Companies

Ormonde Mining to acquire controlling interest in Canadian exploration firm

Ormonde has the potential to increase its shareholding from 36.2 per cent to up to 46 per cent

The Dublin-listed company said its investment will be used to fast-track the advancement of Golden Rose project, a gold-bearing structural corridor in Southern Central Newfoundland. Picture: Getty

Dublin listed Ormonde Mining is to acquire an initial 36.2 per cent controlling interest in Toronto-listed exploration company TRU Precious Metals (TRU).

Ormonde is purchasing the interest through a private subscription for 60 million new common shares of TRU at CAD $0.05 per share for a total consideration of CAD $3 million (€2 million).

Ormonde has the potential to increase its shareholding to up to 46 per cent through the exercise of warrants, the company ...