The Conversation (0)
Almonty Industries Inc. (TSXV:AII) made an approach to acquire Ormonde Mining plc (AIM:ORM) in a share exchange transaction, but the approach was rejected by Ormonde’s board of directors. The Company is considering its various options in regards to Ormonde.
As quoted in the press release:
…confirms that it has made an approach to acquire Ormonde Mining plc (“Ormonde”) (AIM: ORM) in a share exchange transaction. The approach was rejected by the Ormonde board of directors without engaging with Almonty regarding the merits of the transaction. Almonty is considering its various options regarding Ormonde.
Almonty Industries Inc. CEO, Lewis Black, said:
We are disappointed that the Board and Management of Ormonde did not engage with us to discuss our approach. We believe there is a very compelling business rationale for combining the two companies and it would unlock tremendous value for both Almonty and Ormonde shareholders. Almonty is continuing to evaluate its options regarding Ormonde over the coming weeks.
Click here to read the Almonty Industries Inc. (TSXV:AII) press release
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