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Equity Fundraising
Equity Fundraising.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n Ovoca Gold PLC\n19 November 2007\n\n\n\n\n\n Ovoca Gold PLC ('Ovoca' or the 'Company')\n\n £4.5 million Placing\n\n\nOvoca Gold Plc (AIM: OVG; IEX: OVX)('Ovoca' or the 'Company') is pleased to\nannounce that it has agreed the terms of a conditional placing of 48,800,000 new\nordinary shares of €0.025 each ('Ordinary Share') with warrants at a price of\n9.25p (€0.14) per Ordinary Share (the 'Placing Shares'), raising gross proceeds\nof approximately £4.5 million ('the Placing'). The Placing price was at a 2.76%\ndiscount to the average mid closing market price on the AIM Market of the London\nStock Exchange of 9.51p per Ordinary share for the ten trading days prior to 16\nNovember 2007. The Company has issued to the subscribers of the Placing Shares\n(on the basis of 1 warrant for every 2 Ordinary Shares subscribed) an aggregate\nof 24,400,000 warrants to subscribe for new Ordinary Shares in the Company at an\nexercise price of 11p, exercisable at any time up to 15 November 2008. The\nwarrants, which are transferable, will not be quoted on any market.\n\n\nThe net proceeds of the Placing are to be used on the evaluation and development\nof the silver deposit Goltsovoye, located in the Magadan Oblast of north-east\nRussia, in addition to advancing the Company's exploration projects in the Kola\nPeninsula, repaying all outstanding loans and for working capital purposes.\n\n\nA certain director of Ovoca will subscribe for the following Placing Shares:\n\n Placing Shares Resultant holding % of Enlarged\n subscribed for: of Ordinary Shares: Share Capital:\n\nSalyco Trading Company Ltd* 10,600,00 72,287,718 17.0997%\n\n\n Warrants received Resultant holding\n pursuant to the of Warrants:\n Placing:\n\nSalyco Trading Company Ltd* 5,300,000 11,386,957\n\n*Salyco Trading Company is controlled by Mikhail Mogutov\n\n\n\nApplication will be made to the Irish Stock Exchange and the London Stock\nExchange for the placing shares to be admitted to trading on IEX and AIM\nrespectively Admission is expected to occur by 23 November 2007.\n\n\nOvoca Resources Plc is an international exploration company with dual listing in\n London (OVG.L) and Ireland (OVX.IR), exploring for Precious and base \n metals in Russia.\n\n\n\nFor further information please visit www.ovocagold.com or contact:\n\nLeonid Skoptsov - Ovoca Gold Plc Nick Bias / Alex Bu...