Ormonde Mining plc (LON:ORM) has completed the disposal of its 30% interest in the Barruecopardo tungsten mine and has received the €6mln in cash due as consideration.
Following the transaction, Michael Donoghue and John Carroll have retired from the board and the company.
Jonathan Henry, previously a non-executive director, is appointed executive chairman, while Tim Livesy and Richard Brown are appointed non-executive directors.
“I believe that Tim and Richard's extensive experience and contacts in the resource sector will assist the company greatly in its future development,” Henry in a statement.
Livesey is currently running Oriole Resources and is one of the powers behind Minexia, which runs fundraising platform NR Private Market. Brown was formerly chief executive officer of Gabriel Resources.
And Henry himself is no slouch. He has run several companies over the years, including Avocet Mining and is currently non-executive chairman of Giyani Metals Corp (CVE:EMM).
“With the new board in place, we are now fully focused on taking the company forward into its next chapter and are already considering a number of initiatives we believe can deliver value to the company and its stakeholders," Henry added.