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Ormonde Mining shareholder vote approves Barruecopardo sale

Ormonde said it will provide a further update will be provided once completion has occurred

Ormonde Mining plc -

Ormonde Mining PLC (LON:ORM) has received shareholder approval to sell its 30% stake in Barruecopardo tungsten mine to its majority owner.

A vote was held at the company's extraordinary general meeting held in Dublin on Thursday, with the show of hands giving a split of 87.15% in favour and 12.8% against, with shareholders representing 29.3mln shares taking part.

READ: Ormonde to offload stake in Barruecopardo tungsten mine for £5.1mln

Closing of the deal, including a payment by Barruecopardo majority owner Oaktree to Ormonde of the €6mln disposal proceeds, are due to be completed in the “coming days”, the company said in a statement after the vote. 

The agreement states that completion must occur no more than five business days after shareholder approval.  

Ormonde said it will provide a further update will be provided once completion has occurred.

Quick facts: Ormonde Mining plc

Price: 0.656 GBX

AIM:ORM
Market: AIM
Market Cap: £3.1 m
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Watch

Ormonde Mining's Steve Nicol upbeat as Barruecopardo tungsten mine continues...

Ormonde Mining managing director Steve Nicol sat down with Proactive Investors to talk us through the busy phase of work currently underway as the development of the Barruecopardo tungsten mine progresses towards completion. Fully funded, fully permitted and on track for a 2017 start up,...

on 26/7/16

2 min read