Ormonde seeks AIM listing

Ormonde has revealed it will be seeking admission to the Alternative Investment Market in order to facilitate its intended growth from an exploration and development company into a gold producer.

Admission to AIM is expected to be on April 19. Ormonde will maintain its Irish quotation, currently on the Exploration Securities Market of the Irish Stock Exchange but to be transferred to its forthcoming replacement market, the Irish Enterprise Exchange (“the IEX”).

Meanwhile the board of Ormonde Mining has announced the conditional placing of more than 30 million shares to raise more than €4.3m.

The company is placing 30,100,000 new Ordinary Shares of value €0.025 in the capital of the company at 10p (14.4c) per share, equating to 24.7% of the existing issued share capital of the company and raising in aggregate £3.01m (€4.33m) before expenses.

In capping the placing at this level, the board was required to scale back applications as the result of excess demand for the issue.

The Company intends to use the net proceeds of the placing, amounting to approximately £2.8m (€4m), to accelerate its strategy of building a gold mining business in Spain.