Orosur Mining Inc (OMI)

Sector:

Mining

Index:

FTSE AIM All-Share

 3.08p
   
  • Change Today:
      0.000p
  • 52 Week High: 6.33
  • 52 Week Low: 2.40
  • Currency: UK Pounds
  • Shares Issued: 160.28m
  • Volume: 19,036
  • Market Cap: £4.93m

Orosur shares soar after court backs payment plan

By Abigail Townsend

Date: Tuesday 17 Sep 2019

LONDON (ShareCast) - (Sharecast News) - Shares in Orosur Mining rocketed more than 50% on Tuesday after a court in Uruguay approved its reorganisation plans.
The court approved a payment plan agreement between Loryser, a wholly-owned subsidiary of Orosur in Uruguay, and Loryser's creditors. Under the plan, Orosur would effectively close the San Gregorio West gold mine, which had been operated by Loryser since 1997. Net proceeds from the sale of the Uruguay assets would then be used to pay Loryser's creditors.

The sale and payment processes needed to be completed within two years.

Chief executive Ignacio Salazar said: "Following the strong support received to our proposed agreement in Uruguay, we are pleased to have completed the ratification process with the support of the court.

"The ratification means that the agreement is legal binding on all creditors. This is a significant milestone in achieving a satisfactory conclusion for all stakeholders in Uruguay."

Shares in the Aim-listed precious metals miner, which focuses on South America, initially surged nearly 55% following the news. By 1430 BST the gains had been pared back slightly, ahead 44% at 6.05p

SP Angel, the miner's nominated advisor and broker, said: "Orosur has cleaned up overhanging legacy issues and is now free to press ahead with the potential future development at [the] Anza [Gold project in Colombia]."

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OMI Market Data

Currency UK Pounds
Share Price 3.08p
Change Today 0.000p
% Change 0.00 %
52 Week High 6.33
52 Week Low 2.40
Volume 19,036
Shares Issued 160.28m
Market Cap £4.93m

OMI Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
47.75% above the market average47.75% above the market average47.75% above the market average47.75% above the market average47.75% above the market average
36.21% above the sector average36.21% above the sector average36.21% above the sector average36.21% above the sector average36.21% above the sector average
Price Trend
95.1% below the market average95.1% below the market average95.1% below the market average95.1% below the market average95.1% below the market average
47.97% below the sector average47.97% below the sector average47.97% below the sector average47.97% below the sector average47.97% below the sector average
Income Not Available
Growth Not Available

OMI Dividends

No dividends found

Trades for 24-Jan-2020

Time Volume / Share Price
15:56 296 @ 2.94p
11:41 18,740 @ 2.94p

OMI Key Personnel

CEO Ignacio Salazar
CFO Victor Hugo

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