Ovoca Resources PLC
17 June 2005
OVOCA RESOURCES PLC
Placing to Raise €1.69 million
17 June 2005 -
The Board of Ovoca Resources plc ("Ovoca" or "the Company") is pleased to
announce the conditional placing of 16,900,000 new Ordinary Shares of nominal
value €0.025 ("New Ordinary Shares") in the capital of the Company at €0.10 per
share, equating to 18% of the existing issued share capital of the Company and
raising in aggregate €1.69 million before expenses ("the Placing"). For each two
placing shares subscribed for and allotted, the Company will issue a warrant
exercisable at any time before 25 June 2006 to subscribe for one Ordinary Share
at €0.13. The Company intends to use the proceeds of the Placing to facilitate
the development of its exploration assets in Russia, Sweden and Ireland.
Completion of the Placing is conditional upon on shareholder approval and
admission of the New Ordinary Shares to trading on the Irish Enterprise Exchange
("IEX"). A document giving notice of an extraordinary general meeting (the
"EGM") was posted to shareholders on 31 May 2005. The EGM has been convened for
10.00 a.m. on Friday, 24 June, 2005 and will be held at The Berkeley Court
Hotel, Lansdowne Road, Ballsbridge, Dublin 4, Ireland. It is expected that,
subject to prior satisfaction of its conditions, the Placing will complete on 24
June 2005.
Enquiries to:
Barrie Oakes +44 (0)795 1139266
Chief Executive
Ovoca Resources plc
Roger Turner +44 (0)1273 495500
Chairman
Ovoca Resources plc
John O'Connor +353 (0)1 491 2944
Finance Director
Ovoca Resources plc
Fergal Meegan +353 (0)1 679 6363
Davy Corporate Finance Limited
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange
This information is provided by RNS
The company news service from the London Stock Exchange