Ormonde Mining plc plans to cancel its AIM and Euronext Growth Market listings as part of its proposed investment via a subscription in a Canadian gold-copper explorer.
RULES
The company became an AIM Rule 15 cash shell in October 2022 and was required to make an acquisition or acquisitions constituting a reverse takeover (RTO) on, or before, the dates falling six and 12 months respectively from 3 October 2022.
Following Ormonde’s 20% acquisition of Peak Nickel Ltd in February 2022, the company’s ordinary shares were suspended from trading on AIM and Euronext.
As a cash shell, the company’s planned subscription for 36% shares in TRU Precious Metals Corp, announced on 30 June, is deemed to be an RTO under AIM and Euronext rules.
Trading in the company’s shares remain suspended until an AIM admission document and a Euronext Growth information document are published.
Investor Thomas Anderson holds 24.1% of shares in Ormonde.
“As TRU is already listed in Canada, the Ormonde board has decided, subject to shareholder approval, to seek to cancel the company’s admission to trading on AIM and Euronext Growth Market as part of the approval process around this subscription,” added Ormonde in its statement.
The company will announce its reasons for the proposed cancellation and further details when finalised.
Shareholders will receive a notice convening an extraordinary general meeting on the proposed subscription and cancellation of trading on AIM and Euronext.