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Ormonde Mining PLC - cash shell, former Dublin-based mineral resource company - Completes the sale of its land, data and drillcore assets at its La Zarza project. La Zarza is a copper, gold and zinc mine located in Andalucia, Spain. The assets have been sold for €2.3 million in cash to La Zarza Mineria Metalica SLU a subsidiary of Tharsis Mining SL. Ormonde says it has now received €800,000 with the balance to be paid in three equal payments of €500,000 on the first, second, and third anniversaries of completion.
Ormonde has now become a cash shell and will be required to make an acquisition or undertake a reverse takeover within six months and 12 months, respectively, of the completion date. If it does not its shares will be suspended from AIM.
Current stock price: 0.82 pence, up 9.3% on Monday
12-month change: down 24%
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