Ormonde is pleased to announce the completion of the sale of its land, data and drillcore assets at its La Zarza project in Spain (“Completion”). La Zarza’s assets are being sold for a cash consideration of €2.3 million to La Zarza Mineria Metalica S.L.U. a subsidiary of Tharsis Mining S.L.
The Company has now received €800,000 with the balance to be paid in three equal payments of €500,000 on the first, second and third anniversaries of Completion. Ormonde holds security over the deferred cash payments.
Following Completion, Ormonde has become an AIM Rule 15 cash shell and, as such, will be required to make an acquisition or acquisitions constituting a reverse takeover under AIM Rule 14 and Euronext Growth Market rules on or before the date falling six and twelve months respectively from Completion.
Ormonde Mining plc
Brian Timmons, Non-Executive Chairman
Tel: +353 (0)1 801 4184
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