Ormonde Mining PLC Completion of Sale of La Zarza Assets (5620B)

TIDMORM

RNS Number : 5620B

Ormonde Mining PLC

03 October 2022

3 October 2022

Ormonde Mining plc

("Ormonde" or the "Company")

Completion of Sale of La Zarza Assets

Ormonde is pleased to announce completion of the sale of its land, data and drillcore assets at its La Zarza project in Spain ("Completion"). La Zarza's assets are being sold for a cash consideration of EUR2.3 million to La Zarza Mineria Metalica S.L.U. a subsidiary of Tharsis Mining S.L.

The Company has now received EUR800,000 with the balance to be paid in three equal payments of EUR500,000 on the first, second and third anniversaries of Completion. Ormonde holds security over the deferred cash payments.

Following Completion, Ormonde has become an AIM Rule 15 cash shell and, as such, will be required to make an acquisition or acquisitions constituting a reverse takeover under AIM Rule 14 and Euronext Growth Market rules on or before the date falling six and twelve months respectively from Completion.

Enquiries:

Ormonde Mining plc

Brian Timmons, Non-Executive Chairman

Tel: [phone]

Vigo Consulting (Investor Relations)

Ben Simons / Charlie Neish

Tel: [phone]

Davy (Nomad, Euronext Growth Listing Sponsor and Broker)

Barry Murphy

Tel: [phone]

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October 03, 2022 06:11 ET (10:11 GMT)