Ormonde raising £560,000

Ormonde Mining, which has reported a big increase in losses before tax - up to £566,649 for the year to end of June 1997 from £51,579 - is raising £560,000, before expenses, in a share placing. The company is placing eight million shares at 7p per share. The funds are being raised for exploration in Tanzania and Eritrea. Shareholders will be asked to approve the fundraising at an extraordinary general meeting on December 8th.