REG - Ormonde Mining PLC - Result of EGM & AGM

Ormonde MiningAnnouncement

25/08/2023 15:45

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RNS Number : 5156K  Ormonde Mining PLC  25 August 2023

25 August 2023

 

 

Ormonde Mining plc

 

("Ormonde" or the "Company")

 

Results of EGM & AGM

 

Further to the Company's announcement dated 31 July 2023, Ormonde announces
that all resolutions proposed at the Extraordinary General Meeting ("EGM") and
the Annual General Meeting ("AGM") of the Company, both held today, were duly
passed. The results of the voting follow in the appendix below.

 

Accordingly, Ormonde is pleased to announce that, following shareholder
approval at the EGM, the Company's investment in Toronto-listed exploration
company TRU Precious Metals Corp ("TRU"), which is exploring for gold and
copper in the highly prospective Central Newfoundland Gold Belt in Canada, is
expected to complete after the Cancellation (as defined below) on or around 5
September 2023 ("Completion").

 

Upon Completion, Ormonde will own an initial 36.2% controlling interest (under
TSXV Rules) in TRU's share capital following a total investment of CAD
$3,000,000. Ormonde's funding will be used to fast-track the advancement of
TRU's Golden Rose Project as well as the evaluation of other mineral property
transaction opportunities.

 

The cancellation of the admission of the Company's ordinary shares ("Ordinary
Shares") to trading on AIM and Euronext Growth (the "Cancellation") was also
approved by shareholders at the EGM. Accordingly, the expected time and date
of Cancellation is 7.00 a.m. on 5 September 2023.

 

An application has been made for the Company's shares to be admitted to
trading on the Access segment of the AQSE Growth Market ("AQSE"), a
Multi-lateral Trading Facility (MTF) and a Recognised Stock Exchange under
S1005 (1)(b) United Kingdom Income Tax Act 2007 ("Admission"). It is expected
that Admission will become effective and that dealings will commence on AQSE
on 4 September 2023. Following Admission, the Company will be subject to the
regulations and corporate governance requirements of the AQSE Growth Market
Access Rulebook.

 

Brendan McMorrow, Chief Executive Officer, commented:

 

"Following Completion, Ormonde will have a controlling interest (under TSXV
Rules) in what the Board believes is a well-funded listed entity, with an
exciting gold exploration asset and a highly capable management team with
complementary and diverse skillsets. We intend to capitalise on this by
advancing the Golden Rose Project with a view to generating significant
capital growth and leveraging the complementary skillsets of the management
teams to achieve the identification of further mineral asset opportunities.

 

Ormonde is also committed to retaining its 20% interest in Peak Nickel Limited
which is advancing exploration on a potentially significant battery metals
project.

 

The deferred consideration receivable from the sale of Ormonde's La Zarza
assets (EUR 1.5 million, over three years) will be utilised for further
investment and working capital purposes.

 

Ormonde's investments will now expose the Company's shareholders to diverse
and highly prospective assets. The Cancellation of the AIM and Euronext Growth
listings will deliver further cost savings while the AQSE listing will provide
an ongoing and cost-effective platform for facilitating dealing in the
Company's shares.

 

We look forward to continuing to report to shareholders on the progress of our
investments in the months ahead."

 

The Directors of the Company are responsible for the release of this
announcement.

 

Investor enquiries:

 Ormonde Mining plc

 Brian Timmons, Chairman

 Tel: +353 (0)1 801 4184
 Vigo Consulting (Investor Relations)

 Ben Simons

 Tel: 44 (0)20 7390 0230
 Davy (Nomad, Euronext Growth Listing Sponsor and Broker)

 Anthony Farrell

  Tel: +353 (0)1 679 6363

 

Company website: www.ormondemining.com (http://www.ormondemining.com)

Appendix - Results of Voting

 

EGM

 

         RESOLUTION                                     VOTES FOR    %       VOTES AGAINST  %      VOTES TOTAL**  % of ISC*  VOTES WITHELD
 1((S))  To authorise cancellation of AIM listing       122,983,121  95.76%  5,441,048      4.24%  128,424,169    27.18%     53
 2((S))  To authorise cancellation of Euronext listing  122,983,121  95.76%  5,441,048      4.24%  128,424,169    27.18%     53
 3((O))  To authorise completion of TRU investment      122,983,121  95.76%  5,441,048      4.24%  128,424,169    27.18%     53

 

 

AGM

 

         RESOLUTION                                                                VOTES FOR    %       VOTES AGAINST  %      VOTES TOTAL**  % of ISC*  VOTES WITHELD

 1((O))  To receive and consider the accounts for the year ended 31 December 2022  123,554,006  99.55%  564,293        0.45%  124,118,299    26.27%     4,259,138

 2((O))  To re-elect Mr. Keith O'Donnell as a director                             122,694,848  99.25%  923,451        0.75%  123,618,299    26.16%     4,759,138
 3((O))  To authorise the directors to fix the remuneration of the auditors        123,524,397  99.52%  593,902        0.48%  124,118,299    26.27%     4,259,138
 4((O))  To authorise the directors to allot relevant securities                   122,629,848  98.80%  1,488,451      1.20%  124,118,299    26.27%     4,259,138
 5((S))  To authorise the directors to allot equity securities                     122,629,848  98.80%  1,488,451      1.20%  124,118,299    26.27%     4,259,138

 

 Notes

 

   *    ISC - Issued Share Capital
 **     Excludes votes withheld
 ((S))  Special resolution
 ((O))  Ordinary resolution

 

 

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