Ormonde Mining PLC (LON:ORM) has received shareholder approval to sell its 30% stake in Barruecopardo tungsten mine to its majority owner.
A vote was held at the company’s extraordinary general meeting held in Dublin on Thursday, with the show of hands giving a split of 87.15% in favour and 12.8% against, with shareholders representing 29.3mln shares taking part.
Closing of the deal, including a payment by Barruecopardo majority owner Oaktree to Ormonde of the €6mln disposal proceeds, are due to be completed in the “coming days”, the company said in a statement after the vote.
The agreement states that completion must occur no more than five business days after shareholder approval.
Ormonde said it will provide a further update will be provided once completion has occurred.