20 Jul 2009 15:09
20 July 2009
Ormonde Mining plc
Issue of Equity
DUBLIN & LONDON: 20 July 2009 - Ormonde Mining plc ("Ormonde" or "the Company") announces that it has procured placing commitments in respect of 13,788,373 new ordinary shares of nominal value €0.025 each in the Company. The shares were placed by Davy with existing institutional and private investors, at a price of Stg4.5p per share (the "Placing") to raise Stg£620,477 (before expenses).
The proceeds of the Placing will be utilised by the Company for general working capital purposes.
Commenting on the Placing, Kerr Anderson, Managing Director, said:
"We are very pleased with the continued level of support from existing shareholders for our activities. This Placing will serve to maintain adequate working capital levels and enable us to progress the funding arrangements and work programmes on both our Barruecopardo Tungsten and La Zarza Copper-Gold Projects."
Mike Donoghue, Kerr Anderson and Stephen Nicol, Directors of the Company, have subscribed for 300,000, 50,000 and 50,000 new ordinary shares respectively in the Placing, bringing their interest in the Company to 8,983,102 or 3.89%, 840,778 or 0.36% and 50,000 or 0.02% respectively of the enlarged issued share capital.
Completion of the Placing is conditional upon the dis-application of pre-emption rights proposed for consideration by means of a special resolution at the Annual General Meeting of the Company to be held on 20 August, 2009. Following the Placing the Company will have 230,958,959 ordinary shares in issue. The new ordinary shares, which represent approximately 5.97% of the enlarged issued share capital, will on issue rank pari passu in all respects with the existing ordinary shares in the Company. Application will be made for the new ordinary shares to be admitted to trading on the AIM market of the London Stock Exchange and the IEX market of the Irish Stock Exchange and it is expected, conditional upon prior approval of the resolution at the AGM, that the Placing will complete and dealings in the new ordinary shares will commence on 21 August, 2009.
For further information:
Ormonde Mining plc
Kerr Anderson, Managing Director Tel: +353 (0)46 9073623
Fraser Gardiner, Director Tel: +353 (0)86 3931178
Bankside Consultants
Simon Rothschild / Louise Mason Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703 167065
Davy (Nomad / IEX Adviser)
Eugenée Mulhern / Fergal Meegan Tel: +353 (0)1 6796363
Brewin Dolphin (UK Adviser)
Alexander Dewar Tel: +44 (0)131 529 0276
Additional Information
Ormonde Mining plc is quoted on the AIM in London and the IEX in Dublin. Ormonde is a mineral development and exploration company focused on Spain, with the objective of developing mining projects and taking them into production.
For more information please visit www.ormondemining.com.