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Orogen confirms mining exit with e-commerce acquisition

Orogen plc on Oct. 10 said it plans to acquire an e-commerce womenswear brand, confirming the exit from mining it announced in March.

The gold group decided to sell its mineral exploration assets after disappointing drilling results from the Silverton project in Nevada and after it had become clear that the Mutsk project in Armenia required more funds to become commercially viable.

The company has now agreed to a reverse takeover of Thread 35 Ltd. which operates the Sosandar womenswear brand for £6.3 million. It will change its name to Sosandar Plc, and the deal is expected to close early November.