Ormonde Mining Plc

AGM Information • Aug 25, 2023

National Storage Mechanism | Additional information

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 AGAINST	%	VOTES TOTAL**	% of ISC*	VOTES WITHELD
1(S)	To authorise cancellation of AIM listing	122,983,121	95.76%	5,441,048	4.24%	128,424,169	27.18%	53
2(S)	To authorise cancellation of Euronext listing	122,983,121	95.76%	5,441,048	4.24%	128,424,169	27.18%	53
3(O)	To authorise completion of TRU investment	122,983,121	95.76%	5,441,048	4.24%	128,424,169	27.18%	53

AGM

	RESOLUTION	VOTES FOR	%	VOTES AGAINST	%	VOTES TOTAL**	% of ISC*	VOTES WITHELD
1(O)	To receive and consider the accounts for the year ended 31 December 2022	123,554,006	99.55%	564,293	0.45%	124,118,299	26.27%	4,259,138
2(O)	To re-elect Mr. Keith O'Donnell as a director	122,694,848	99.25%	923,451	0.75%	123,618,299	26.16%	4,759,138
3(O)	To authorise the directors to fix the remuneration of the auditors	123,524,397	99.52%	593,902	0.48%	124,118,299	26.27%	4,259,138
4(O)	To authorise the directors to allot relevant securities	122,629,848	98.80%	1,488,451	1.20%	124,118,299	26.27%	4,259,138
5(S)	To authorise the directors to allot equity 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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