11th Mar 2015 08:37
LONDON (Alliance News) - Shares in Ormonde Mining PLC are trading up after Canada-based Almonty Industries Ltd announced Wednesday it has approached Ormonde with a indicative, non-binding takeover proposal.
No financial details of the offer were disclosed, and Almonty noted that there can be no certainty a formal offer will be made or on what terms.
"Almonty believes that the strategic fit between Almonty and Ormonde is excellent and that there are significant advantages to combining the companies," said Almonty Chairman, President and Chief Executive Officer Lewis Black in a statement.
Shares in Ormonde are trading up 19% at 2.80 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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Related Shares:
ORM.L