LONDON (Alliance News) - Orogen Gold PLC Friday said it has raised GBP650,000 through a placing of around 216.7 million shares to accelerate drill testing at its Mutsk gold project in Armenia.
The placing shares will represent approximately 9.04% of the company's enlarged share capital, "We have had an excellent start to our drilling campaign at Mutsk with the first shallow drill holes returning higher gold grades than expected near surface over considerable widths," Chief Executive Ed Slowey said in a statement.
"These new funds will provide us with a strong base from which to plan our 2014 work programme, and will also allow us to re-commence drilling during the remainder of this Autumn season," he added.
Orogen shares were trading at 0.312 pence Friday, down 0.020 pence or 6.1%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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