Brief: Ormonde Mining weighs financing options for African high grade copper projects

Ormonde Mining

14/01/2021 07:18

Jan 14 (Reuters) - Ormonde Mining PLC  ORM.I :
    * UPDATE ON POTENTIAL ACQUISITION
    * PROGRESS TO COMPLETE ACQUISITION OF AFRICAN HIGH GRADE
COPPER
PROJECTS HAS BEEN SLOWED DUE TO THE IMPACT OF THE PANDEMIC AND
ONGOING DISCUSSIONS WITH THE COMPANY'S LARGEST SHAREHOLDER
    * ORMONDE WILL ACQUIRE OR HAVE RIGHTS TO ACQUIRE UP TO AN
80%
INTEREST IN TWO EXPLOITATION LICENSES COVERING MULTIPLE HIGH
GRADE COPPER AND POLYMETALLIC DEVELOPMENT AND EXPLORATION
PROJECTS IN THE REPUBLIC OF CONGO 
    * ON COMPLETION OF ACQUISITION, ORMONDE HAS NEGOTIATED TO
BRING IN
PROJECT PARTNERS THAT PROVIDE IN-COUNTRY OPERATING CAPABILITY
    * COMPANY BELIEVES THAT A MILESTONE BASED MIX OF CASH AND
SHARES
AS CONSIDERATION FOR ACQUISITION TO BE OPTIMAL FORMULA
    * IT IS PROPOSED THAT ORMONDE WOULD PAY A CONSIDERATION OF
UP TO
US$800,000 IN ORMONDE SHARES AND/OR CASH ON CLOSING OF
TRANSACTION
    * FURTHER CASH AND ORMONDE SHARES WILL BE PAYABLE
CONDITIONAL ON
ACHIEVEMENT OF KEY TECHNICAL AND ADMINISTRATIVE PROJECT
MILESTONES

Source text for Eikon:  ID:nRSN6171La 
Further company coverage:  ORM.I 

 (Reporting By Pamela Barbaglia)
 ((pamela.barbaglia@thomsonreuters.com;  ;))