TIDMORM
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
Appendix - Results of Voting
EGM
RESOLUTION VOTES FOR % VOTES % VOTES TOTAL** % of VOTES
AGAINST ISC* WITHELD
To authorise
cancellation
1(S) of AIM listing 122,983,121 95.76% 5,441,048 4.24% 128,424,169 27.18% 53
----------------- ----------- ------ --------- ----- ------------- ------ --------
To authorise
cancellation
of Euronext
2(S) listing 122,983,121 95.76% 5,441,048 4.24% 128,424,169 27.18% 53
----------------- ----------- ------ --------- ----- ------------- ------ --------
To authorise
completion of
3(O) TRU investment 122,983,121 95.76% 5,441,048 4.24% 128,424,169 27.18% 53
----------------- ----------- ------ --------- ----- ------------- ------ --------
AGM
RESOLUTION VOTES % VOTES % VOTES % of VOTES
FOR AGAINST TOTAL** ISC* WITHELD
To receive and
consider the
accounts for
the year ended
1(O) 31 December 2022 123,554,006 99.55% 564,293 0.45% 124,118,299 26.27% 4,259,138
-------------------------- ----------- ------ --------- ----- ----------- ------ ---------
To re-elect Mr.
Keith O'Donnell
2(O) as a director 122,694,848 99.25% 923,451 0.75% 123,618,299 26.16% 4,759,138
-------------------------- ----------- ------ --------- ----- ----------- ------ ---------
To authorise
the directors
to fix the remuneration
3(O) of the auditors 123,524,397 99.52% 593,902 0.48% 124,118,299 26.27% 4,259,138
-------------------------- ----------- ------ --------- ----- ----------- ------ ---------
To authorise
the directors
to allot relevant
4(O) securities 122,629,848 98.80% 1,488,451 1.20% 124,118,299 26.27% 4,259,138
-------------------------- ----------- ------ --------- ----- ----------- ------ ---------
To authorise
the directors
to allot equity
5(S) 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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END
ROMFZGZRDKMGFZM
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