Latest news with #Orosur
Yahoo
12-03-2025
- Business
- Yahoo
Orosur Mining Inc Announces Private Placement for Gross Proceeds up to C$5.0M
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. LONDON, UK / / March 12, 2025 / Orosur Mining Inc. ("Orosur" or the "Company") (TSXV:OMI)(AIM:OMI) is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. (the "Agent"), to act as sole agent and bookrunner, in connection with a best efforts private placement (the "Marketed Offering") for aggregate gross proceeds of up to C$5,000,000 from the sale of up to 29,411,764 units of the Company (the "Units") at a price of C$0.17 per Unit (the "Offering Price"). Each Unit will consist of one common share of the Company (each, a "Unit Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of C$0.25 at any time on or before that date which is 24 months after the Closing Date (as herein defined). The Agent will have an option, exercisable in full or in part, up to 48 hours prior to the Closing Date, to sell up to an additional 5,882,353 Units at the Offering Price for up to an additional C$1,000,000 in gross proceeds (the "Agent's Option", and together with the Marketed Offering, the "Offering"). Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units that may be sold under the Marketed Offering (the "LIFE Units") will be offered for sale to purchasers in the provinces of Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan (the "Canadian Selling Jurisdictions") pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. The Unit Shares and Warrant Shares underlying the LIFE Units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. Units sold pursuant to the Agent's Option (the "Non-LIFE Units") may be issued to: (i) purchasers in the Canadian Selling Jurisdictions pursuant to the "accredited investor" and "minimum amount investment" exemptions under NI 45-106, and (ii) purchasers outside of Canada, including to purchasers resident in the United States pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended. The Unit Shares and Warrant Shares issuable from the sale of any Non-LIFE Units to Canadian purchasers will be subject to a hold period in Canada ending on the date that is four months plus one day following the Closing Date. Purchasers are advised to consult their own legal advisors in this regard. The Company intends to use the net proceeds of the Offering principally to advance the Company's Anzá exploration project in Colombia as well as for general working capital and corporate purposes. The Offering is scheduled to close on or around March 27, 2025 (the "Closing Date"), or such other date as the Company and the Agent may agree, and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange ("TSX-V"). The Offering allows the Company to make use of its listing on the TSX-V to broaden its shareholder base, including institutional investors, and should improve the liquidity of its common shares in Canada. There is an offering document related to the Offering that can be accessed under the Company's profile at and on the Company's website at Prospective investors should read this offering document before making an investment decision. The securities offered have not been, nor will they be, registered under the United States Securities Act, of 1933 (the "U.S. Securities Act") as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. It is anticipated that certain directors of the Company may acquire Units under the Offering. Such participation will be considered to be "related party transactions" within the meaning of TSX-V Policy 5.9 (the "Policy") and Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, is expected to exceed 25% of the Company's market capitalization (as determined under MI 61-101). The directors' anticipated participation is also likely to constitute a related party transaction under the AIM Rules for Companies. Further details of the directors' participation in the Offering will be set out in the announcement regarding the results of the Offering. For further information, visit follow on X @orosurm or please contact: Orosur Mining IncLouis Castro, Chairman,Brad George, CEOinfo@ +1 (778) 373-0100 SP Angel Corporate Finance LLP - Nomad & Joint BrokerJeff Keating / Jen Clarke / Devik MehtaTel: +44 (0) 20 3470 0470 Turner Pope Investments (TPI) Ltd - Joint BrokerAndy Thacker/James PopeTel: +44 (0)20 3657 0050 Flagstaff Communications and Investor CommunicationsTim ThompsonMark EdwardsFergus Mellonorosur@ +44 (0)207 129 1474 The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain. Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. About Orosur Mining Inc. Orosur Mining Inc. (TSXV:OMI)(AIM:OMI) is a minerals explorer and developer currently operating in Colombia, Argentina and Nigeria. About the Anzá Project Anzá is a gold exploration project ("Anzá Project"), comprising three exploration licences, four exploration licence applications, and a small exploitation permit, totalling 176km2 in the prolific Mid-Cauca belt of Colombia. Post the acquisition of Minera Monte Aguila S.A.S, the area of the Anzá Project has increased substantially to approximately 380km2 due to the acquisition of a number of additional applications that were owned by Minera Monte Aguila S.A.S. The Anzá Project is currently wholly owned by Orosur via its subsidiaries, Minera Anzá S.A. and Minera Monte Aquila S.A.S. The Anzá Project is located 50km west of Medellin and is easily accessible by all-weather roads and boasts excellent infrastructure including water, power, communications and large exploration camp. Forward Looking Statements: All statements, other than statements of historical fact, contained in this news release constitute "forward-looking information" within the meaning of applicable Canadian and United States securities laws, which is based upon the Company's current internal expectations, estimates, projections, assumptions, and beliefs. The forward-looking information included in this Offering Document are made only as of the date of this Offering Document. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning future exploration plans at the Company's mineral properties, including exploration timelines and anticipated costs; the Company's expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering; the completion of the Offering and the Agents' Option and the date of such completion; and the completion of the Company's business objectives, and the timing, costs, and benefits thereof. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as "plans", "potential", "is expected", "anticipated", "estimates", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating to: general business and economic conditions; regulatory approval for the Offering; completion of the Offering; changes in commodity prices; the supply and demand for, deliveries of, and the level and volatility of the price of gold and other metals; changes in project parameters as exploration plans continue to be refined; costs of exploration including labour and equipment costs; risks and uncertainties related to the ability to obtain or maintain necessary licenses, permits or surface rights; changes in credit market conditions and conditions in financial markets generally; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors; the impact of value of the Canadian dollar and U.S. dollar, foreign exchange rates on costs and financial results; market competition; exploration results not being consistent with the Company's expectations; changes in taxation rates or policies; technical difficulties in connection with mining activities; changes in environmental regulation; environmental compliance issues; and other risks of the mining industry. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated, or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at The Company provides no assurance that forward-looking statements or forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and information. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, changing circumstances, or otherwise. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Orosur Mining Inc View the original press release on ACCESS Newswire Sign in to access your portfolio
Associated Press
20-02-2025
- Business
- Associated Press
Orosur Mining Inc Announces Participation at the Investor Meet Company Spotlight Event
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS (AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF 1933 (AS AMENDED)) OR INTO THE UNITED STATES, AUSTRALIA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW. LONDON, UK / ACCESS Newswire / February 20, 2025 / Orosur Mining Inc. ('Orosur' or the 'Company') (TSXV:OMI)(AIM:OMI), is pleased to announce that Brad George CEO will be presenting at the online Investor Meet Company Spotlight Event on 26 February 2025, at 5:00 p.m. This event provides a valuable opportunity for existing and potential investors to gain key insights into Orosur's latest exploration progress, strategic vision, and the potential of its projects. For further information, visit follow on X @orosurm or please contact: Orosur Mining Inc Louis Castro, Chairman, Brad George, CEO [email protected] Tel: +1 (778) 373-0100 SP Angel Corporate Finance LLP - Nomad & Joint Broker Jeff Keating / Jen Clarke / Devik Mehta Tel: +44 (0) 20 3 470 0470 Turner Pope Investments (TPI) Ltd - Joint Broker Andy Thacker/James Pope Tel: +44 (0)20 3657 0050 Flagstaff Communications Tim Thompson/Mark Edwards/Fergus Mellon This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit
Associated Press
17-02-2025
- Business
- Associated Press
Orosur Completes Phase one of El Pantano JV, Argentina
The Company successfully completes Phase one of its exploration JV over the El Pantano gold exploration project in Santa Cruz province, Argentina. Company now owns 51% of the Project after having invested US$1m. Company can now move to 100% ownership of the Project by investing an additional US$2m over two years. LONDON / ACCESS Newswire / February 17, 2025 / Orosur Mining Inc. ('Orosur' or the 'Company') (TSXV:OMI)(AIM:OMI), is pleased to announce successful completion of the first phase of a two phase exploration joint venture ('JV') over the El Pantano gold project in Santa Cruz province, Argentina ('Project' or 'El Pantano'). This milestone marks a significant step forward in the Company's strategic development of the Project. Having invested US$1m over three years, the Company has now earned a direct 51% interest in the Argentine company, Deseado Dorado S.A.S ('Deseado'), that owns the exploration licences that make up the Project. The Company can now move to the second phase of the JV, that could see it move to 100% ownership of Deseado upon investment of an additional US$2m over two years. Upon such an outcome, the original vendors would then retain a residual 2% NSR royalty, 1% of which the Company could repurchase at its election for US$1m. El Pantano is an early-stage gold/silver exploration project in Santa Cruz province, southern Argentina. The Project comprises a number of contiguous, granted exploration licences totalling some 560km2 in the prolific Deseado Massif geological province. The Deseado Massif plays host to a number of world class gold and silver deposits, including Newmont's Cerro Negro mine and Anglo Gold's Cerro Vanguardia operation. The Project was in an early-stage, greenfield state, having seen little or no historical exploration before commencement of the JV in early 2022. However, Company geological teams felt the Project held enormous potential on the basis of regional geological data, suggestive of the presence of a large epithermal system. Over the last three years, the Company's geological teams have been methodically undertaking base level geoscience surveys including ground magnetics, geological mapping and surface geochemistry. These data support the rift-related low-sulphidation epithermal model, with identification of a 25km long rift structure with pervasive silicification, quartz veining and geochemical anomalism over a huge area. The Company is to soon commence induced polarisation surveys ('IP') designed to define silicified drill targets. Orosur CEO Brad George commented: 'We are delighted to have reached this key stage in the Exploration Agreement. In particular we see the work to date as tremendous testament to the value of back to basics, grass roots exploration - taking an unwanted, untouched region, doing the work, and transforming it into a huge and extraordinarily exciting prospect in a world class province at a time of record gold prices. Together with our partners we are starting to prepare for Phase 2 of the Project, and we look forward to accelerated exploration activities' For further information, visit follow on X @orosurm or please contact: Orosur Mining Inc Louis Castro, Chairman, Brad George, CEO Tel: +1 (778) 373-0100 SP Angel Corporate Finance LLP - Nomad & Joint Broker Jeff Keating / Jen Clarke / Devik Mehta Tel: +44 (0) 20 3470 0470 Turner Pope Investments (TPI) Ltd - Joint Broker Andy Thacker/James Pope Tel: +44 (0)20 3657 0050 Flagstaff Communications and Investor Communications Tim Thompson Mark Edwards Fergus Mellon Tel: +44 (0)207 129 1474 The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. About Orosur Mining Inc. Orosur Mining Inc. (TSXV: OMI; AIM: OMI) is a minerals explorer and developer currently operating in Colombia, Argentina and Nigeria. Forward Looking Statements All statements, other than statements of historical fact, contained in this news release constitute 'forward looking statements' within the meaning of applicable securities laws, including but not limited to the 'safe harbour' provisions of the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. Forward-looking statements include, without limitation, the continuing focus on the Pepas prospect, the exploration plans in Colombia and the funding of those plans, and other events or conditions that may occur in the future. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Such statements are subject to significant risks and uncertainties including, but not limited to, those described in the Section 'Risks Factors' of the Company's MD&A for the year ended May 31, 2024. The Company's continuance as a going concern is dependent upon its ability to obtain adequate financing, to reach profitable levels of operations and to reach a satisfactory closure of the Creditor´s Agreement in Uruguay. These material uncertainties may cast significant doubt upon the Company's ability to realize its assets and discharge its liabilities in the normal course of business and accordingly the appropriateness of the use of accounting principles applicable to a going concern. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.
Yahoo
17-02-2025
- Business
- Yahoo
Orosur Completes Phase one of El Pantano JV, Argentina
The Company successfully completes Phase one of its exploration JV over the El Pantano gold exploration project in Santa Cruz province, Argentina. Company now owns 51% of the Project after having invested US$1m. Company can now move to 100% ownership of the Project by investing an additional US$2m over two years. LONDON / / February 17, 2025 / Orosur Mining Inc. ("Orosur" or the "Company") (TSXV:OMI)(AIM:OMI), is pleased to announce successful completion of the first phase of a two phase exploration joint venture ("JV") over the El Pantano gold project in Santa Cruz province, Argentina ("Project" or "El Pantano"). This milestone marks a significant step forward in the Company's strategic development of the Project. Having invested US$1m over three years, the Company has now earned a direct 51% interest in the Argentine company, Deseado Dorado S.A.S ("Deseado"), that owns the exploration licences that make up the Project. The Company can now move to the second phase of the JV, that could see it move to 100% ownership of Deseado upon investment of an additional US$2m over two years. Upon such an outcome, the original vendors would then retain a residual 2% NSR royalty, 1% of which the Company could repurchase at its election for US$1m. El Pantano is an early-stage gold/silver exploration project in Santa Cruz province, southern Argentina. The Project comprises a number of contiguous, granted exploration licences totalling some 560km2 in the prolific Deseado Massif geological province. The Deseado Massif plays host to a number of world class gold and silver deposits, including Newmont's Cerro Negro mine and Anglo Gold's Cerro Vanguardia operation. The Project was in an early-stage, greenfield state, having seen little or no historical exploration before commencement of the JV in early 2022. However, Company geological teams felt the Project held enormous potential on the basis of regional geological data, suggestive of the presence of a large epithermal system. Over the last three years, the Company's geological teams have been methodically undertaking base level geoscience surveys including ground magnetics, geological mapping and surface geochemistry. These data support the rift-related low-sulphidation epithermal model, with identification of a 25km long rift structure with pervasive silicification, quartz veining and geochemical anomalism over a huge area. The Company is to soon commence induced polarisation surveys ("IP") designed to define silicified drill targets. Orosur CEO Brad George commented: "We are delighted to have reached this key stage in the Exploration Agreement. In particular we see the work to date as tremendous testament to the value of back to basics, grass roots exploration - taking an unwanted, untouched region, doing the work, and transforming it into a huge and extraordinarily exciting prospect in a world class province at a time of record gold prices. Together with our partners we are starting to prepare for Phase 2 of the Project, and we look forward to accelerated exploration activities" For further information, visit follow on X @orosurm or please contact: Orosur Mining IncLouis Castro, Chairman,Brad George, CEOinfo@ +1 (778) 373-0100 SP Angel Corporate Finance LLP - Nomad & Joint BrokerJeff Keating / Jen Clarke / Devik MehtaTel: +44 (0) 20 3470 0470 Turner Pope Investments (TPI) Ltd - Joint BrokerAndy Thacker/James PopeTel: +44 (0)20 3657 0050 Flagstaff Communications and Investor Communications Tim ThompsonMark EdwardsFergus Mellonorosur@ +44 (0)207 129 1474 The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. About Orosur Mining Inc. Orosur Mining Inc. (TSXV: OMI; AIM: OMI) is a minerals explorer and developer currently operating in Colombia, Argentina and Looking Statements All statements, other than statements of historical fact, contained in this news release constitute "forward looking statements" within the meaning of applicable securities laws, including but not limited to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. Forward-looking statements include, without limitation, the continuing focus on the Pepas prospect, the exploration plans in Colombia and the funding of those plans, and other events or conditions that may occur in the future. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Such statements are subject to significant risks and uncertainties including, but not limited to, those described in the Section "Risks Factors" of the Company's MD&A for the year ended May 31, 2024. The Company's continuance as a going concern is dependent upon its ability to obtain adequate financing, to reach profitable levels of operations and to reach a satisfactory closure of the Creditor´s Agreement in Uruguay. These material uncertainties may cast significant doubt upon the Company's ability to realize its assets and discharge its liabilities in the normal course of business and accordingly the appropriateness of the use of accounting principles applicable to a going concern. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Orosur Mining Inc View the original press release on ACCESS Newswire Sign in to access your portfolio
Yahoo
30-01-2025
- Business
- Yahoo
Orosur Mining Inc Announces Results for Second Quarter ended November 30, 2024
LONDON, UK / ACCESS Newswire / January 30, 2025 / Orosur Mining Inc. ("Orosur" or "the Company") (TSXV:OMI)(AIM:OMI) the minerals developer and explorer with operations in Colombia, Argentina and Nigeria, announces its unaudited results for the quarter ended November 30, 2024. All dollar figures are stated in US$ unless otherwise noted. The unaudited condensed interim financial statements of the Company for the quarter ended November 30, 2024 and the related management's discussion and analysis ("MD&A") have been filed and are available for review on the SEDAR+ website at The financial statements and the MD&A are also available on the Company's website at A link to the PDF version of the financial statements is available here: A link to the PDF version of the MD&A is available here: HIGHLIGHTSOperational and financial highlights for the six months ended November 30, 2024 are set out below: Operational In Colombia, on November 27, 2024, the Company completed the acquisition of Minera Monte Aguila S.A.S. ("Monte Aguila") as a result of which the Company now has 100% ownership of the Company's flagship Anzá Gold Project. Under the terms of the acquisition, Orosur's wholly owned Canadian subsidiary, Waymar Resources Ltd., purchased all of the issued shares of Monte Aguila from wholly owned subsidiaries of Newmont and Agnico resulting in Orosur regaining 100% ownership of the Project. No cash is payable up front, with all consideration deferred and wholly contingent upon commercial production from the Anza Project. The agreed consideration is a net smelter royalty of 1.5% on all future mineral production, plus a capped fixed royalty of an aggregate amount of US$75 per ounce of gold or gold equivalent ounce on the first 200,000 gold equivalent ounces of mineral production. Completion of the acquisition was subject to customary conditions including the approval of the TSXV, which conditions have all been met. The Company also re-took operatorship of the Anza Gold Project, commencing a drilling program at the Pepas prospect in late November 2024 which has extended post quarter end with very good results. In Argentina, the Company has completed and submitted all the necessary environmental studies that are required as part of the Santa Cruz Province drilling permit process. Consideration of these reports and drilling approval was expected to take several months. The Company has now received the approval necessary for drilling. A further geo-physical campaign is planned to refine targets after which the Company will consider drilling, likely to take place later in 2025 subject to funding. In Nigeria, the Company will look to make some advances on its lithium project, but at a slower pace whilst lithium prices continue to recover. In Uruguay, the Company's wholly owned subsidiary, Loryser, continues to focus its activities on the final stages of the Creditors Agreement. In line with the Creditors Agreement, Loryser has sold all of its assets. It has paid for the settlements with all of its former employees; it has finalised the reclamation and remediation works on the tailings dam and has successfully concluded a one-year post-closure control phase. Loryser is well advanced in distributing the proceeds to Loryser's trade creditors in accordance with the Creditors' Agreement, via a Court approved settlement agent. Financial The unaudited condensed interim consolidated financial statements have been prepared on a going concern basis under the historical cost method except for certain financial assets and liabilities which are accounted for as Assets and Liabilities held for sale (at the lower of book value or fair value) and Profit and Loss from discontinuing operations. This accounting treatment has been applied to the activities in Uruguay and Chile. On September 30 th , 2024, the Company announced that it had raised the sum of £835,000 (before expenses) through a placing of 30,035,971 new common shares of no par value at a price of 2.78 pence per Placing Share, together with a grant of one unlisted warrant to purchase one additional common share exercisable at US$0.0494 (approximately 3.697p) for every two Placing Shares subscribed for. On November 30, 2024, the Company had a cash balance of $945,000 (May 31, 2024 $2,104,000). As at the date of this announcement the Company has a cash balance of $2,200,000. Condensed Interim Consolidated Statements of Financial Position (Expressed in thousands of United States dollars) Unaudited As at November 30, 2024 $ As at May 31, 2024 $ ASSETS Current assets Cash 945 1,328 Restricted cash 12 12 Accounts receivable and other assets 391 279 Assets held for sale in Uruguay 192 226 Total current assets 1,540 1,845 Non-current assets Property and equipment 319 202 Exploration and evaluation assets 5,632 3,343 Right-of-use asset 131 - Total assets 7,622 5,390 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities 667 445 Liability of Chile discontinued operation - 2,376 Liabilities held for sale in Uruguay 10,618 11,208 Right-of use asset 27 - Total current liabilities 11,312 14,029 Non-current liabilities Contingency royalties 2,556 - Right-of use asset 147 - Total liabilities 14,015 14,029 Equity Share capital 70,086 69,529 Share-based payments reserve 10,645 10,538 Warrants 697 302 Currency translation reserve (2,488 ) (1,808 ) Accumulated deficit (85,324 ) (87,194 ) Total equity attributable to owners of the parent (6,384 ) (8,633 ) Non-controlling interest (9 ) (6 ) Total equity (6,393 ) (8,639 ) Total liabilities and equity 7,622 5,390 Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)(Expressed in thousands of United States dollars) (Except common shares and per share amounts) UnauditedThree Months Ended November 30, 2024 $ Three Months Ended November 30, 2023 $ Six Months Ended November 30, 2024 $ Six Months Ended November 30, 2023 $ Corporate and administrative expenses (478 ) (468 ) (913 ) (866 ) Exploration expenses (33 ) (26 ) (109 ) (53 ) Share-based compensation (107 ) - (107 ) - Other income 13 10 51 16 Net finance cost (3 ) (5 ) (6 ) (9 ) Foreign exchange gain net (10 ) 97 18 156 Net (loss) for the period for continuing operations (618 ) (392 ) (1,066 ) (756 ) (Loss) income from discontinued operations 2,767 136 2,936 (114 ) Net income (loss) for the period 2,149 (256 ) 1,870 (870 ) Item which may be subsequently reclassified to profit or loss: Cumulative translation adjustment (292 ) 356 (680 ) 683 Total comprehensive income (loss) for the period 1,857 100 1,190 (187 ) Basic and diluted net income (loss per share for - continuing operations (0.00 ) (0.00 ) (0.00 ) (0.00 ) - discontinued operations 0.01 0.00 0.01 (0.00 ) Weighted average number of common shares outstanding 225,718,428 188,560,300 215,596,429 188,560,300 (Expressed in thousands of United States dollars) Unaudited Six Months Ended November 30, 2024 $ Six Months Ended November, 2023 $ Operating activities Net income (loss) for the period for continued and discontinued operations 1,870 (870 ) Adjustments for Depreciation / Write downs 10 6 Share-based payments 107 - Reversed liability and interest accrued (2,376 ) - Foreign exchange and other (11 ) 366 Changes in non-cash working capital items: Accounts receivable and other assets (69 ) (271 ) Accounts payable and accrued liabilities (628 ) (138 ) Net cash used in operating activities (1,097 ) (907 ) Investing activities Purchase of property and equipment - (85 ) Exploration and evaluation expenditures (268 ) (727 ) Net cash used in investing activities (268 ) (808 ) Financing activities Proceeds from issue of common shares, net of shares issuance cost 952 - Net cash provided by financing activities 952 - Net change in cash (413 ) (1,715 ) Net change in cash classified within assets held for sale 30 71 Cash, beginning of period 1,328 3,748 Cash end of period 945 2,104 Operating activities - continuing operations 1,309 ) (836 ) - discontinued operations (2,406 ) (71 ) Investing activities - continuing operations (268 ) (808 ) - discontinued operations - - Financing activities - continuing operations 952 - For further information, visit follow on X @orosurm or please contact: Orosur Mining IncLouis Castro, Chairman,Brad George, CEOinfo@ +1 (778) 373-0100 SP Angel Corporate Finance LLP - Nomad & BrokerJeff Keating / Jen Clarke / Devik MehtaTel: +44 (0) 20 3 470 0470 Turner Pope Investments (TPI) Ltd - Joint BrokerAndy Thacker/James PopeTel: +44 (0)20 3657 0050 Flagstaff CommunicationsTim ThompsonMark EdwardsFergus Mellonorosur@ Tel: +44 (0)207 129 1474 The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. About Orosur Mining Mining Inc. (TSXV:OMI)(AIM:OMI) is a minerals explorer and developer currently operating in Colombia, Argentina and Nigeria. Forward-Looking StatementsAll statements, other than statements of historical fact, contained in this news release constitute "forward-looking statements" within the meaning of applicable securities laws, including but not limited to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release. Forward-looking statements include, without limitation, completion of the Acquisition, Orosur becoming operator of the Anzá Project, the expected focus on the Pepas prospect, the exploration plans in Colombia and the funding of those plans, and other events or conditions that may occur in the future. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Such statements are subject to significant risks and uncertainties including, but not limited to, meeting the closing conditions of the Acquisition, timing of closing of the Acquisition and those as described in Section "Risks Factors" of the Company's MD&A for the year ended May 31, 2024. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law. The Company's continuance as a going concern is dependent upon its ability to obtain adequate financing, and to reach a satisfactory closure of the Creditor´s Agreement in Uruguay. These material uncertainties may cast significant doubt upon the Company's ability to realize its assets and discharge its liabilities in the normal course of business and accordingly the appropriateness of the use of accounting principles applicable to a going concern. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Orosur Mining Inc View the original press release on ACCESS Newswire
