Ormonde raises funds for Barruecopardo project

18th Sep 2013 09:51

Ormonde Mining has placed 22.44m new ordinary shares at 4.75p each to raise funds that will enable it to begin the definitive engineering work required to allow for the placement of process plant priority equipment orders at the Barruecopardo project. The placing raised a total of £1.07m before expenses. Any remaining funds will be used for other preparatory activities including ongoing land rental payments under the land acquisition procedure, as well as for working capital.The group also said it was continuing its discussion over funding for Barruecopardo, and said active engagement and detailed due diligence were in progress. Final permitting requires a positive definitive Declaration of Environmental Impact by the regional government and the subsequent granting of a Mining Concession by the mining authorities.Kerr Anderson, Managing Director, said: "The successful completion of this placing will further support the company in its active discussions with strategic and financial partners relating to the funding of our Barruecopardo Tungsten Project, which we hope to bring to fruition in the near future. "In addition, we have made considerable progress so far this year with regards to the permitting at Barruecopardo and we are confident that we are in the final stages of the process. The tungsten price has been strong throughout much of the year to-date, and provides a strong backdrop to our progress."NR