7th Jun 2006 11:24
Ovoca Gold PLC07 June 2006 Ovoca Gold Plc advances following completed £5 million Private placement Ovoca Gold Plc (AIM: OVG; IEX: OVX) wishes to announce the successful completionof a private placement to raise £5 million. A total of 60,408,452 new OrdinaryShares and 30,204,226 Warrants were placed. The placing consists of one share at8.25p, with one warrant attached to every two shares subscribed for, at a price12p, exercisable by 30 November 2007. The funds raised are to be deployed on the evaluation and development of therecently acquired silver deposit Goltsovoye, located in the Magadan Oblast ofnorth-east Russia, in addition to advancing the company's other projects in theKola Peninsula and in Scandinavia. On 18 April 2006, Ovoca Gold announced that it was acquiring a 74% interest inCJSC Ayax Prospectors Artel Company, the owner of the Goltsovoye licences. Theacquisition consideration is met via the issue of 110,001,518 shares and adeferred payment of US$1 million in cash. The new Russian directors, who joined the Ovoca Gold Board following theapproval of the acquisition of the interest in CJSC Ayax, subscribed £2.01million of the £5 million private placement. In connection with the placing Ovoca Gold will issue 1.8 million broker warrantsto DBM Capital, at a price of 12 pence exercisable by 30 November 2007. Ovoca Gold Plc is an international exploration company with dual listing in London (OVG.L) and Dublin (OVX.IR), exploring for precious and base metals in Russia, Sweden and Ireland For further information please visit www.ovocagold.com or contact: Dr Barrie Oakes, CEO - Ovoca Gold Plc Roger Turner, Chairman - Ovoca Gold PlcTel: +44 (0)207 397 8151 Tel: +44 (0)207 397 8151Email: [email protected] Email: [email protected] John O'Connor, Secretary - Ovoca Gold Plc Simon Beardsmore, Commercial Manager - Ovoca Gold PlcTel: +353 (0)1 491 2944 Tel: +44 (0)207 397 8151Email [email protected] Email: [email protected] John Frain / Fergal Meegan - Davy Richard Chase- Ambrian (AIM Broker)Tel: +353 (0)1 679 6363 +44 (0)207 776 6461Email: [email protected] Email: [email protected] Nick Bias / Alex Buck - Buck Bias (UK PR) Tom McCormack - Connexions PR (Irish PR)Tel: +44 (0)7887 920 530 / +44 (0)7932 740 452 Tel: +353 (0)1 230 3015Email: [email protected] / [email protected] Email: [email protected] 7 June, 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ovoca Bio