28 September 2022
Ormonde Mining plc
("Ormonde" or the "Company")
Result of AGM and EGM
&
Update on Sale of La Zarza Assets
Ormonde announces that at its Annual General Meeting ("AGM") and Extraordinary General Meeting ("EGM") held earlier today, all resolution were duly passed. Accordingly, Ormonde is pleased to confirm the sale of its interests in the La Zarza Copper-Gold Project in Spain as announced on 29 July 2022 (the "Sale") is now unconditional.
A further announcement will be made upon completion of the Sale, which is anticipated to occur imminently.
Following completion of the Sale, Ormonde will 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 of the Sale. If no such acquisition or acquisitions are made, the Company's shares would be suspended from trading pursuant to AIM Rule 40 and the Euronext Growth Market rules.
The results of voting at the AGM and EGM are provided in the appendix below.
Brendan McMorrow, Chief Executive Officer, commented:
"I would like to thank Ormonde's shareholders for their support in completing this transaction. To release value from La Zarza at a premium to book value is an excellent outcome for the Company and its shareholders.
Ormonde has the financial resources to pursue transformative acquisition opportunities and to generate considerable shareholder value in the coming months and years. We are working assiduously to identify an optimal project for the Company."
For further information, please contact:
Ormonde Mining plc
Brian Timmons, Non-Executive Chairman
Tel: +353 (0)1 801 4184
Vigo Consulting (Investor Relations)
Ben Simons / Charlie Neish
Tel: 44 (0)20 7390 0230
Davy (Nomad, Euronext Growth Listing Sponsor and Joint Broker)
Barry Murphy
Tel: +353 (0)1 679 6363
Company website: www.ormondemining.com
Appendix - Results of Voting
EGM
|
|
| VOTES FOR | % | VOTES AGAINST | % | VOTES TOTAL** | % of ISC* | VOTES WITHELD |
|
| RESOLUTION |
| |
| | | | |
| 1 | To approve disposal of La Zarza assets | 120,851,943 | 99.77 | 276,500 | 0.23 | 121,128,443 | 25.64 | 9,138 |
AGM
|
|
| VOTES FOR | % | VOTES AGAINST | % | VOTES TOTAL** | % of ISC* | VOTES WITHELD |
|
| RESOLUTION |
| |
| | | | |
| 1 | To receive and consider the accounts for the year ended 31 December 2021
| 119,069,172 | 99.72 | 329,549 | 0.28 | 119,398,721 | 25.27 | Nil |
| 2 | To re-elect Mr. Brian Timmons as a director | 118,792,672 | 99.49 | 606,049 | 0.51 | 119,398,721 | 25.27 | Nil |
| 3 | To authorise the directors to fix the remuneration of the auditors | 119,398,668 | 100 | 53 | 0.00 | 119,398,721 | 25.27 | Nil |
| 4 | To authorise the directors to allot relevant securities | 119,029,753 | 99.69 | 368,968 | 0.31 | 119,398,721 | 25.27 | Nil |
| 5 | To empower the directors to allot equity securities | 119,359,302 | 99.97 | 39,419 | 0.03 | 119,398,721 | 25.27 | Nil |
| * | ISC - Issued Share Capital |
| ** | Excludes votes withheld |
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