News soon maybe?18 Jan 2011 11:05
Announcement of Interim Results for the six months to 30 September 2010
Chairman's statement
As highlighted in the circular to shareholders dated 9th August 2010 the Company has re-focussed its investment strategy to that of a gold mineral exploration and production business in Europe.
Highlights
· Raised £842,000 in August 2010 and invested £370,000 in Orogen Gold Limited for a 49% stake with a twelve month option to acquire the 51% balance
· Appointed Michael Nolan to the Board as a non-executive director
Highlights post the period end
· New exploration licence re-issued by the Serbian Ministry of Mining and Energy to Deli Jovan Exploration d.o.o. in which MedaVinci plc is earning an interest through its holding in Orogen Gold Limited.
· The appointment of XCAP Securities as joint brokers alongside Zeus Capital Limited
· The successful fund raising of £1.5m through the issue of 375m new ordinary shares
· Exploration programme now initiated and plans being submitted to the Serbian Mining Ministry for the re-opening of the two former mines at Deli Jovan to facilitate detailed underground structural mapping and close-spaced channel sampling
It is my view that we have secured the future for MedaVinci and it is our intention early in the New Year to invite John Barry, Ed Slowey and Alan Mooney ("Proposed Directors"), all currently directors of Orogen Gold Limited, onto the Board of the Company at which point a further announcement will be made; all three have substantial experience and are very well respected within the mining and exploration industry.
I believe that the company is now positioned for an exciting future and together with having a healthy balance sheet, cash resources and the experience of the Proposed Directors, this all gives me great confidence for the year ahead. I would like to take this opportunity to thank the rest of my Board for the backing and support they have given me in turning MedaVinci into a company which I hope can provide substantial returns to shareholders in the near future.
Adam Reynolds
Chairman