Ovoca Gold PLC
07 June 2006
Ovoca Gold Plc advances following completed £5 million Private placement
Ovoca Gold Plc (AIM: OVG; IEX: OVX) wishes to announce the successful completion
of a private placement to raise £5 million. A total of 60,408,452 new Ordinary
Shares and 30,204,226 Warrants were placed. The placing consists of one share at
8.25p, with one warrant attached to every two shares subscribed for, at a price
12p, exercisable by 30 November 2007.
The funds raised are to be deployed on the evaluation and development of the
recently acquired silver deposit Goltsovoye, located in the Magadan Oblast of
north-east Russia, in addition to advancing the company's other projects in the
Kola Peninsula and in Scandinavia.
On 18 April 2006, Ovoca Gold announced that it was acquiring a 74% interest in
CJSC Ayax Prospectors Artel Company, the owner of the Goltsovoye licences. The
acquisition consideration is met via the issue of 110,001,518 shares and a
deferred payment of US$1 million in cash.
The new Russian directors, who joined the Ovoca Gold Board following the
approval of the acquisition of the interest in CJSC Ayax, subscribed £2.01
million of the £5 million private placement.
In connection with the placing Ovoca Gold will issue 1.8 million broker warrants
to 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 Plc
Tel: +44 (0)207 397 8151 Tel: +44 (0)207 397 8151
Email: barrie.oakes@ovocagold.com Email: roger.turner@ovocagold.com
John O'Connor, Secretary - Ovoca Gold Plc Simon Beardsmore, Commercial Manager - Ovoca Gold Plc
Tel: +353 (0)1 491 2944 Tel: +44 (0)207 397 8151
Email john.oconnor@ovocagold.com Email: simon.beardsmore@ovocagold.com
John Frain / Fergal Meegan - Davy Richard Chase- Ambrian (AIM Broker)
Tel: +353 (0)1 679 6363 +44 (0)207 776 6461
Email: john.frain@davy.ie Email: richard.chase@ambrian.com
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 3015
Email: nick@buckbias.com / alex@buckbias.com Email: tom.mcc@indigo.ie
7 June, 2006
This information is provided by RNS
The company news service from the London Stock Exchange