29th Jun 2016 11:36
LONDON (Alliance News) - Russia-focused Ovoca Gold PLC on Wednesday said its loss narrowed in 2015 as it continues to seek further opportunities.
Ovoca said it made a pretax loss of EUR2.2 million for the year to the end of December, narrowed from a EUR6.6 million loss a year earlier. The company made no revenue in the year.
Ovoca said it has continued the litigation process against Taymura LLC, the now-bankrupt Russian oil company Ovoca made a loan to and has been attempting to claw back. Bankruptcy proceedings have now been entered and Ovoca said it is the main creditor to Taymura.
The company said it is cast its eye over a number of projects over the course of the year but has yet to close on a new transaction. It does continue to look at opportunities.
Shares in Ovoca were down 32% to 0.05 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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