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Ormonde Mining (LSE:ORM) provided an update surrounding the proposed financing with Oaktree Capital Management for its flagship Barruecopardo Tungsten Project in Salamanca, Spain.
Ormonde Mining (LSE:ORM) provided an update surrounding the proposed financing with Oaktree Capital Management for its flagship Barruecopardo Tungsten Project in Salamanca, Spain.
As quoted in the press release:
As announced on 18 February 2015, the Company entered into an exclusivity period with Oaktree, extending to 10 April 2015, in relation to a financing package that would secure the funding requirements for the development of Barruecopardo. The exclusivity period was to enable the advancement of the project financing arrangements including drafting of long form documentation and signing of binding agreements.
Very significant progress has been made during the exclusivity period, and the parties are expected to be in a position to finalize agreements shortly. A further announcement will be made in due course.
Click here to read the full Ormonde Mining (LSE:ORM) press release.