
Murray Consultants
Mark Brennock Tel: +353 (0)1 4980300 Mob: +353 (0)87 2335923
Davy (Nomad / ESM Adviser)
Eugenée Mulhern / Roland French Tel: +353 (0)1 6796363
SP Angel Corporate Finance LLP(Joint Broker)
Ewan Leggat / Katy Birkin Tel: +44 (0)20 3 470 0470
About Ormonde
Ormonde Mining Plc is admitted to trading on the AIM market in London and the ESM market in Dublin. Ormonde is a mineral development and exploration company focused on Spain (Ticker: ORM).
Ormonde is developing a low cost mining operation at its Barruecopardo tungsten project to become a major, secure European supply of tungsten. Following the completion of a Definitive Feasibility Study in 2012, and the Environmental and Mining Permit being received during 2014, Ormonde is now in the process of completing a financing package for the Project which would enable its development during 2015, with production commencing in the second half of 2016. Ormonde also has a number of other exploration projects including tungsten, gold and copper.
About Oaktree
Oaktree is a leading global investment manager specialising in alternative investments with USD 91 billion in assets under management as of 31 December 2014, of which USD 16 billion is dedicated to private equity globally, on behalf of pension funds, insurance companies, institutional investors and sovereign wealth funds, among others. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree's website at www.oaktreecapital.com
The Directors of Ormonde accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Directors of Ormonde (having taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
ENDS